Problems Rising at Cycleurope; GM Mathieu Dismissed

ROMILLY, France Vincent Mathieu, GM of Cycleurope in France, has been dismissed. The news about Mathieu comes after a recent move from Cycleuropes owner which is the holding company Grimaldi Industri AB in Stockholm, Sweden that created turmoil under Cycleuropes 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.