OSAKA, Japan (BRAIN) Feb 8, 18:09 MT — With sales flat in most world markets, Shimano cited sales of sports bikes into China as driving its bicycle component sales up 5 percent last year to $2.3 billion (177.3 billion Yen). The company’s bicycle business now represents 80 percent of its overall sales.
Shimano’s overall sales were $2.9 billion (221.8 billion Yen), a 4 percent increase. Fishing sales were $571.9 million (43.9 billion Yen), a 1 percent increase over 2010. Sales of its other business segments declined 37 percent to $7.5 million (578 million Yen).
Due to poor economic conditions in Europe and North America, Shimano’s sales into those regions were down 2 percent. Sales into Asia, including China sales, climbed 12 percent over 2010. While Shimano anticipates continued robust sales growth into China, the company does not anticipate sales to its traditional largest markets, Europe and North America, growing much if at all next year.
The company also announced that its managing board would be reorganized at the end of March, as it usually is. The board’s current director, Yoshizo Shimano, will retire from that post-becoming chief corporate advisor. Hiroshi Matsui, currently vice president of corporate administration department, will become the new director of the board.
