November 7th, 2007 by 
thien
SRAM Corporation is pleased to announce that effective today it has completed its acquisition of Zipp. This fast closing period of 45 days is the result of great teamwork between SRAM, Zipp and the bank community. It is especially fast given the choppy condition of the capital markets and speaks to the robust combination of the two companies.
Customers should continue to use the existing respective SRAM and Zipp channels for orders, customer service and information. There are no changes in how either company is operating its business.
Now that the transaction is complete, the management teams will be meeting to discuss how to optimize operations for the benefit of our customers. As previously announced 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.
As previously noted in the Letter of Intent release on Sep 21:
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. We look forward to bringing both successful companies together and synergistically delivering a growing strategic range of products to our customers.”
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. SRAM has a fine reputation for acquisitions and culture integration, affording us the opportunity to broaden our foundation on which the Zipp team can build for the long term.”
Further information and more detailed plans will be available as they are finalized.
Source: Michael Zellmann
