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What about those
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If you didn't see my news item from last week you might want to check that first.
There has been some speculation that Titec will be continuing operations in Taiwan after some 'reorganization' from the ownership group. As information filters out that is looking more and more likely. I have been hearing from some distressed product managers but it seems like most of them have nothing to fear - OE product for '04 will be shipped as well as aftermarket products. Despite this Giant has decided to take their business elsewhere and will not be spec'ing Titec for 2004.
Here is what I have gathered about what actually went down. Shinji Mizutani, Titec's owner, added some new shareholders - this apparently was known to senior staff in California. The surprise was that all of the U.S. staff, except engineer Nick Riddle and accountant Ann Rua, were basically shown the door. No gold watches, no 'thanks for your service to our company', just a lawyer saying 'sign here and get the #*@! out.'
Now that the line is complete for 2004 and the marketing initiatives are underway the US staff was no longer needed and the Asian based management figures they can run the show from their offices there.
We'll see about that I suppose.
Here is the official statement from Titec.
Titec Cycles, USA is going through a tranisition period in which the management
and accounting structure will change. While there has been a reduction in personnel,
we hope that the changes in the corporate structure will allow Titec to grow
and improve its services. All production and shipments of orders will not be
affected by this change and we hope to keep any changes transparent to our customers.
We apologize if this inconveniences any of you in any way and we will do our
best to support your business through our transition period.
If you have any questions or inquiries regarding your order, please direct them
to the appropriate person listed below:
Anne Ruo for Accounting and Administration
Nicholas Riddle for Engineering
Ed Subias for Customer Support
For more on this story check out this article on bicycleretailer.com
