Accell Results Gain in 2018 despite U.S. Woes
Net income nearly doubled in 2018 to €20.3 million ($24.0 mm) from €10.5 million on sales that were up 2% to €1,094.3 million ($1,292.0 mm) from €1,068.5 million at the maker of Haibike, Koga, Batavus and Raleigh bicycles. But the North American business was a disaster, with sales cratering 36% to €61.0 million and a €21.0 million EBIT loss bringing total group EBIT down to €33.0 million. Accell had previously said it would either divest or restructure its operations here, and it is now conducting a strategic study to determine the best course, with results expected in Q3 ‘19. Elsewhere, ... Log in to view full article.