|
|
|
Thread Tools | Display Modes |
#1
|
|||
|
|||
China posed to buy bankrupt Huffy
Just found this article posted at
http://www.centurychina.com/cgi-bin/...&v=2&gV =0&p= I didn't know Huffy went bankrupt. Perhaps someone should let China's government know that Huffy is the(?) premier maker of beater bikes only. I wonder what the point of the acquisition is, as it certainly cannot be to obtain new technical skills. Speaking of which, I was under the impression that the PRC makes hundreds of millions of bikes a year already. Why they would be interested in a beater bike manufacturer is beyond me. Later, Nelson Chen __o Same road Boycott Wal-Mart, union-buster. _`\,_ Same rights (_)/ (_) Same rules China poised to take over U.S. Huffy bikes Tue Jun 28, 2005 07:40 PM ET (Recasts with background on China's bid for American corporate assets, Huffy's history) NEW YORK, June 28 (Reuters) - Chinese suppliers and an agent of China's government are poised to take control of Huffy Corp. (HUFCQ.PK: Quote, Profile, Research) , a venerable U.S. brand name, as the bicycle maker restructures under bankruptcy protection, it said on Tuesday. Huffy, making bikes for Americans for more than a century, said it had agreed to a reorganization plan which would allow it to terminate its staff pension plans. The company would turn responsibility for the benefits over to the Pension Benefit Guaranty Corp., a unit of the federal government that insures pension plans. The proposal also would give the suppliers that make its bicycles in China and the China Export & Credit Insurance Corp. the right to elect a majority of its board of directors and earn up to 51 percent of its new common voting stock over five years. snip |
Ads |
#2
|
|||
|
|||
|
#3
|
|||
|
|||
wrote:
Speaking of which, I was under the impression that the PRC makes hundreds of millions of bikes a year already. Why they would be interested in a beater bike manufacturer is beyond me. Maybe they think the technology can be used for military applications. NEW YORK, June 28 (Reuters) - Chinese suppliers and an agent of China's government are poised to take control of Huffy Corp. Huffy, making bikes for Americans for more than a century, said it had agreed to a reorganization plan which would allow it to terminate its staff pension plans. Oh, thats's cute. Another corporation's going to ditch their pension plan. And the US Govt allows it. Thank you, Mr. Bush. Another chance to screw the little guy. Art Harris |
#4
|
|||
|
|||
|
#5
|
|||
|
|||
Preston Crawford wrote: How I read this is that China sees that this may be their one chance to use the huge trade imbalance, before the US takes any action to correct that balance artificially. Interesting post! But on the currency question--don't you think that a fixed rmb/US$ exchange is already a bit "artificial?" |
#6
|
|||
|
|||
Compared to the bikes they ride in China, Huffies are high-end.
Speaking of which, I was under the impression that the PRC makes hundreds of millions of bikes a year already. Why they would be interested in a beater bike manufacturer is beyond me. |
#7
|
|||
|
|||
On Wed, 29 Jun 2005 18:01:34 -0400, Gary Smiley wrote:
Compared to the bikes they ride in China, Huffies are high-end. I'll take a Flying Pigeon over a disposable Huffy MTB any day... |
#8
|
|||
|
|||
On Wed, 29 Jun 2005 12:04:18 -0500, Preston Crawford
wrote: On 2005-06-29, wrote: Speaking of which, I was under the impression that the PRC makes hundreds of millions of bikes a year already. Why they would be interested in a beater bike manufacturer is beyond me. My impression is this and it may be totally of, but bear with me. China has stepped up war-gaming and arming itself recently. Especially buying equipment like amphibious landers that are obviously intended for invading Taiwan. They won't need a war to take over the US. They are buying it as our military/corporate state allows. After all, what do multinational companies care about countries? They are global. They want to break down national boundries and destroy labor protections. |
#9
|
|||
|
|||
Dear Lord. If they get both Huffy and Unical, what will be left?
|
#10
|
|||
|
|||
wrote in message oups.com... Just found this article posted at http://www.centurychina.com/cgi-bin/...&v=2&gV =0&p= I didn't know Huffy went bankrupt. Perhaps someone should let China's government know that Huffy is the(?) premier maker of beater bikes only. I wonder what the point of the acquisition is, as it certainly cannot be to obtain new technical skills. Speaking of which, I was under the impression that the PRC makes hundreds of millions of bikes a year already. Why they would be interested in a beater bike manufacturer is beyond me. Later, Nelson Chen __o Same road Boycott Wal-Mart, union-buster. _`\,_ Same rights (_)/ (_) Same rules China poised to take over U.S. Huffy bikes Tue Jun 28, 2005 07:40 PM ET (Recasts with background on China's bid for American corporate assets, Huffy's history) NEW YORK, June 28 (Reuters) - Chinese suppliers and an agent of China's government are poised to take control of Huffy Corp. (HUFCQ.PK: Quote, Profile, Research) , a venerable U.S. brand name, as the bicycle maker restructures under bankruptcy protection, it said on Tuesday. Huffy, making bikes for Americans for more than a century, said it had agreed to a reorganization plan which would allow it to terminate its staff pension plans. The company would turn responsibility for the benefits over to the Pension Benefit Guaranty Corp., a unit of the federal government that insures pension plans. The proposal also would give the suppliers that make its bicycles in China and the China Export & Credit Insurance Corp. the right to elect a majority of its board of directors and earn up to 51 percent of its new common voting stock over five years. snip This could be justice, since the corporate executives who closed the U.S. manufacturing factories and moved it all to China will probably loose their jobs also. |
|
Thread Tools | |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Why doesn't TdF open one at large, by invitation only team - Let's say China or Japan to | Marcello do Guzman | Racing | 8 | June 20th 05 07:05 PM |
Bicycle maker Huffy seeks shield | Garrison Hilliard | General | 4 | October 22nd 04 02:25 PM |
In the News: Can Huffy survive in bike biz? | Jason Spaceman | Mountain Biking | 11 | August 4th 04 04:21 AM |
In the News: Can Huffy survive in bike biz? | Jason Spaceman | Techniques | 10 | August 4th 04 04:21 AM |
Should we buy unicycles made in China? | Amos_And_Ego | Unicycling | 29 | December 11th 03 05:03 PM |