SRAM Acquires Avid
3/10/2004 – Chicago, IL -SRAM Corporation is pleased to announce the acquisition of Avid LLC. Over the last decade Avid has become recognized as an authentic innovator in the design and manufacture of brake systems for the bicycle industry. The acquisition by SRAM marks a major milestone for both SRAM and the Avid brand. “We are excited about the prospects” stated Stan Day, President and CEO of SRAM Corporation. “Avid’s growth has been impressive and the brand is strong. SRAM can now offer leading edge brake components to compliment 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.“
Detailed integration plans with Avid are being formulated. The current plans include:
- OEM sales will be conducted by Avid personnel for the MY05 selling cycle. These responsibilities will be integrated into the SRAM team for MY06.
- Order processing and customer service for Avid products will be handled through their standard channels. We anticipate integrating these into SRAM starting June 1, 2004.
- Manufacturing will stay with Avid’s current suppliers. These suppliers will be supported by SRAM engineering and manufacturing resources where appropriate.
- Wayne Lumpkin, founder and President of Avid, will continue to lead Avid operations through the MY05 production ramp up. He will then move into an advanced development role for SRAM. Wayne will be based in Denver and work closely with our Colorado Springs development group.
SRAM Corporation is excited about the inclusion of Avid within the SRAM product range. We are convinced that the combined strengths of Avid and SRAM promise outstanding product development and business opportunities for the industry.
For More Information Contact: Michael Zellmann PR & Media Manager SRAM Corporation Tel: 312 664 3546 E-Mail: mzellmann@sram.com
