[DVBC] Specialized to be sold to GM

[Larry Green]

Drew-
Did I see this on April 1st?
Doc

Drew Knox wrote:
> 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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