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Huffy Sold Gen-X in March of 2004
Skate Brands Will Remain at Huffy
FROM SKATELOG EDITOR KATHIE FRY:
I had one question after I read a this Huffy Corporation press release
because it was somewhat vaguely worded about exactly
what was being sold. My question was "Who now the owner of Ultrawheels?".
So I contacted the Huffy news office, and asked if
the skate brand names were being sold along with the Gen-X
name, and they told me that no, Ultrawheels and the other skate
brand names formerly under the Gen-X umbrella would stay
with Huffy. Only the name "Gen-X" and its marketing value was being sold.
FROM HUFFY ON MARCH 22, 2004
Huffy Corporation of Miamisburg, Ohio
announced on March 22, 2004 that it has sold the name "Gen-X"
to a group headed by the original founders of Gen-X, James Salter,
Kenneth Finkelstein, and industry veteran Rick White.
The amount of money exchanged was not disclosed.
From the CEO of Huffy
Huffy President and Chief Executive
Officer Paul R. D'Aloia commented, "The sale of
Gen-X is consistent with our previously announced
strategy of moving Huffy toward a focus
on two operating segments, a sporting goods segment
and a services to retail segment. The sale of the
Gen-X opportunity business, which includes certain assets,
such as the Gen-X name, allows Huffy management to
focus on maximizing the value of our branded product
portfolio, improves our working capital position and it also
helps to mitigate liquidity pressure in the first quarter.
The Huffy branded sporting goods business in Toronto will
now operate under the name Huffy Sports Canada instead of Gen-X."
From the New Owners of Gen-X
"Our acquisition of the Gen-X name and the
opportunity business is part of a much bigger and
very exciting strategic plan that we have for the
business," said James Salter, Chief Executive Officer.
"Gen-X Sports Inc., our new organization, will
be extremely well funded and in a great position
to capitalize on the opportunities that exist in
the market place today," said Kenny Finkelstein,
Gen-X Chief Financial Officer.
Huffy Web Site
Gen-X Web Site (at Huffy.com)
Ultrawheels Web Site
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