ATK BUYS OUT CANNONDALE MOTORSPORTS INVENTORY
Salt Lake City, UT September 8, 2003 – America’s 2nd oldest motorcycle manufacturer, ATK Motorcycles has taken delivery of all remaining Cannondale Motorsports inventory, paving the way for Cannondale dealers to resume providing parts and service to thousands of off-road motorcycle and ATV riders worldwide.
In January 2003, Cannondale Motorsports filed bankruptcy, leaving industry experts unsure of the future of Cannondale, and dealers unable to obtain Cannondale products and spare parts. The inventory, valued at over $10MM, will enable ATK to provide products, parts and service to Cannondale Motorsports dealers and owners into the future. ATK has already begun shipping parts through the existing Cannondale dealer network.
According to ATK President Frank White, the off-road motorcycle industry sells about 300,000 units per year. Armed with new American technology and innovation, ATK is now poised to move into the fast-growing ATV market, which sold over 760,000 units last year alone, with growth continuing at over 20% annually. “This is a huge market, and Cannondale was on the cutting edge of technology and design. We want to incorporate that kind of forward-thinking into future ATK models.”
ATK plans to introduce new models in 2004, made from many of the high-quality Cannondale parts, incorporating design improvements in an effort to make the product more reliable. As parts and inventory are sold, ATK plans to begin manufacturing parts for both Cannondale and ATK products, ensuring continued availability for dealers and enthusiasts worldwide. ATK also plans to expand its Homeland Defense lineup of law-enforcement and military off-road vehicles, many of which are used by police departments around the USA.