[DVBC] Specialized to be sold to GM

[Debbie Chaga]

Is that an April Fool's joke?
Deb


On 4/1/08, Drew Knox <agknox at gmail.com> wrote:
>
> [image: San Jose News, Silicon Valley / San Jose Business Journal, San
> Jose Newspaper] <http://www.bizjournals.com/sanjose/>
>
> Monday, March 31, 2008 - 13:49 PM PDT
>  General Motors to purchase Morgan Hill bicycle company
> Silicon Valley / San Jose Business Journal
>
> General Motors has announced the acquisition of Specialized Bicycle
> Components. The boards of directors of both companies approved the
> acquisition on Friday. The acquisition is expected to be completed in the
> third quarter of 2008 pending regulatory approval in the US, Canada and
> Europe. Terms of the all-share acquisition from Specialized Founder and
> President Mike Sinyard and Merida of Taiwan were not disclosed.
>
> The deal does not include GM acquiring any of the 19 Specialized Concept
> Stores, a retail formula launched in 2006. All Specialized Concept Stores
> are independently owned.
>
> "In light of global concerns about climate change, GM has been at the
> forefront in developing new transportation choices that limit our impact on
> the environment," said Flora Lopi, GM's vice president, Environment, Energy
> and Safety Policy. "GM's engineering, marketing and distribution expertise
> combined with Specialized's branding among cycling enthusiasts make this a
> winning combination for GM investors and consumers."
>
> Specialized founder and president Mike Sinyard said, "All of us here at
> Specialized are thrilled to be a part of GM. While Specialized remains
> committed to independent bicycle dealers, our products will also now be
> available across the nation in GM dealerships. Specialized will never be
> available through mass merchants. The acquisition by GM will enhance the
> service to the specialty retail channel, increase investments in dedicated
> merchandising programs, introduce sales efforts in mainstream outlets,
> support advocacy and the activity of cycling, invest and expand in Europe
> and, most important, bolster an already strong research and development
> budget."
>
> GM Chairman and CEO Rick Wagoner said, "We're starting our second century
> at a time of fundamental change in the way we address our transportation
> needs. In addition to our leadership role in developing the next generation
> of more sustainable technologies in hybrid and alternative fuel engines,
> we'll leverage the unique synergies of the bicycle community to introduce
> some of our ideas for addressing critical issues concerning energy, the
> environment and globalization."
>
> Sinyard is contracted to stay on through until the end of March 2009.
> Robert Kruse, currently executive director of Vehicle Integration, Safety,
> Regional Chief Engineers and Performance Division for GM's North America
> engineering staff will work alongside Sinyard. No other management changes
> have been announced. Kruse is an enthusiastic road cyclist, having three
> times ridden RAGBRAI, the annual bike ride across Iowa.
>
> General Motors Corp is the world's largest automaker. Founded in 1908, GM
> has 274,000 employees worldwide. With global headquarters in Detroit, GM
> manufactures cars and trucks in 35 countries. In 2006, nearly 9.1 million
> GM cars and trucks were sold globally under the following brands: Buick,
> Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,
> Saturn, Vauxhall and Wuling.
>
> Specialized Bicycles, founded by Mike Sinyard in Morgan Hill, CA, in 1974,
> designs and manufactures a complete line of high-performance bicycles and
> components, including the first production mountain bike, which now resides
> in the Smithsonian Institute, and its Body Geometry line of medically proven
> cycling accessories. Specialized is a company of devout cyclists whose goal
> is to create cutting edge, functional and technically advanced products that
> provide a performance benefit for the enthusiast cyclist.
>
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