Accell, which acquired Raleigh Cycle Limited in spring 2012, said manufacturing and assembly activity in Waterloo is no longer economically viable. This season 135,000 bicycles will be assembled. For 2014 and beyond, Raleigh Canada will be working with selected offshore suppliers predominantly from Asia to serve its Canadian distribution network.
The manufacturing and assembly activities in Waterloo take place on a seasonal basis. As a result of the termination of these activities, contracts of approximately 100 employees will cease at the end of the seasonal production cycle in June 2013. The reorganization costs will amount to approximately €1.5 million, predominantly for impairment costs of assets and redundancy costs. The reorganization will contribute positively to Accell Group’s results as from 2014.
Accell Group, which is Europe’s largest bicycle company, greatly expanded its presence in the United States with its acquisition last year of UK-based Raleigh. Accell Group’s best known brands are Atala, Batavus, Diamondback, Ghost, Haibike, Hercules, Koga, Lapierre, Loekie, Raleigh, Redline, Sparta, Tunturi, Winora and XLC.
The company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and Canada. Sales in 2011 amounted to €628.5 million compared with €577.2 million in 2010 and net profit came in at €40.3 million, compared with €36.4 million in 2010. Approximately 34 percent of sales was realized in the Netherlands, 28 percent was realized in Germany and 9 percent in France. Other European countries, including Belgium, Denmark, Finland, Austria, Italy, Spain, Sweden, Switzerland and the UK, accounted for 20 percent of sales. The remaining 9 percent of sales came from countries outside Europe, including the US, Canada and Turkey.
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