Swiss electric vehicle makers to merge ahead of IPO
Date: 04-Aug-99
Country: SWITZERLAND
S-LEM AG, full name Schweitzerische Leich-Elektro-Mobile (Swiss light
electromobiles), was created in 1996 and is already a production partner
of TWIKE.
TWIKE is holding an extraordinary shareholders' meeting on August 10 at
its Sissach headquarters to discuss the merger. Main shareholders of the
two companies have already agreed.
"This is a first step to build up a larger structure which is able to
pursue our IPO plans," TWIKE AG chief executive Ralf Schnyder told
Reuters.
S-LEM is based in Lyss in the Berne Canton, 85 km (53 miles) from the
TWIKE headquarters in the Basle-Land Canton.
TWIKE was founded in 1992. The vehicle was a concept-car by Swiss
technology students that won an innovation prize at the 1986 Vancouver
World Expo.
TWIKE plans to make 150 of its TWIKE 99 model this year, rising to 300
in 2000 and 2,000-3,000 in 2004. There are some 400 TWIKE already on the
roads.
The company is owned by its founders, more than 100 customers and
venture capital group Commcept AG.
S-LEM is managed by Ruedi Eggenberger and the company is since September
last year housed in Team Eggenberger's site where normal cars are being
prepared and enhanced for rallies and racing.
S-LEM was founded in 1996 and made over 300 of its vehicles. Its capital
is three million francs ($2 million) and its owners include the pension
fund of the Swiss medical assistants and surgeons.
The initial public offering is planned in about five years.
