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.
China bidding for Maytag corp and Huffy bikes, page 1
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Topic started on 29-6-2005 @ 01:42 AM by AceOfBase
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.
In the next few years, will there be any US brands left that aren't owned by foreign companies?
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?
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