E.H. Partners, Inc. Announces Plans for Excelsior-Henderson
17 October 2000
E.H. Partners, Inc. Announces Plans for Excelsior-Henderson
BELLE PLAINE, Minn.--Oct. 16, 2000--E.H. Partners, Inc., the owner of The Excelsior-Henderson Motorcycle Manufacturing Company announced today its plans for the business it acquired out of Chapter 11 in September, 2000. A two month review of the business by both new management and consultants indicates clearly that restructuring and relaunching the Company will require a more extended period of time than originally anticipated to execute a successful, high impact reentry of the brand for the 2001 season. Given that conclusion, management has decided to plan new model market entry for 2002. This will allow the Company the time needed to properly restaff the organization, reestablish its dealer network, perfect the design of its original market entry motorcycles, and develop a broader line of both motorcycles and accessories. At the appropriate time, Excelsior-Henderson will return to the market with the very best heavyweight motorcycle technology, backed by a complete and well-financed marketing plan.To make this happen, E.H. Partners has retained the services of John Hetterick and Jon Carlson, serving as acting CEO and COO, respectively. Mr. Hetterick is the former CEO of both Verdant Brands, Inc. and Rollerblade, Inc. and past President of Tonka International. Prior to that, he served in executive positions of growing responsibility with both General Mills, Inc. and Pepsico, Inc. Mr. Carlson is the former Senior Vice President of Case Corporation's North American Business Unit with prior executive positions at Deere and Company. Together, Mr. Hetterick and Mr. Carlson will focus on managing the restructuring of Excelsior-Henderson and developing strategic options for the Company.
In the interim and while the Company prepares for reentry, expenses will be minimized and focused on preparation for reentry. The Company does not anticipate adding significant numbers of employees in the immediate future. The process of staffing up the organization can be expected to begin sometime in the first half of 2001. In the meantime, more flexible outside resources will be used to address the needs of the business.
While preparing for market reentry, the Company will also be seeking additional investors and strategic partners to assure that the reentry into the market of the valuable and historically important Excelsior-Henderson brand is an unqualified success. The predecessor company reinvented an American classic, delivering an exceptional proprietary motorcycle of superior design and performance, built in a state-of-the-art manufacturing facility. These are important assets of the new Excelsior-Henderson and it is the intention of E.H. Partners, Inc. to assure that those assets are leveraged for the maximum possible success in the market place.