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Article: United States: Pacific Cycle Buys Iron Horse.
- Article from:
- TendersInfo
- Article date:
- July 16, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: sanjayV03
Dorel Industries purchased Iron Horse Bicycle Company for $5.2 million in an auction Monday in federal bankruptcy court. The deal is scheduled to close on Wednesday.
Dorel owns Pacific Cycle, along with Cannondale, GT, Mongoose and Schwinn brands.
Four other companies Kent International, Care Bicycles, Dick's Sporting Goods and Outdoor Cycle Group, a company owned by the son of Iron Horse president Cliff Weidberg also submitted bids for Iron Horse.
Taking place in a small room of over 30 lawyers, company executives and Department of Justice officials, the bidding process was heated but decorous. The respective parties ...