I've heard Saleen's name in the mix...
Most of Saleen Inc. was purchased by MJ Acquisitions. The S7, GT, Viper, and paint line were not part of the deal.
BREAKING: Saleen, Inc. sells off most of its assets
PRESS RELEASE:
Irvine, California, February 2, 2009 -- After announcing it was looking for a buyer in early November, Saleen Incorporated announced today that MJ Acquistions has acquired certain assets of America's premier automotive lifestyle brand, relating to Saleen's supercharger, aftermarket and high performance street vehicle businesses.
The transaction reportedly was finalized last Friday, which left all of the employees (including Saleen Inc. CEO Chris Theodore) with the legal formality of being without jobs -- at least temporarily. Some hirebacks have already taken place as the transition progresses.
While the terms of the deal were not disclosed, the purchase does not include the assets associated with the supercar (S7 or S5 Raptor vehicles) or the paint operations, which will remain with Saleen Incorporated.
The ownership of MJ Acquisitions controls a family of companies which provide full service engineering, design, manufacturing, assembly and control systems for the automotive industry. It's affilitated companies include Cyltec, LLC, Power-Tec Engineering, LLC, Arrow Racing Engines, LLC, and Control-Tec, LLC.
"MJ Acquisitions and its affiliates are a group of true car professionals with vast experience in the engineering, production, assembly and distribution of performance and racing vehicles" said Theodore in a press release. "This influx of new life into the Saleen, RaceCraft and SpeedLab brands is a win-win situation."
Theodore noted loyal Saleen customers, dealers and enthusiasts can look forward to an exciting transition period.
"We moved on this purchase quickly to ensure that the process of delivering high-quality automobiles and components to the consumers is not disrupted," said Mike Shields, President and CEO of MJ Acquisitions. "We are working with the talented team from Saleen and our own experts to continue the quality, delivery, and performance the customer base and delalership network have come to expect from the Saleen brand. I am particularly excited about Saleen's supercharger experience and its synergies with Power-Tec's development of the next generation of superchargers."
Immediate plans are to roll out the 2010 version of the newly designed Mustang for the Racecraft brand and commence other Racecraft designs for additional vehicles. The new Mustang is shipping from Ford later this month. Additionally, the Saleen brand will have a new design of the flagship S-Line that is already in the works and scheduled for release in the third quarter of 2009.
While this announcement may provide more questions than answers for some, Saleen owners should be assured that key warranty and sales staff are still at the company to serve dealers and owners, with more hirebacks likely coming in the days ahead.
MJ Acquistions does plan to work with the dealer network and others to establish the future product line. A company spokesperson said more announcements will be forthcoming, so stay tuned.
Given that, MJ Acquisitions would the the likely suitor since Saleen itself is mostly gone...
So, here's that story:
MJ Acquisitions Purchases Saleen, Eyes Viper
MJ Acquisitions Purchases Saleen, Eyes Viper
MJ Acquisitions, having recently purchased most of the assets from Saleen Automotive Inc., is now talking about adding the
Viper to its portfolio of products.
Speaking to
Automotive News, MJ Acquisitions co-owner Mike Shields indicated an interest was there but didn't offer any details.
[FONT=Geneva, Arial, Helvetica, sans-serif][SIZE=+1]Officials at Chrysler acknowledged three proposals were being considered on the Viper operation, though no specific comment was given as to the nature of the proposals or the companies involved.[/SIZE][/FONT]
"That's a touchy little subject there," said Shields.
Officials at
Chrysler acknowledged three proposals were being considered on the Viper operation, though no specific comment was given as to the nature of the proposals or the companies involved.
MJ Acquisitions, which also owns several other performance-based operations, finalized a deal at the end of January for a good portion of Saleen, including their aftermarket parts and supercharger business as well as vehicle tuning operations.
"We moved on this purchase quickly to ensure that the process of delivering high-quality automobiles and components to the consumers is not disrupted," said Shields in a press release on the purchase. "We are working with the talented team from Saleen and our own experts to continue the quality, delivery, and performance the customer base and dealership network have come to expect from the Saleen brand. I am particularly excited about Saleen's supercharger experience and its synergies with Power-Tec's development of the next generation of superchargers."
"MJ Acquisitions and its affiliates are a group of true car professionals with vast experience in the engineering, production, assembly and distribution of performance and racing vehicles" said former Saleen CEO Chris Theodore. "This influx of new life into the Saleen, Racecraft and SpeedLab brands is a win-win situation."
The Saleen S7 super car as well as the S5 Raptor and Saleen's paint operations were not part of the deal, and remain the property of Saleen Inc.
The existing Saleen employees received walking papers at the conclusion of the purchase, though MJ Acquisitions expects to re-hire most if not the entire staff. The company is planning to press forward with the aftermarket and tuning side of the operation and will be releasing a modified 2010 Mustang under the Racecraft brand, with other Saleen models to follow. Existing customers and dealers will still have access to key staff members during the transition for issues regarding warranties and sales.
Original Saleen founder Steve Saleen started the company in 1984 as a tuning shop for Ford Mustangs. He stepped away from the operation in 2007 to pursue a venture with an incoming Chinese manufacturer, which ultimately failed. In 2008 Saleen launched SMS Supercars and returned to the tuner world, this time with a new Dodge Challenger called the SMS 570.
By: Christopher Smith, Autotropolis
However, given the press release this week by Chysler it appears the deal is off for now and the search continues.
Chrysler in talks with 2 or 3 companies to sell Dodge Viper - Mar. 3, 2009
Relevant quote by Jim Press:
"We are not in an imminent position of selling it," he said. "We will when the market is right, and the buyer shows up."
-J
