If you have access to the owners section of the site, please look there for my take on the sale.
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Spyker sportscars (brand) sold!
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Originally posted by F Spider View PostIf you have access to the owners section of the site, please look there for my take on the sale.
Anyway, here's another thing to consider about this latest great change for Spyker: When Spyker was part of Saab, it was an opportunity to be included with Saab for their CAFE numbers. Now that they will be an independent, the pressure is on to conform to the CAFE numbers on their own. Knowing how thirsty the CTS-V engine is, I don't see them being able to do that. They will most likely have to negotiate with the EPA for an exempted CAFE rating. I know other small makes have done this in the past; Mosler is one example that comes immediately to mind. I'm not sure, but this may effect EU emissions compliance also?
On the EPA website, you can find the Aileron on the approved cars list for model year 2010, with the 4.2 Audi engine, even though none ever made it here. But now that the switch to GM power has been made, compliance will need to be established for 2011 with the new powertrain.
Coupled with the change in ownership and the above two issues, I expect it will be a while before we see Ailerons in the U.S. But at least it's good to hear they are finally in a state of build.
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Reading an article in Automobiel Management confirmed the ideas that I had about this sale.
'De Separation [of Spyker and Saab] is only a financial one, the collaboration between two companies is, according to Victor Muller, 'on arms length'. Spyker is now completely British, but according to Muller it hasn't been Dutch before the sale.'
Anyway, he then explains why they sold Spyker. Like Antonov said: Spyker needs more funding. If Spyker Cars NV would place an emission of EUR25 million this would form a relatively big dilution for current shareholders (22%). So by selling Spyker to a separate company it can attract this 25 million that Victor says is needed finish the SSUV. So it looks like the D8 will be produced after all! And my word about a 'soft divorce' seem right. No worries about Spyker, this will be a good thing.The greatest pleasure in life is doing what people say you cannot do
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Originally posted by Mattjs33 View PostNo love for us on the public side?
Anyway, here's another thing to consider about this latest great change for Spyker: When Spyker was part of Saab, it was an opportunity to be included with Saab for their CAFE numbers. Now that they will be an independent, the pressure is on to conform to the CAFE numbers on their own. Knowing how thirsty the CTS-V engine is, I don't see them being able to do that. They will most likely have to negotiate with the EPA for an exempted CAFE rating. I know other small makes have done this in the past; Mosler is one example that comes immediately to mind. I'm not sure, but this may effect EU emissions compliance also?
On the EPA website, you can find the Aileron on the approved cars list for model year 2010, with the 4.2 Audi engine, even though none ever made it here. But now that the switch to GM power has been made, compliance will need to be established for 2011 with the new powertrain.
Coupled with the change in ownership and the above two issues, I expect it will be a while before we see Ailerons in the U.S. But at least it's good to hear they are finally in a state of build.
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Interesting piece of information from the Dutch newspapar De Volkskrant:
De verkoop van het bedrijfsonderdeel Spyker aan CPP (aan Antonov dus) lijkt daarom een opgepoetste variant van het confisqueren van onderpand. Tenaci (waarvan Antonov waarschijnlijk minderheidsaandeelhouder is) heeft daarnaast het recht om de 17 miljoen euro die het Spyker heeft geleend voor de aanbetaling op Saab om te zetten in aandelen. Tenaci zal binnen zes maanden van dat recht gebruikmaken, zei Muller gisteren. Antonov krijgt zo nog meer aandelen van Saab in handen dan hij indirect misschien al bezit.
The sale of the business Spyker CPP (Antonov so on) seems therefore a polished version of the confiscation of collateral. Tenaci (whose Antonov probably a minority shareholder) also has the right to 17 million euros the Spyker has borrowed the down payment for Saab to be converted into shares. Tenaci shall, within six months of that right to use, Muller said yesterday. Antonov will make even more shares than he indirectly owned Saab might already own.
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You could indeed explain it as getting it 'for free'. Though I would grant Antonov this too: Antonov has borrowed out about EUR 85 million indirectly to Spyker Cars and yet he has zero voting rights because he's no longer a shareholder. The Spyker business is sort of a security for him.
Spyker wins because it will be no longer listed at the stock exchange. Sites like autoblog.nl (especially Robbie) always used the financial results like sales to find/create stuff to write negatively about. Compare this to for instance Pagani or Koenigsegg that never had to publish their sales, profit etc.
Also, there are indications that new investments in Spyker will be made to expand the product range (D8): they wouldn't have happened under Spyker Cars NV because the shares dilution would have been too big.
