Spyker Puts Their Sports Car Business On The Block

[William Maley]

Spyker Puts Their Sports Car Business On The Block

William Maley - Editor/Reporter - CheersandGears.com

February 24, 2011

Spyker Cars have agreed to sell their sports car business to CPP Global Holdings Ltd, a coach builder in Coventry, England. The move will allow Spyker to focus more on Saab and net them some much needed money. The sale will bring 15 million euros up front and then another 17 million euros over the next six years (A total of $44 million). The influx of money will help cut Spyker's debt which stands at 92 million euros ($126.8 million).

"Spyker's (luxury car business) is a small fish in a large pond. Spyker would need additional funds, but to issue shares and dilute shareholders seemed like a very bad plan so we decided to divest these activities," said Spyker Cars CEO Victor Muller.

CPP Global Holdings Ltd provided the chassis and body panels for Spyker vehicles and now handles entire production process of the new C8 Aileron, which is now ramping up. CPP's plan for the future will include expanding Spyker's lineup and building them in a new facility.

“We have well-developed plans to expand the product range further, and the future of the Spyker brand is incredibly exciting,” said CPP managing director Brendan O’Toole.

Source: Automotive News: Spyker to sell sports car business to focus on Saab (sub. req.)

Source: Car Magazine: Victor Muller sells Spyker sports cars to CPP

[Drew Dowdell]

Very interesting development.....

[Robert Hall]

Wow..I wonder if the Swedish patient was too much for them..

[z28luvr01]

This is equivalent to Fiat selling Fiat to save Chrysler, but yeah - interesting. Perhaps they see more profit potential in well-done Saab vehicles than they do niche sports cars.

[Nick]

Wow...It sounds like CPP is already fairly involved with Spyker, so this doesn't sound too bad. I want to own a Spyker some day. I love these cars, and surprisingly, I see quite a few around.

[Turbojett]

so who keeps the name? The corporation that owns Saab, the Sports car division, or both?

[William Maley]

so who keeps the name? The corporation that owns Saab, the Sports car division, or both?

Spyker goes with the new owners.. The owners of Saab are busy working on a new name which could include saab..