PADOVA, Italy (May 21) - One of the renowned names in the Italian bicycle industry, Cesare Rizzato has been taken over by TIM International SA. Due to last year's strong decline in bike sales in Europe, the maker of Atala and Kästle branded bikes ran into trouble. Cesare Rizatto & C. SpA in Padova, Italy was set up in 1921 and recorded a turnover of € 65 million in 2001.
New owner TIM International SA is a financial group which offers ailing companies turnaround managers. The aim of the new owners is to further develop the Atala brand. New Board members at Rizzato & C. SpA are Albino Collini, Grabiele Brighenti and Domenico Costa. Carlo Peroni and Alberto Forchelli joined the board of Atala SpA. (FN)