[DVBC] Specialized to be sold to GM

[Dave Hartrum]

Wait a minute you can't put out a news clip dated 3/31 and call it an April Fool's joke.
That was the first thing I checked and made me think it might be true.
I thought it might be a way for GM to meet their vehicle fleet overall mileage requirements :-)

----------------
Dave Hartrum
dhartrum at mac.com

 
On Tuesday, April 01, 2008, at 11:00AM, "Drew Knox" <agknox at gmail.com> wrote:
>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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