Cannondale & Co. Expands Operations
HARTFORD, USA – After announcing the opening of a first own multi-brand store under the name ‘Cannondale Sports Store’.
(click here for that story http://www.bike-eu.com/home/general/2013/5/cannondale-to-open-multi-brand-concept-store-1256943W/),
Cannondale’s parent company Dorel Industries is pushing its bicycle business further. There is a new headquarters for the entire Dorel bicycle business in the pipeline.
Cannondale’s new HQ will be built in Wilton/CT and will handle: “Marketing, research and development, and product design in approximately 50,000 square feet (approx. 4,600 square meter) of leased space in Wilton’s I-Park”.
Cannondale Sports Unlimited
This news isn’t published yet by Dorel or Cannondale Sports Unlimited (CSU) – the new name of Dorel’s former ‘Recreational & Leisure Division’ that holds the Cycling Sports Group (with Cannondale, GT, Iron Horse, Mongoose, Schwinn, Sugoi) targeting the IBD market and Pacific Cycle (brands Dyno, Pacific, Roadmaster etc.) targeting the mass markets. Dannel P. Malloy, governor of the State of Connecticut, published this news with a governmental press release.
US$3 million loan
On 10 May Malloy announced that: “The State Bond Commission will consider a US$3 million (€2.3m) loan to assist CSU establish a new headquarters and add 75 new jobs in Wilton”. The reason for Dorel/CSU not publishing this new is because: “The 3 million dollar loan will require Bond Commission’s approval.” At the time of writing it wasn’t officially accepted yet.
With the loan Connecticut is able to keep the iconic Cannondale brand in this state. “The Cannondale brand was born in Wilton many years ago, so to have them return is a proud moment for all of us in town”, states Wilton’s first selectman Bill Brennan: “Cannondale Sports Unlimited will bring quality jobs to our community and complements our economic development initiatives. I am particularly excited by the fact that the company, which is focused on biking and being outdoors, will be located in the I-Park office complex directly adjacent to the rapidly developing Norwalk River Valley Trail. This project is a great fit for Wilton, Cannondale employees, and the region in so many ways.”
Running out of space
Over the last year’s Cannondale’s current headquarters in Bethel/Connecticut became more and more the HQ of Dorel’s entire ‘Recreational & Leisure Division’. Therefore the entire facility was running out of space. “After considering several locations in Connecticut and New York we are thrilled to be able to expand our operations in Wilton, the original home of our Cannondale brand, to continue our legacy of growth and innovation”, the governmental press release quotes CSU CEO and president Bob Baird.
Cannondale’s move back to Wilton is sweetened with a very attractive offer. According to the government press release: “The State of Economic and Community Development (DECD) will provide the company with a ten-year-loan of US$3 million at a rate of 2%”. Moreover, the offer includes US$2 million – 2/3 of the entire loan – which is forgivable if CSU hires: “75 employees within the next four years”.
The entire funding will be used: “For office fit-out, the purchase of office equipment, IT equipment and job training needs”. Last but not least CSU will retain the current 143 employees.