KOBLENZ, Germany (BRAIN) — Canyon says it is aiming to "reduce complexity and simplify processes," a procedure that includes reducing its workforce by up to 320 workers.
"In cycling, you don't win a race through sheer size, but through speed, precision, and agility. We are now laying the foundation to regain our operational power and strengthen our position at the top of the bicycle industry," said Roman Arnold, Canyon's founder and executive chairman.
The company said the workforce reductions will be its "core locations." The company now has about 1,600 employees.
"Canyon is a close-knit community, united by a passion for cycling. It is therefore particularly painful that we have to part ways with valued colleagues. That makes it all the more important to me to navigate this process as responsibly as possible," Arnold said.
Canyon has informed its works council, which is a kind of an employee representation group in Germany and the Netherlands. "For the upcoming negotiations, we want to create from the outset an open atmosphere between all parties involved," Arnold said.
In a statement, the company said, "(t)he goal is to make the process transparent, fair, and with the utmost respect for the affected employees."
The company said it still plans to open an e-bike center at its headquarters this year.
Canyon announced in April that it was reducing its workforce in the U.S.
The most recent financial statement from Canyon's ownership group, GBL, said sales were down 7% over the first nine months of the year because of industry oversupply and discounting.
