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SPYKER CARS CHANGES NAME INTO SWEDISH AUTOMOBILE Zeewolde
The Netherlands, 7 June 2011
Spyker Cars N.V. shall change its name into Swedish Automobile N.V. per 15 June 2011. Following the decision of the annual general meeting of shareholders on 19 May 2011, Spyker Cars N.V. shall have
its articles of association amended on 15 June 2011. The amendment includes a change of name into Swedish Automobile N.V. Per 15 June 2011, the company shall be listed as Swedish Automobile N.V. Its ISIN code
changes to NL0009816248, its ticker symbol to SWAN.
CPP SIGNS MEMORANDUM OF UNDERSTANDING TO BUY SPYKER LUXURY SPORTSCAR BUSINESS
- Coventry, UK, 24 February 2011
- CPP Global Holdings Ltd has signed a Memorandum of Understanding to buy the Spyker luxury sportscar business. Purchase price is 15 million Euros plus a 17 million Euros six-year earn-out.
- Acquisition comes as production of Spyker C8 Aileron flagship supercar ramps-up
CPP Global Holdings Ltd, a premium coachbuilding company based in Coventry, UK, has signed a Memorandum of Understanding to acquire the assets of the Spyker luxury sportscar company from Spyker Cars
N.V. – the Dutch EURONEXT-listed holding company which currently operates the Spyker and Saab Automobile businesses.
The purchase price would be 32 million Euros, 15 million Euros of which would be paid immediately upon the finalisation of the deal, with the remaining 17 million Euros to be paid over a six year
'earn-out' period.
CPP is a world-class British coachbuilding company with a workforce of 250 highly skilled automotive specialist designers, technicians and craftsmen. It has vast experience working with global luxury
car brands, by adapting standard vehicles, or undertaking full production of ultra-low volume standalone models. Over the last 16 years, CPP founder and Managing Director, Brendan O'Toole, has grown the
Coventry-based business continuously, and the partnership and support of Vladimir Antonov has seen this growth accelerate within the last two years. The Spyker acquisition is yet another milestone towards a
world-class automotive specialist in Coventry, creating more jobs directly at CPP, and indirectly, through the wide range of automotive specialists based in the area.
CPP will structure Spyker's assets into a new subsidiary company, to be based at CPP's Coventry headquarters. CPP has produced chassis and body panels for Spyker since the brand's re-introduction in
2000. In 2009, it signed an agreement with Spyker to undertake full vehicle production of the C8 Aileron and all future Spyker models at a new and dedicated facility in Coventry. Production of the C8 Aileron for
customer deliveries is currently being ramped-up.
Vladimir Antonov, said: "Having created an enviable portfolio of premium, world-class automotive companies and brands over the past two years with CPP, we are convinced that Spyker will flourish
within the CPP Group. We are delighted to be bringing more investment and job opportunities to Coventry, and we hope that this further cements its reputation as the heartland of the automotive industry in the UK."
Brendan O'Toole, Managing Director of CPP Global Holdings Ltd, said: "This acquisition is very positive news for everyone connected to Spyker. We're absolutely confident that independent ownership
will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.
"The management of CPP is very excited about the acquisition of the Spyker sportscar business, and the brand is entering a period of major development," continues O'Toole. "Production of the new
Spyker flagship supercar, the C8 Aileron, is progressing well and we are ramping up production of customer cars at our new purpose-built facility in Coventry. We have well-developed plans to expand the product range
further, and the future for the Spyker brand is incredibly exciting."
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Information on Swedish Automobile
- Reorganization
- Bankruptcy
- and/or Sale of Company
Click Here
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SPYKER AT THE 81 ST INTERNATIONAL GENEVA MOTOR SHOW: SPYKER RAMPS UP PRODUCTION WITH IMMINENT RETURN TO PRIVATE OWNERSHIP
- Zeewolde, The Netherlands, 1 March 2011
- New era of private ownership will provide catalyst for rapid progress and development
- Deliveries of C8 Aileron to customers across the globe will start in April
- Order book extends into 2012
- Squadron race division is developing C8 Aileron GT race car for 2012
Spyker's presence at the 81 st Geneva International Motor Show comes as the brand is about to enter a new era. Soon to return to independent, private ownership, the ultra-exclusive luxury supercar
brand is ramping up production of its new C8 Aileron with customer deliveries beginning in April. And its Spyker Squadron race division will return to competitive endurance racing in 2012 season with an all-new GT
car.
