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Japanese component giant Shimano has announced a new joint venture to expand its operations in south-east Europe.
Shimano Europe has entered into a joint venture with Nikos Maniatopoulos S.A. (NMSA), to operate as Shimano South-East Europe in Greece, Slovenia, Croatia and other nations in the area.
Currently, Shimano’s bike-related activities are currently run by subsidiaries of NMSA, but this new joint venture will also bring Shimano’s fishing equipment business under the same banner.
The new company will be responsible for all sales, marketing, service and logistic activities for Shimano bicycle components and fishing tackle gear in the area of South-East Europe.
Marc van Rooij, president of Shimano Europe said: “We are happy to announce this joint venture with NMSA. Shimano has grown enormously in recent years and the demand for our products is increasing every year. In order to be able to meet the continuously changing requirements of our customers and to grow further, this joint venture is a great opportunity for both parties to further develop our sales, marketing and services in the South-East European markets. I am more than confident that this joint venture will positively contribute to this challenge.”
The countries now in the Shimano South-East Europe area of operation will be Greece-Cyprus (only for bike component related businesses), Slovenia, Croatia, Serbia, Montenegro, Bosnia & Herzegovina, North Macedonia, Kosovo, Albania, Romania, Moldova and Bulgaria.
Angelo Maniatopoulos, CEO of NMSA said: “The joint venture with Shimano Europe is the natural step into the future, after almost 30 years as Shimano bike components independent distributor. Our company, in close cooperation and coordination with Shimano Europe, has established a network of five Eurotrade subsidiaries, aiming at the best possible Shimano distribution in the South-East European markets. This project is now matured, ready to elevate onto the next stage of service for our customers, and experiences for our end consumers. No better way for this than stay on the same, reliable path of co-existence with Shimano Europe”.
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Earlier this month, Shimano announced its financial results for 2022, revealing a 16% sales increase when compared with 2021.
In its summary of financial results for 2022, published on 14th February, Shimano said the Covid cycling boom began to show signs of a slowdown, but that demand for bikes remained above pre-Covid levels.
