Look Cycle Takes Over Corima
NEVERS, France – Yesterday, Look Cycle announced that it is taking over Corima; the French specialist in carbon wheels. The acquisition is part of an ambitious growth plan that Look Cycle announced mid-2013. It is aimed at doubling the company’s annual sales to around € 100 million by widening its existing product range through acquisitions and by diversifying into other sectors like tennis or golf.
In a yesterday published press release Look Cycle says it is taking a majority shareholding in Corima. Look Cycle is manufacturing premium sports bikes, (carbon) frames, pedals, cleats and accessories. Corima is specialist in the design and manufacturing of carbon wheels.
The take-over, which is called a strategic alliance by Look Cycle, “will allow both businesses to develop strong, very complementary synergies in the industrial, commercial and Research & Development fields.”
Despite the fact that both companies and brands will retain their independence Look Cycle will soon start offering Corima wheels to its retailer network, states the French maker of premium road bikes.
Manufacturing high performance composite parts
Corima was founded in 1973 and initially focused in manufacturing high performance composite parts but started to focus its skills to wheels in 1988. Currently, Corima has 20 employees and realizes a turnover of € 4 million euro on which 85% was made by export.
Mid-2013, when Look Cycle announced its growth plan, the company reported 2012 revenues of € 44 million with 2013 budgeted for € 45 million. Managed by Dominique Bergin (CEO) and Thierry Fournier (GM), Look Cycle currently employs about 500 people worldwide and has retained its head office and a production factory in Nevers, France.
Accelerating growth in globalized market
Look Cycle President Dominique Bergin says, “Corima is a great company, well managed, with high growth and export as well as with unique know-how in wheels and carbon. We share the same passion and the same requirements for high value added technical products for the consumer. The merger with Corima will allow both companies to accelerate their growth and I rejoice the return of Corima wheels to French retailers.”
Corima President Pierre-Jean Martin, comments, “Corima and Look share the same business values. This combination will allow both companies to grow in an ever more competitive and globalized market.”