Avid sale completes; SRAM expands

In January, SRAM signed a letter of intent to purchase brake-maker Avid LLC. The deal has now completed, although later than envisaged. Integration plans were released from SRAM's booth at the Taipei show.
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full2004_AvidSram2.jpg

The Avid acquisition "marks a major milestone for both SRAM and the Avid brand," said a statement from SRAM.

“Avid’s growth has been impressive and the brand is strong," said Stan Day, president and CEO of SRAM Corporation.

"SRAM can now offer leading edge brake components to complement our drivetrain systems. We are committed to becoming a full range component supplier to the bicycle industry. Avid brake systems are key to achieving our commitment.“

OEM sales of Avid kit will continue to be handled by Avid throughout 2004 but will be handled by SRAM 2005 onwards.

Order processing and customer service for Avid products will switch to SRAM starting June 1st.

Manufacturing will stay with Avid’s current suppliers.

Wayne Lumpkin, founder and president of Avid, will continue to lead Avid "through the MY05 production ramp up" and will later get an "advanced development role" at SRAM.

"Wayne will be based in Denver and work closely with our Colorado Springs development group," said Day.


http://www.SRAM.com

http://www.avidbike.com

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