CPP the New Owner of Spyker Cars

Posted on 13 March 2011 by Tony Santos

 

Spkyer C8 Aileron Spyder

CPP Global Holdings is now the new owner of Spyker Cars business upon signing the 32 million euros ($44 million USD)-Memorandum of Understanding with Spyker.

According to the memorandum, an initial payment of 15 million euros ($21 million USD) will be paid immediately upon the finalization of the deal and the remaining 17 million euros ($23 million USD) will be paid over a six year ‘earn-out’ period.

Spyker Cars is a Dutch automaker that owns Saab, and after this deal Spyker is planning to change its name and focus more on the Saab Automobile business.

While CPP  is a Russian-owned company based on Coventry, UK which has been Spyker’s supplier of chassis and body panels since Spyker re-introduction in year 2000. And in 2009, CPP took charge of the full vehicle production of the C8 Aileron and all future Spyker models at a new and dedicated facility in Coventry.

“This acquisition is very positive news for everyone connected to Spyker.. We’re absolutely confident that independent ownership will enable us to rapidly progress an invigorated business plan, to which CPP is fully committed.” said  Brendan O’Toole, CPP Founder and Managing Director.

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