Cannondale Bikes
Brief History Of Cannondale BikesIn 1971 the Cannondale Bicycle Corporation was founded by Joe Montgomery with headquarters in Bethel, Connecticut. The Bugger, one of the company's first products, was a rolling backpack or bicycle towed trailer. Other backpacking and camping supplies were also produced as well as a line of cycling apparel. In 1977 the Bedford, Pennsylvania factory opened in an old truck terminal. In 1983 Cannondale introduced its first bicycle, the aluminum ST500. The following year Cannondale Bikes introduced the SM500, their first mountain bike. The 1986 catalog featured Olympic medalists Connie Carpenter and her husband Davis Phinney on their Cannondale racing bikes. The 1990s ushered in many more firsts for Cannondale Bikes when the formerly private company went public in 1995. The Elevated Suspension Technology or E.S.T. mountain bike full suspension design was introduced in 1991. By the middle of the decade, the Volvo/Cannondale mountain bike racing team had won 4 World Championships. The winning full suspension Super V won awards from Popular Mechanics Magazine and Business Week magazine. Mountain Bike Action magazine named the Super V DH downhill bike as the "All-Time Best Downhill Suspension Bike." Despite the prestige of more medals at the Olympic Games in Australia and new products such as the patented HeadShok front suspension fork and the Lefty suspension fork, the 2000s signaled a change for Cannondale. Cannondale Bikes filed for bankruptcy in 2003. The financial problems arose from the newer motorcycle and ATV division acquired in the late 1990s, although the bicycle side of the business was still profitable. Pegasus Capital Advisors purchased Cannondale and sold the motorsport division with the intent to return to bicycle manufacturing. In 2007, basketball star LeBron James acquired an ownership stake in Cannondale. James uses biking as part of his training regime. In 2008, Dorel Industries purchased Cannondale Bikes from Pegasus in a reported $200 million deal. Dorel also owns Schwinn, Mongoose, Roadmaster and GT. In April 2009 Dorel announced that the Bedford, Pennsylvania operations will be moved to Taiwan by 2010. Only assembly and a few other processes will remain at the Bedfordplant. Starting with the 2011 model year, all Cannondale bikes will be sourced from Asia. |
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