[DVBC] Specialized to be sold to GM

[Debbie Chaga]

It was funny .  .  .  kinda scary, but funny.
Deb


On 4/1/08, 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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> >
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