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Breaking News : Saleen Automotive, sans founder, puts itself up for sale
Wednesday, November 12, 2008
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DETROIT : November 11, 2008 - Specialty car builder Saleen Automotive, the company that built the mighty GT for Ford Motor Co. and created dozens of high-performance classic Mustangs, is for sale.
Saleen said in a statement today that it has hired an investment banking adviser to explore selling the suburban Detroit company.
A sale could be tough, though.
Tight credit markets and the slump in auto sales have hurt specialty companies such as Saleen, ASC Inc. and others.
Further complicating matters is that one of the company's biggest sources of revenue, the Dodge Viper sports car, has an uncertain future. Saleen does the paint and provides subassembly work for the thundering 10-cylinder car. But Chrysler LLC is trying to sell the Viper to raise cash.
Company founder Steve Saleen quit in May 2007. The next month he signed on as an executive with Chamco, a New Jersey company that had planned to import a pickup from China. That project failed earlier this year.
[Source : Automotive News .. Sub. req.]
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