Spyker to Sell its Sportscar Business in Order to Focus on SAAB

Spyker Cars N.V., the Dutch owner of Saab, announced today that is has started negotiations to sell its sports car brand in order to focus on the development of premium car maker Saab, which it acquired one year ago from General Motors.

The Dutch company said it will sell the assets of its Spyker sportscar business to the UK-based CPP Global Holdings Limited, owned by Russian millionaire Vladimir Antonov. The terms of the deal include an initial purchase price of EUR15 million, plus a further EUR17 million to be paid from future earnings over a six-year period. The money will be used by Spyker Cars N.V. to reduce its debt.

Once the deal is completed, the Dutch company will be renamed so it would not be confused with the Spyker brand. CPP Global Holdings Ltd. will become the owner of virtually all assets related to the Spyker business, including trademarks, intellectual property rights and, of course, the model range.

“Without Spyker we would not have been able to acquire Saab Automobile last year but the Spyker Business soon became a small fish in a large pond as a result. In terms of the overall results of Spyker Cars N.V., the Spyker Business had become immaterial, but to develop its business going forward, its cash needs are relatively significant,” said Victor Muller, CEO of Spyker Cars N.V. and Chaiman of Saab Automobile AB.

"The management of the company has very exciting plans for Spyker and the brand is entering a period of major developments," CPP's managing director Brendan O'Toole added.

CPP Global Holdings has been producing chassis and body panels for Spyker since 2000 and the C8 Aileron model since 2009. The company's controversial owner, Vladimir Antonov, used to own 29.9 percent of Spyker through his Snoras bank, but had his share bought out by Victor Muller's Tenaci Capital before the acquisition of Saab.

By Dan Mihalascu

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Saab to Cut Workforce after Poor Sales Forecast

Sweden-based Saab Automobile plans to reduce its workforce by 200 employees or about one-eighth of its current staff, according to report from Reuters citing a union official. Hakan Skott, a union representative at Saab, told the news site that the move was expected after the company's new owner, Dutch supercar maker Spyker, cut the firm's sales target from 60,000 units in February, to 45,000 a few months later and finally to just 30,000 cars at end of October.

"I'm not exactly surprised [about the layoffs]. We reduced our sales forecast just a couple of weeks ago and there is a decline in sales every year around Christmas and at the end of the year," Skott said. "I'm sure that by February-March we will see an upward trend and people will buy cars again," he added.

Saab has said in the past that it needs to sell around 80,000 cars per year to break even.

On Friday, Swedish business daily Dagens Industri quoted Spyker's CEO Victor Muller as saying, "There is absolutely no reason to worry. Our plans for the future still stand. Next year, we will build 80,000 cars".

As for the staff being laid, Muller told the newspaper that they were temporary employees. "You take them aboard when you need them and when they are not needed, they are not on board."

Source: Reuters & Dagens Industri

Simbol Design K1 Attack is a Shed-Built Italian GT with an Alfa V6

From the creators of the Ferrari Enzo-emulating GTX-R comes the K1 Attack, a car that takes styling cues from the Spyker C8 Aileron, Lotus Europa and others. Simbol Design has fitted the Attack with an Alfa Romeo-sourced V6 turbo good for 246 horsepower. Mated to a 5-speed manual, this gives the custom built sports car an apparent 0 to 100 km/h [62 mph] time of 4.9 seconds and a top speed of 265 km/h [165 mph].

The K1 Attack also features a polyester body and a tubular steel chassis. It's not all good news, however. There are... F1 cars with more upmarket interiors and the design is more Chinese knockoff than Italian chic. Pricing of course remains unspecified.

By Tristan Hankins

Photo source: Simboldesign

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