Lehman to build trikes for Harley
Posted: Fri Sep 01, 2006 9:01 pm
Lehman Trikes in Hog heaven after Harley deal
RICHARD BLACKWELL, Globe and Mail Update
WESTLOCK, Alta. — Harley-Davidson Inc. has partnered with a Canadian company to manufacture a three-wheeled version of the famous “hog.”
Lehman Trikes Inc. of Westlock, Alberta said Friday it has signed an agreement to convert Harley bikes into three-wheeled vehicles, known as trikes. The deal lit a fire under Lehman shares, which trade on the TSX Venture Exchange. They rose 56 cents, or 187 per cent, to 86 cents in mid-afternoon trading.
The new trikes will be built on a Harley platform and sold as original equipment branded Harley-Davidson vehicles at Harley dealers.
The assembly work will be done at Lehman's facility in Spearfish, South Dakota.
Up to now, Lehman's business has involved converting Harley's and other motorcycles into trikes on a one-off basis for individual riders.
“This is the first agreement we've ever had with Harley Davidson,” Lehman chief financial officer Timothy Kling said in an interview.
He would not reveal the value of the contract or the number of bikes Lehman expects to assembled.
Mr. Kling said the deal came about after Lehman executives had informal talks with representatives of Harley at rallies and other motorbike events.
Harley-Davidson Vice President Ron Hutchinson said the company is continually looking to develop new products and expand the appeal of its brand. “Trikes are another way we can inspire the dream of owning a Harley-Davidson,” he said.
Shares of Harley-Davidson rose 65 cents (U.S.), or 1.1 per cent to $59.16 in afternoon trading Friday on the New York Stock Exchange.
Lehman Trikes was founded in Alberta by John Lehman in 1985, after he converted his Honda motorcycle into a trike so his wife and two small children could ride them.
The company did its first trike conversion of a Harley in 1991.
The company went public on the TSX Venture Exchange in 2002, and now has about 100 employees.
With files from Canadian Press
RICHARD BLACKWELL, Globe and Mail Update
WESTLOCK, Alta. — Harley-Davidson Inc. has partnered with a Canadian company to manufacture a three-wheeled version of the famous “hog.”
Lehman Trikes Inc. of Westlock, Alberta said Friday it has signed an agreement to convert Harley bikes into three-wheeled vehicles, known as trikes. The deal lit a fire under Lehman shares, which trade on the TSX Venture Exchange. They rose 56 cents, or 187 per cent, to 86 cents in mid-afternoon trading.
The new trikes will be built on a Harley platform and sold as original equipment branded Harley-Davidson vehicles at Harley dealers.
The assembly work will be done at Lehman's facility in Spearfish, South Dakota.
Up to now, Lehman's business has involved converting Harley's and other motorcycles into trikes on a one-off basis for individual riders.
“This is the first agreement we've ever had with Harley Davidson,” Lehman chief financial officer Timothy Kling said in an interview.
He would not reveal the value of the contract or the number of bikes Lehman expects to assembled.
Mr. Kling said the deal came about after Lehman executives had informal talks with representatives of Harley at rallies and other motorbike events.
Harley-Davidson Vice President Ron Hutchinson said the company is continually looking to develop new products and expand the appeal of its brand. “Trikes are another way we can inspire the dream of owning a Harley-Davidson,” he said.
Shares of Harley-Davidson rose 65 cents (U.S.), or 1.1 per cent to $59.16 in afternoon trading Friday on the New York Stock Exchange.
Lehman Trikes was founded in Alberta by John Lehman in 1985, after he converted his Honda motorcycle into a trike so his wife and two small children could ride them.
The company did its first trike conversion of a Harley in 1991.
The company went public on the TSX Venture Exchange in 2002, and now has about 100 employees.
With files from Canadian Press