Breaking News: SRAM acquires Zipp

Chicago, IL, September 21: SRAM and Zipp announced today that they have signed a Non-Binding Letter of Intent for SRAM to acquire Zipp. The acquisition is expected to be completed within 60 days. Stan Day, CEO of SRAM says: “Zipp is a great company and respected brand, with a strong management team, advanced technology and superb manufacturing capability.”

Andy Ording, President of Zipp says: “Zipp has remained focused on market defining technology development in advanced composites and aerodynamics. After nearly two decades of carbon product manufacturing the SRAM opportunity provides additional horsepower and improved global market leverage.”

Operational plans will be finalized and announced when the acquisition is completed. Those plans will include:
1. The Zipp management team will remain intact and continue to report to Andy Ording. Andy will report to Stan Day. There will be no layoffs as a result of the transaction.
2. The current high-tech Indianapolis location will remain the manufacturing center for Zipp wheels and components.
3. The Zipp product warranties will be honored and continue to be serviced in the Indianapolis facility.
4. The Zipp distribution network will be maintained.
5. All Zipp contracts and business relationships will be honored.

Further information and more detailed plans will be available publicly at the beginning of December.