Chinese ECA acquires U.S. bicycle manufacturer

26 Sept. 2005, Business First, Columbus OH USA: A well known U.S. bicycle manufacturer has been acquired by the China Export & Credit Insurance Corp., also known as Sinosure. When Huffy Corp. emerges from Chapter 11 bankruptcy protection in October, some 30 percent of the new shares will be owned by Sinosure, and within five years, Sinosure may own 51 percent of the company. The rest of the company will be owned by unsecured creditors. The U.S. National Labour Committee has documented serious labour abuses in the production of Huffy bicycles.