[DVBC] Specialized to be sold to GM

[Drew Knox]

Yes, sorry!

On 4/1/08, Debbie Chaga <dreamerdeb at gmail.com> wrote:
>
> 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 9.1million 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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> >
> >
>
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