CHICAGO, USA – SRAM will probably add a new brand to its growing product portfolio. Last Friday the Americans announced that they had 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 said: “Zipp is a great company and respected brand, with a strong management team, advanced technology and superb manufacturing capability.”
Andy Ording, President of Zipp stated: “Zipp will 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 power and improved global market leverage.”
Operational plans will be finalized and announced when the acquisition is completed. The letter of intent states that the current Indianapolis location will remain the manufacturing centre for Zipp wheels and components and all Zipp contracts and business relationships will be honoured. Both parties have also agreed there will be no layoffs as a result of the transaction.
Further information and more detailed plans will be announced at the beginning of December.
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