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Humvee maker AM General reportedly for sale, with interest from FCA, GM

WASHINGTON — AM General has put itself up for sale and has hired investment bank Macquarie Group Ltd to seek potential bidders in a deal that could value the builder of Humvee military vehicles at more than $2 billion, people familiar with the matter said this week. Potential bidders include competitors in the military ground vehicle market, such as General Dynamics, Oshkosh Corp and BAE Systems, according to two people familiar with the matter. Automakers like Fiat Chrysler and General Motors may also be potential buyers. GM licensed Hummer from AM General in 1998 to build civilian SUVs. None of the companies would comment or reply to a request for comment. The South Bend, Indiana-based AM General is currently owned by private equity firms. A possible sale of AM General follows a rash of deals over the past 18 months among defense contractors. But relatively fewer makers of defense equipment have gone on the auction block. Last year, United Technologies acquired Rockwell Collins for $30 billion, and in March, TransDigm Group continued its acquisition spree with a $525 million deal for Extant Components Group. AM General could fetch about 10 times its annual earnings of $160 million, one of the people said. The company's favorable tax treatment because of its current status as an limited liability corporation, would allow a buyer to reduce the company's taxable earnings for 15 years. That coupled with recent contract awards could push the ultimate value of the company to over $2 billion in a sale. The sale, should it happen, comes as the U.S. Army is gearing up for a broad effort to modernize its forces, including seeking prototypes of its Next-Generation Combat Vehicle in fiscal year 2022. Last month, AM General was awarded an Army contract for as many as 2,800 new M997A3 High Mobility Multipurpose Wheeled Vehicle (HMMWV) ambulances. The contract could be worth as much as $800 million if all options were exercised, AM General said at the time. Last year, the Pentagon awarded AM General a $550 million contract to deliver HMMWVs for use as protected weapons carriers, cargo transporters and ambulances to Afghanistan, Iraq, Ukraine, Jordan, Slovenia, Bahrain, Columbia, Bosnia and Kenya as a part of a larger Foreign Military Sales agreement. The sale of AM General offers an opportunity to purchase a prime contractor that delivers a finished product to the Pentagon, and not just an add-on system or service.

Report: Last-ditch sale effort for Hummer post wind-down announcement fading

It's getting tough for even the most ardent supporters of the Hummer brand to continue to keep hope alive. Reports the aficionados at HummerGuy.net: "While many of us were hoping for a last-minute miracle to save the Hummer brand, signs from Detroit are indicating that Hummer production will soon cease indefinitely."
It appears as if General Motors has resigned itself to winding the brand down and letting it die a slow, agonizing death. The automaker says that it's no longer considering offers for the brand and dedicated Hummer staff are reportedly be assigned to serve elsewhere.
Oh, and about that "Save Hummer" summit that's planned for April 11th near Chicago? GM, though it is aware of the rally, has no plans to send representation. That sound that you hear? That's just the tolling of Hummer's death knell. Thanks for the tip, Brian!

Canadian man saves four kids with Hummer [w/video]

A quick-thinking driver in Canada put his own life on the line last month when he drove his Hummer H3 in front of a distracted driver to save four children. Darrell Krushelnicki, 46, of Taber, Alberta, saw a car about to speed through an intersection. Four kids, whose ages ranged from three to 16 years old, were in the in the crosswalk, so Krushelnicki pulled his truck in front of a silver Pontiac Pursuit (known as the Pontiac G5 in the U.S.) to prevent them from being hit.
The identity of the other driver is unknown, but the news report says the 23-year-old male was talking on his cell phone while traveling around 80 kilometers per hour (close to 50 miles per hour) in a 30 kph speed zone (less than 20 mph). Thankfully, nobody was hurt, and while there's no word as to whether the distracted driver was ticketed, police say that they're recommending Krushelnicki for an award.
For additional details, check out the news video, which we've posted below.