ROMILLY, France – Vincent Mathieu, GM of Cycleurope in France, has been dismissed. The news about Mathieu comes after a recent move from Cycleurope’s owner which is the holding company Grimaldi Industri AB in Stockholm, Sweden that created turmoil under Cycleurope’s suppliers. Component makers were told to mail their invoices no longer to the holding company in Sweden, but to Cycleurope in France. The component makers explained this move as an indication of rising financial problems at Cycleurope, also because credit insurances for the company were dropped.
Rumours on the dismissal of Vincent Mathieu were circulating since last Friday. Mathieu has a long and hitherto successful career with Cycleurope. He was for years general purchasing manager and also regarded to be the right hand of Cycleurope’s President and CEO Tony Grimaldi. Since a couple of years Vincent Mathieu was General Manager of Cycleurope in France.
Various sources state Mathieu’s dismissal, but it has not yet been confirmed officially by Cycleurope’s owner Grimaldi Industri AB in Stockholm, Sweden. It is said that currently Tony Grimaldi is interim manager at Cycleurope France.
Cycleurope operates two production facilities in France with an estimated annual production of 800,000 bicycles. Cycleurope has three other production facilities in Europe: in Italy, Denmark and Sweden, one each. The total annual production of Cycleurope stands at about 1.5 million bikes. Cycleurope employs 1,400 people. Its annual turnover of is estimated at € 275 million.
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