After a not-so-memorable outing, Erik Buell Racing’s assets, which were remaining, were auctioned at USD 2.25 million (approximately Rs 14.3 crores). The winning bid was carried out by Atlantic Metals Group LLC, amidst potential buyers who had gathered on August 5 to show their interest for the popular American manufacturer.
Atlantic now owns all manufacturing and intangible assets of EBR. Incidentally, Hero MotoCorp, which had a 49 per cent minority stake in EBR, bought a certain part of the company’s assets at USD 2.8 million (Rs 17.86 crores). By this move, Hero made a purchase of all the engineering work to enrich the small displacement Hero motorcycles.
Also, EBR has raised more than USD 5 million (approximately 3.19 crores) by the auction and Hero’s purchase. Approximately USD 202000 (Rs. 1.4 crores) will be spent to give out the salaries of the former EBR employees. It would be great if one of the motorcycle manufacturers stepped and bought all the assets of the company that would expect the American firm’s revival in the future. However, with the assets going to a supplier of alloys and rare metals, it is almost impossible for the company to make a comeback.
