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Segway sold to Tenn.-based Summit

Union Leader Correspondent

March 01. 2013 9:33PM
Segway, which many people thought would change how cities in the world are designed when released, has been sold again. Pictured, a Segway X2 model. (COURTESY)

BEDFORD - Segway Inc. has been sold to Summit Strategic Investments, which says it plans on expanding and teased the release of new products.

Summit, based in Tennessee, bought the company for an undisclosed amount and said it does not plan any job cuts to the company's corporate headquarters.

Mary Savage, chief operating office of Segway, said she is happy with the vision for the company's future relayed to her by the new owners.

"Segway is proud to be a New Hampshire company that manufactures its product in the USA," Savage said. "We are also proud of the fact that the company has sustained itself for well over 10 years, largely because we have remained focused on moving forward, being innovative, expanding our target markets and earning a global presence. We are excited about our new ownership and we're poised for expansion."

Roger Brown, newly appointed president and chief executive officer, said Segway is an ideal fit for Summit's strategic vision.

"My goal over the next few years is to refocus the company on its strengths and leverage growth opportunities," he said. "In addition, we expect to announce the development of new products in the very near future."

When new ownership comes in, companies often terminate many of the current employees, but that will not be the case for the Bedford-based company, said Suzanne Dumaresq, public relations and marketing specialist. "We do not expect any jobs to be lost; we have plans to grow," she said.

Previously owned by JWH Holdings, Segway was designed in the Granite State and has been based in-state since its creation. Original owner Dean Kamen, who was traveling and unavailable for comment, founded the company.

"Summit has a 15-year record of investing in solid companies with strong brands that offer the market true value," Brown said.

JWH Holdings was headed by British magnate James "Jimi" William Heselden, who died in a freak accident while riding his Segway in 2010.

Dumaresq said the sale of Segway was not in any way a result of the death of Heselden.

"We are the world's leading provider of personal transportation, and going forward we'll prove why by successfully addressing customer needs, introducing new products and growing market share," Savage said.

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