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Huffy Sells Farmington Facility

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FARMINGTON, USA (2 October) — Huffy Corporation, once the largest U.S. domestic manufacturer of bicycles, has completed the sale of its former manufacturing facility here. The sale is part of a long-term strategy which basically is converting Huffy from a manufacturer to an importer of bicycles, in the face of the intense competition from bikes […]

FARMINGTON, USA (2 October) — Huffy Corporation, once the largest U.S. domestic manufacturer of bicycles, has completed the sale of its former manufacturing facility here. The sale is part of a long-term strategy which basically is converting Huffy from a manufacturer to an importer of bicycles, in the face of the intense competition from bikes made overseas, chiefly in China out of the bike manufacturing business.
“The sale of the Farmington facility will generate proceeds of $5.8 million to be used in the reduction of senior term debt, and the sale will also reduce annual expenses by approximately $1 million, said Robert L. Laffter, Huffy’s vice president-finance, CFO and treasurer.
The financial impact of this sale was included in the company’s most recent forecast of increased 2000 earnings from continuing operations, Lafferty said. (WJ)

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