Private, independent ownership
On 24 February 2011, CPP Global Holdings Ltd – a British coachbuilding specialist - signed a Memorandum of Understanding to acquire the assets of the Spyker sportscar
business from Spyker Cars N.V., the EURONEXT-listed holding company which currently operates the Spyker and Saab premium automotive brands.
Upon closing of the deal, Spyker will return to independent
ownership with a dedicated management team, headed by founder and CEO Victor Muller, committed to rapidly progressing its business plan, which was effectively delayed for 12 months after the acquisition of Saab
Automobile. The imminent deal represents the dawn of a new era for the brand, which is entering a very exciting period.
With a workforce of 250 highly skilled automotive specialist designers, technicians and
craftsmen, CPP boasts vast experience working with global luxury car brands such as Aston Martin and Bentley. CPP is already very familiar with Spyker, having supplied chassis and body panels to Spyker since its
rebirth in 2000. In 2009, it signed an agreement with Spyker to undertake full vehicle production of the C8 Aileron and all future Spyker models at a new and dedicated facility in Coventry.
Victor Muller, CEO
of Spyker Cars N.V. and chairman of the board of Saab Automobile – and responsible for resurrecting the Spyker brand in 2000 – will stay on as CEO of the Spyker sportscar business that is being acquired by CPP until
a suitable successor is found. He will then remain involved with the business as aboard member responsible for design, strategy and product development.
Production ramping up in Coventry, UK
Series
production of the Spyker C8 Aileron is ramping up at CPP's Coventry assembly facility, where all future Spyker models will be produced. Production of the C8 Spyder and C8 Laviolette – the short wheelbase models
launched in 2000 and 2001 respectively – continues at Spyker's headquarters in The Netherlands.
Spyker's order book extends into early 2012, with the vast majority of deposits received for the brand's new C8
Aileron flagship model. These orders have been received by Spyker's retail partners in Europe, North America, the Middle East and China.
Spyker Squadron
Spyker's in-house GT racing division, Spyker
Squadron is developing and preparing a brandnew GT racer – based on the new C8 Aileron – for the 2012 season.
Spyker Squadron's recently-expanded technical team will develop the racer primarily to the new GTE
regulations, while allowing for easy transitional development to FIA GT3 specifications in subsequent years.
The racing operation is already in discussions with a number of potential privateers for the supply
of cars and of full customer racing support packages.
A bright future for the Spyker brand
CPP is jointly owned by Brendan O'Toole, its founder and managing director, and Vladimir Antonov, Chairman of
Convers Group, a leading group of companies in the Russian banking sector. The partners are passionate about the brand and dedicated to its success and growth.
Vladimir Antonov, chairman of Convers Group,
said: "Having created an enviable portfolio of premium, world-class automotive companies and brands over the past two years, we are convinced that Spyker will flourish within the CPP Group. We are delighted to
be bringing more investment and job opportunities to Coventry, and we hope that this further cements its reputation as the heartland of the automotive industry in the UK."
Brendan O'Toole, managing director
of CPP, said: "This acquisition is very positive news for everyone connected to Spyker. We're absolutely confident that independent ownership will enable us to rapidly progress a re-invigorated business plan, to
which CPP is fully committed.
"The management of CPP is very excited about the acquisition of the Spyker sportscar business, and the brand is entering a period of major development," continues O'Toole.
"Production of the new flagship supercar, the C8 Aileron, is progressing well and we are ramping up production of customer cars at our new purpose-built facility in Coventry. We have well-developed plans to expand
the product range further, and the future for the Spyker brand is incredibly exciting."
Victor Muller, CEO of Spyker Cars N.V. and chairman of the board of Saab Automobile, said: "The divestment of the Spyker
sportscar business makes sense for Spyker Cars N.V. as it means the management can focus on the much bigger Saab business and substantially reduces its debt and interest payments. But it is also essential for the
Spyker sportscar operation. It needs significant funding which we could not allocate from within the N.V. without substantial dilution of all shareholdings. The supervisory board and management of N.V. felt it was
in the best interests of all stakeholders to divest Spyker to the most dedicated partner the company has ever had, Vladimir Antonov."
"CPP's owners know the brand very well and have committed to investing in
Spyker over the long term. I am absolutely confident that the exceptional management team will now progress the business plan and take Spyker successfully into its very exciting future. I look forward to seeing the
brand flourish."
Please find Spyker on stand 2141 in Hall 2 at the 81 st Geneva International Motor Show from 3-13 March 2011 at the Palexpo-Geneva.
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