Saab wins because debt of the holding company will shrink by (max.) EUR 48 million. All shareholders lose a little bit on the long term because of a small shares dilution caused by a conversion by Tenaci.The greatest pleasure in life is doing what people say you cannot do
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... interview in the Birmingham Post. (source)
"Jobs boost as Spyker's owner takes on factory
The engineering firm which recently bought supercar business Spyker has created dozens of new jobs at a new manufacturing plant.
CPP, which bought the Dutch luxury car brand for £27 million in March, has already taken on 70 staff after establishing a specialist manufacturing plant at the Bayton Road Industrial Estate in Coventry.
The new operation has been established in the former home of Abbey Panels, known as Exhall Point, part of Loades’ property portfolio, where CPP has entered into a new lease.
Mark Bletsoe, operations director of CPP Advanced Manufacturing, said the company already had orders in place to fill 75 per cent of the 170,000 sq ft, 10-acre site and had already achieved a VW supplier accreditation and VW quality approval rating, which was a major task within such a short space of time.
“We produce exterior and interior trim and body closures in aluminium and stainless steel for high-end luxury car manufacturers,” he said.
“It is work we have always done in low volume at our headquarters in the city, but we felt there was a market we could grow through our expertise in the field.
“That proved to be the case and we soon had to look for a new home. The work is coming in quickly and we have been inundated with enquiries from all parts of the automotive industry.
“We now have an excellent ratio of producing high volume at the Bayton Road site and low volume at the city headquarters.”
Mr Bletsoe said the company has taken on staff from collapsed Northampton firm Piano Forte, which the firm acquired when it ceased trading.
He added: “The luxury end of the automotive market is thriving and we have the skills to produce the quality of work they demand and cannot obtain elsewhere. We are very optimistic for the future.”
CPP Global Holdings has its headquarters on the Seven Stars Industrial Estate in Coventry and specialises in the low-volume, high quality manufacture of vehicles and components.
It is still in the process of buying manufacturer Spyker and is due to produce its first totally British-made model under its ownership later this year.
In March it said the deal, which still has to be rubber-stamped, was part of ambitions to double production and increase head count in the city.
CPP, which is backed by Russian businessman Vladimir Antonov, had supplied bodies and chassis for several years to Spyker before last year announcing it was making the C8 Aileron in the city on behalf of the Dutch company.
Spyker said it was selling the car firm as it wants to concentrate on its other brand Saab.
Meanwhile, earlier this year CPP also bought Bowler Off Road, the Derbyshire-based manufacturer of all-terrain supercars.
Matt Rose, business development director at CPP Manufacturing, said: “Within CPP Group, we identified the opportunity in the marketplace to establish the products and services of CPP Advanced Manufacturing.
“Obviously, we are extremely proud to see it grow so quickly, and for Mark and his team to be recognised with this important quality accreditation from VW Group.”"
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Originally posted by Basokolow View PostI was quite skeptical of the assertion today that orders take the new Aileron into 2012 for fulfillment. Of course, that depends just a bit on time per build and when they start fulfilling, eh?
So is the fact that Spyker brand is still listed as an entity on the Swedish Automobile website and vice versa now that the sale is finalish a good sign, or just a lax webpage refresh policy...?Last edited by RossoCorsa; 14-07-2011, 14:18.I am speaking to you know from inside one of the venturi tunnels
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Originally posted by RossoCorsa View PostAbsolutely agreed! Hopefully the remainder of the legal red tape is sorted quickly so that concentration can be turned to constructing the cars
So is the fact that Spyker brand is still listed as an entity on the Swedish Automobile website and vice versa now that the sale is finalish a good sign, or just a lax webpage refresh policy...?
Nothing is final at the moment. During the shareholder meeting in May Victor Muller also said that Spyker wasn't sold (yet) back then they hoped to close the deal in a couple of weeks.
When they do sell Spyker there should be some kind of press releasse.
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Brendan O'Toole, founder and co-owner of CPP, explains: "It is unfortunate that the negotiations have been delayed, but we understand the challenges facing Swedish Automobile. We were advised to suspend the purchase process on 24 June after discussions with Swedish Automobile's legal team, but remain fully committed to bringing Spyker to Coventry.
"At present, Spyker remains part of Swedish Automobile N.V., meaning that Spyker is therefore CPP's contract manufacturing customer, under an agreement that was signed in November 2010," O'Toole continues. "Since then, we have invested significant sums in the facilities, tooling and skilled craftsmen to build Spyker's flagship C8 Aileron supercar in Coventry and the entire production operation could be switched on within days of an agreement. I sincerely hope that the acquisition can be finalised soon and that we can begin delivering cars to customers."The greatest pleasure in life is doing what people say you cannot do
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