Spyker Selling Sports Car Business to British CPP Global Holdings, Focus on Saab

Last January, Spyker and General Motors announced a deal for Spyker to buy GM’s struggling Saab unit. Now, a little over a year after the deal was announced, Spyker is now selling its own sports car business to focus on resurrecting Saab.

The announcement of the sale came today as Spyker and CPP Global Holdings signed a memorandum of understanding for the sale. CPP Global Holdings agreed to purchase Spyker’s sports car business for a total of €32 million. Of the €32 million, €15 million will be paid up front while the remaining €17 million will be paid over a six year earn out period in order to help ensure the sports car business can -- and will be -- profitable.

“The management of CPP is very excited about the acquisition of the Spyker sports car business, and the brand is entering a period of major development,” Brendan O’Toole, managing director of CPP said. “We have well-developed plans to expand the product range further, and the future of the Spyker brand is incredibly exciting.”

While the sale of Spyker’s sports car business comes as a surprise, Spyker already had a relationship with CPP Global Holdings. In November or 2009, Spyker transferred production of its sports cars to CPP’s manufacturing facility in Coventry, England.

Spyker CEO Victor Müller says he is selling Spyker’s sports cars in order to focus on Saab and bring it back to profitability. If nothing else, this deal at least shows Müller’s dedication to restoring Saab. Now we just need to wait and see if the struggling Swede rebounds, and if the now British Spyker can avoid fading into a memory as it did in 1925.

Source: CPP

uusmani87@yahoo.com
NOT BAD
* SPASIBA
* Attn: Mr. Vladimir Antonov CPP Global Holdings, the LS7 engine from the Z06 would make an excellent substitute for the far more costly AUDI V8. The LS3 would also be a great option and save even more money. This should also up the performance ante. Please keep the Spyker name as it has a very rich heritage. Give Spyker all the R&D necessary to truly make it fly. Spyker is far more than a sports car, it is rolling automotive art inside and out. Thank you, spasiba, amen

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