History
The company was founded in 1971 by Joe Montgomery, Jim Catrambone and Ron Davis to manufacture backpacks and bags for camping and later bicycle trailers for bicycle touring. One of the most successful products was the Bugger, a child trailer, although Cannondale's marketing department seemed unaware of the connotations of the name in British English (some were, nevertheless, exported to the UK). Today, Cannondale produces many different types of high-end bicycles, few of which are handmade in USA, specializing in aluminum (rather than steel or titanium) and carbon fiber frames, a technology in which they were pioneers. The name of the company was taken from the Cannondale Metro North train station in Wilton, Connecticut.
In the late 1990s Cannondale attempted to move into the motorsports business, producing a line of off-road motorcycles and all-terrain vehicles. According to an interview with Cannondale Communications Director, Tom Armstrong, the company was unable to drive down the cost of their motor vehicles fast enough. Sales took off when the company was still losing money on each motorbike they shipped. This gap drove the company to seek bankruptcy protection in 2003, and to sell off the motorsport division. Cannondale's bicycle division was purchased in 2003 by Pegasus Capital Advisors, which supported the company's renewed focus on bicycle production. In February 2008, Cannondale was purchased from Pegasus Capital Advisors by Dorel Industries. In April 2009 it was announced that all production would be transferred to Taiwan.
Read more about this topic: Cannondale Bicycle Corporation
Famous quotes containing the word history:
“I believe that in the history of art and of thought there has always been at every living moment of culture a “will to renewal.” This is not the prerogative of the last decade only. All history is nothing but a succession of “crises”Mof rupture, repudiation and resistance.... When there is no “crisis,” there is stagnation, petrification and death. All thought, all art is aggressive.”
—Eugène Ionesco (b. 1912)
“Books of natural history aim commonly to be hasty schedules, or inventories of God’s property, by some clerk. They do not in the least teach the divine view of nature, but the popular view, or rather the popular method of studying nature, and make haste to conduct the persevering pupil only into that dilemma where the professors always dwell.”
—Henry David Thoreau (1817–1862)
“If you look at history you’ll find that no state has been so plagued by its rulers as when power has fallen into the hands of some dabbler in philosophy or literary addict.”
—Desiderius Erasmus (c. 1466–1536)