[DVBC] Specialized to be sold to GM

[Doug Bower]

And who said American Automobile Manufacturers are not on the cutting
edge of global warming and alternative fuel technology????
 
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From: dvbc-list-bounces at list.dvbc.org
[mailto:dvbc-list-bounces at list.dvbc.org] On Behalf Of Drew Knox
Sent: Tuesday, April 01, 2008 9:34 AM
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Subject: [DVBC] Specialized to be sold to GM
 
 <http://www.bizjournals.com/sanjose/> San Jose News, Silicon Valley /
San Jose Business Journal, San Jose Newspaper
 
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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