MALLABIA, Spain (BRAIN) — Orbea, an employee-owned co-op organization, announced this week that its first quarter sales were up 26 percent, to 28 million euros ($34.1 million).
"In spite of the harsh winter, 2018 is off to a spectacular start for Orbea. The first three months of the year have turned into the best in the brand's history," the company announced.
Orbea said it has seen sales increases in every product category. It also said its Q1 sales were up 55 percent over the same period in 2016. Full year 2017 sales were up 20 percent over 2016, according to an earlier announcement.
"The boost in demand is something we anticipated in our Management Plan in light of the data we had at that time. But the scope of the growth has exceeded even our best expectations," Orbea said.
The company said it has increased its investment in its Mallabia factory, adding a new painting area and new manufacturing and assembly lines.
Orbea began business in 1840 as a rifle and gun producer and began making bicycles in the 1930s. It is part of the Mondragón Cooperative Corporation, a large federation of worker cooperatives in Spain's Basque region.
