They got wheels now:
September 21, 2007
For Immediate Release:
SRAM and Zipp announce that they have signed a Non-Binding Letter of Intent for SRAM to
acquire Zipp. The acquisition is expected to be completed within 60 days.
Stan Day, CEO of SRAM says: Zipp is a great company and respected brand, with a strong
management team, advanced technology and superb manufacturing capability. We look forward
to bringing both successful companies together and synergistically delivering a growing strategic
range of products to our customers.
Andy Ording, President of Zipp says: Zipp has remained focused on market defining technology
development in advanced composites and aerodynamics. After nearly two decades of carbon
product manufacturing the SRAM opportunity provides additional horsepower and improved
global market leverage. SRAM has a fine reputation for acquisitions and culture integration,
affording us the opportunity to broaden our foundation on which the Zipp team can build for the
long term.
Operational plans will be finalized and announced when the acquisition is completed. Those
plans will include:
1. The Zipp management team will remain intact and continue to report to Andy Ording.
Andy will report to Stan Day. There will be no layoffs as a result of the transaction.
2. The current high-tech Indianapolis location will remain the manufacturing center for Zipp
wheels and components.
3. The Zipp product warranties will be honored and continue to be serviced in the
Indianapolis facility.
4. The Zipp distribution network will be maintained.
5. All Zipp contracts and business relationships will be honored.
September 21, 2007
For Immediate Release:
SRAM and Zipp announce that they have signed a Non-Binding Letter of Intent for SRAM to
acquire Zipp. The acquisition is expected to be completed within 60 days.
Stan Day, CEO of SRAM says: Zipp is a great company and respected brand, with a strong
management team, advanced technology and superb manufacturing capability. We look forward
to bringing both successful companies together and synergistically delivering a growing strategic
range of products to our customers.
Andy Ording, President of Zipp says: Zipp has remained focused on market defining technology
development in advanced composites and aerodynamics. After nearly two decades of carbon
product manufacturing the SRAM opportunity provides additional horsepower and improved
global market leverage. SRAM has a fine reputation for acquisitions and culture integration,
affording us the opportunity to broaden our foundation on which the Zipp team can build for the
long term.
Operational plans will be finalized and announced when the acquisition is completed. Those
plans will include:
1. The Zipp management team will remain intact and continue to report to Andy Ording.
Andy will report to Stan Day. There will be no layoffs as a result of the transaction.
2. The current high-tech Indianapolis location will remain the manufacturing center for Zipp
wheels and components.
3. The Zipp product warranties will be honored and continue to be serviced in the
Indianapolis facility.
4. The Zipp distribution network will be maintained.
5. All Zipp contracts and business relationships will be honored.
