January 13/04 12:38 pm - SRAM to Purchase Avid, Webcor-Dionne Press Release
Posted by Editor on 01/13/04
SRAM Corporation Signs Letter of Intent to Acquire Avid LLC
Chicago, IL - January 13, 2004
SRAM Corporation is pleased to announce the signing of a Letter of Intent to purchase Avid LLC. Avid is widely recognized as the technology and performance leader in braking systems, and this acquisition furthers SRAM's goal of providing a full component group to the bike industry.
The combination of SRAM and Avid creates a stronger company, and the only supplier in the bike industry to offer a broad range of Drivetrain, Suspension, and Brake Systems. SRAM's breadth in global operations will improve capacity, information flow, and service for the Avid product lines. The combination of Avid's and SRAM's proven product development will lead to exciting new product lines.
Over the last 15 years SRAM has grown to be the second largest component supplier in the industry. SRAM has a unique heritage of product innovation and customer service starting with twist shifters and extending through drivetrains. We have grown through our own efforts and the through the integration of three other great companies. These include:
* Sachs: The inventor of freewheels and internal gear hubs.
* RockShox: The inventor of mountain bike suspension.
* Avid: The inventor of adjustable brake levers and leader in disc brake systems.
SRAM and Avid are currently in the final phase of due diligence, with the closing expected to take place by Jan. 30th. Detailed integration plans with are being formulated with Avid, and will be communicated to the industry at the Taipei show in March.
Webcor Inks Sprinter Dionne
San Francisco, CA - The Webcor Professional Cycling Team answered any lingering questions about its commitment to joining the top ranks of domestic cycling by signing sprinter Charles Dionne for 2004. "We are thrilled to have Charles aboard," stated team director Frank Scioscia. "Dionne is unique in his ability to be a fast finisher in criteriums as well as a powerhouse in incredibly difficult road races like the San Francisco Grand Prix. He will be a significant part of the formula for creating a winning team," Scioscia added.
Dionne's breakout 2002 season included winning the San Francisco Grand Prix by outsprinting a small breakaway group that included several seasoned European pros, most notably Lance Armstrong, a feat which earned him the 2002 VeloNews "North American Ride of the Year" award. Dionne saw his 2003 campaign hampered by crashes and injuries. Nevertheless, he took first place at the CapTech Classic and a stage at the Redlands Bicycle Classic-which he rode in support of his then Saturn teammate, Chris Horner.
Dionne is enthusiastic about his team's prospects for the upcoming season: "This team is going to do some damage in every race we enter. I didn't expect to sign with Webcor, but when Chris called to encourage me to join, I jumped at the chance. I think we're going to have a great season. Plus, it's an Olympic year, and hopefully we're going to put a couple of guys in the Olympics, which is definitely a goal of mine."
The team shares his optimism. "We see Horner, [Spanish pro] Imanol Ayestaran, and now Dionne helping to develop not only our second year pros, but some of our young riders such as Justin England, Ben Haldeman, and Ben Stafford," added fellow manager/rider, Ted Huang.
The team's title sponsor, Webcor Builders, has evolved from a local club sponsor to one of the biggest supporters of cycling on the West Coast and now into a major supporter of cycling at the national level. They are one of the country's leading general contractors, specializing in major construction projects in the San Francisco Bay Area and throughout the West Coast. In addition to it's own corporate support, Webcor Builders has partnered the team with a number of it top subcontractors including Diversified Fire Products, Clark Pacific, Architectural Glass and Aluminum Co., Rosendin Electric, Inc., Anning-Johnson Company, CMI-Critchfield Mechanical Inc., J.W. McClenahan Co., ABD Insurance, M.G. Boost & Associates, Bode Gravel Company, and Bosch Tools.
The Webcor Professional Cycling Team will be riding Lemond Tete de Course frames and Bontrager's new "XXX" components and wheels in 2004. The team is also sponsored by Voler Team Apparel, Kaenon Sunglasses, Powerbar, LOOK pedals, SRAM, PK Racing Technologies, UC Davis Sports Medicine, Giro, Nike, DecalGraphix Defeet, Craft, and First Endurance.
Editor's Note: We spoke with Charles at his Ventura, California base yesterday, and hope to have the interview up later this afternoon.