The company that produces military and civilian Humvees was acquired Tuesday by financier Ron Perelman, who also owns major stakes in Revlon, Panasonic, and many other large companies. Perelman's MacAndrews & Forbes Holdings Inc. threw handfuls of cash in the face of The Renco Group, which has owned the South Bend, IN-based AM General since 1992. They will apparently stay onboard as MacAndrews' partner in the venture. No terms were revealed by either party, but the South Bend Tribune did mention the number one billion without naming a source, so for all we know they could have pulled it from an astronomy textbook. Renco themselves purchased AM General for $133 million.
Ronald Perelman buys AM General
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