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Filed under: Plants/Manufacturing, Saab, Earnings/Financials, Spyker



Since it opened for business at the turn of the millennium, Spyker Cars has charted an unusual path. Essentially re-inagurating a brand no one had ever heard of in a country not exactly known for automobile production, the Dutch automaker then set about launching its own F1 team. That venture ended up failing, so Spyker pulled another surprise move when it bought Saab from General Motors. And now Spyker is selling its own luxury sportscar business to a British concern.

The sale, it should be stressed, does not include Saab, leaving Spyker ostensibly to run the Swedish automaker without distraction. The buyers, CPP Global Holdings Ltd, is a coachbuilder based in Coventry, England, that has supplied Spyker with the chassis and body panels for all its cars from the beginning, and took over the entire production process of the new C8 Aileron which is just now ramping up.

The transaction has not been finalized, but a memorandum of understanding has been signed at 15 million euros up front and another 17 million over the course of the next six years, which at current conversion rates comes out to a bit over $44m. Official announcement in the press release after the jump.

[Source: Spyker]Continue reading BREAKING: Spyker sells car unit to coachbuilders CPP

BREAKING: Spyker sells car unit to coachbuilders CPP originally appeared on Autoblog on Thu, 24 Feb 2011 06:34:00 EST. Please see our terms for use of feeds.



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