China bidding for Maytag corp and Huffy bikes

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posted on Jun, 29 2005 @ 01:42 AM
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China's moves to buy out US companies are continuing.
They recently aquired IBM's PC making business and weeks ago they bid over $18 billion for the Unocal oil company and last week they bid $1.28 billion for the US appliance maker, Maytag.

Now it seems China may possibly take the majority share in the US bicycle maker, Huffy.



Reuters
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.


In the next few years, will there be any US brands left that aren't owned by foreign companies?




posted on Jun, 29 2005 @ 11:16 AM
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Ha! just tie this one in with the thead on why their products are so low. It's so obvious, everyone's economies are about to crash, this is just going to speed it up a bit, look at it as war on an economic scale.



posted on Jun, 29 2005 @ 12:54 PM
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OT a bit:

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

Ah, that'll explain why Huffy are coming in for some criticism in bike circles right now. I had wondered what that was about.

Plenty of big bike manufactures source their frames in Taiwan now as it is, but I guess this just moves it to another level.





 
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