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This was just announced at Eurobike!
Official press release:

(Waterloo, WI USA : Luxembourg City, Luxembourg) - Trek Bicycle and The Luxembourg Pro Cycling Team Project have signed a long-term partnership agreement, announced today at Eurobike by Trek and Brian Nygaard of the Luxembourg Team. The new team, featuring brothers Frank and Andy Schleck, will be part of the Trek Family for 2011 and beyond.

As the official Equipment Supplier and Advisor of the Luxembourg based team, Trek will not only be responsible for supplying all team cycling equipment, but will also be day-to-day technical advisors, integrated into the foundation of the team. Trek will use its experience gained in winning 9 of the last 12 Tours de France to supply the team with technical direction ranging from race day wheel and component selection to fit and sizing guidance on its Madone and Speed Concept time trial platforms.

Though the full roster and title sponsor are yet to be announced, both Frank and Andy Schleck have confirmed that they are racing for the newly formed team, headed by Director Kim Andersen. Andersen elaborated: “We looked at a number of equipment suppliers, but our goals are to win the Tour de France and be the #1 team in the World. Trek has the best equipment, along with more experience and expertise to help make that happen.” Team General Manager Brian Nygaard continued: “We know Trek can help us go faster. Their expertise in aerodynamics and performance can make an appreciable difference in results. It is the right move to help the Schlecks and the whole team.”

Trek will be the complete bicycle supplier, using the full arsenal of Bontrager wheels, bars, stems and saddles to meet the specific needs of each rider. The team will also be wearing new Bontrager performance road helmets. The drivetrain/brakes will be Shimano Dura-Ace Di2. Hennie Stamsnijder, Shimano's Sports Marketing Manager relayed, “Shimano is known for its reliability and precision, and that is something this new team and Trek identify with and will rely upon when the stakes are high. We look forward to working with Trek in this endeavor to support this highly anticipated team.”

John Burke, Trek President, added: “We have had great success at the Tour de France over the past decade, and this new team will help continue that legacy. This is the right team for Trek to partner with in Europe. From day one we realized that this team is full of Trek guys.”

The partnership with the Luxembourg team is in addition to Trek’s current relationship with Team Radio Shack. Both teams will be riding Trek for 2011.
 

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Ya, I'm sure they actually tried to avoid SRAM (even though I love my SRAM stuff).

I wonder if Bontrager is going to make some higher-end helmets, etc... the Sonic/Circuit are OK, but I would think most pros would be looking for something more competitive. I think a lot of the other Bontrager stuff is underrated. I like my wheels and I think the Race-level shorts might be the best 'value' level shorts out there. The VR bend on bars is great--my wife had a pro-level cx rider eying those shallow/short bars when we were out at the practice course today.
 
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