C
Just found this article posted at
http://www.centurychina.com/cgi-bin...=33731333830393&zu=33373133383039&v=2&gV=0&p=
I didn't know Huffy went bankrupt. Perhaps someone should let China's
government know that Huffy is the(?) premier maker of beater bikes
only. I wonder what the point of the acquisition is, as it certainly
cannot be to obtain new technical skills.
Speaking of which, I was under the impression that the PRC makes
hundreds of millions of bikes a year already. Why they would be
interested in a beater bike manufacturer is beyond me.
Later,
Nelson Chen
__o Same road Boycott Wal-Mart, union-buster.
_`\<,_ Same rights
(_)/ (_) Same rules
China poised to take over U.S. Huffy bikes
Tue Jun 28, 2005 07:40 PM ET
(Recasts with background on China's bid for American corporate assets,
Huffy's history)
NEW YORK, June 28 (Reuters) - Chinese suppliers and an agent of China's
government are poised to take control of Huffy Corp. (HUFCQ.PK: Quote,
Profile, Research) , a venerable U.S. brand name, as the bicycle maker
restructures under bankruptcy protection, it said on Tuesday.
Huffy, making bikes for Americans for more than a century, said it had
agreed to a reorganization plan which would allow it to terminate its
staff pension plans. The company would turn responsibility for the
benefits over to the Pension Benefit Guaranty Corp., a unit of the
federal government that insures pension plans.
The proposal also would give the suppliers that make its bicycles in
China and the China Export & Credit Insurance Corp. the right to elect
a majority of its board of directors and earn up to 51 percent of its
new common voting stock over five years.
<snip>
http://www.centurychina.com/cgi-bin...=33731333830393&zu=33373133383039&v=2&gV=0&p=
I didn't know Huffy went bankrupt. Perhaps someone should let China's
government know that Huffy is the(?) premier maker of beater bikes
only. I wonder what the point of the acquisition is, as it certainly
cannot be to obtain new technical skills.
Speaking of which, I was under the impression that the PRC makes
hundreds of millions of bikes a year already. Why they would be
interested in a beater bike manufacturer is beyond me.
Later,
Nelson Chen
__o Same road Boycott Wal-Mart, union-buster.
_`\<,_ Same rights
(_)/ (_) Same rules
China poised to take over U.S. Huffy bikes
Tue Jun 28, 2005 07:40 PM ET
(Recasts with background on China's bid for American corporate assets,
Huffy's history)
NEW YORK, June 28 (Reuters) - Chinese suppliers and an agent of China's
government are poised to take control of Huffy Corp. (HUFCQ.PK: Quote,
Profile, Research) , a venerable U.S. brand name, as the bicycle maker
restructures under bankruptcy protection, it said on Tuesday.
Huffy, making bikes for Americans for more than a century, said it had
agreed to a reorganization plan which would allow it to terminate its
staff pension plans. The company would turn responsibility for the
benefits over to the Pension Benefit Guaranty Corp., a unit of the
federal government that insures pension plans.
The proposal also would give the suppliers that make its bicycles in
China and the China Export & Credit Insurance Corp. the right to elect
a majority of its board of directors and earn up to 51 percent of its
new common voting stock over five years.
<snip>