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Look Cycle buys majority interest in Corima

Published January 27, 2016

NEVERS, France (BRAIN) — Look Cycle announced Wednesday that it had bought a controlling interest in another French cycling stalwart, the wheel maker Corima. Look said the companies will remain independent but the alliance will create the opportunities to offer complimentary products as the brands cooperate on manufacturing, sales and R&D. Look already is planning to offer its French retailers wheels designed and made by Corima.

Corima was founded in 1973 by Pierre Martin and Jean-Marie Riffard in Loriol-sur-Drôme. Initially focused on the design and manufacture of high performance composite parts, it has focused on wheels since 1988. Currently, Corima has 20 employees and annual sales of 4 million euros ($4.4 million), with 85 percent of sales made outside France.

Both brands have a history of innovation and involvement with top-level competition. Both brands currently sponsor the Astana pro road team, for example.

The companies will retain their head offices and factories — in the Nièvre region for Look Cycle, and in the Drôme region for Corima.

Pierre-Jean Martin, president of Corima, said, "The bringing together of Corima and Look has been done in a very fluid way in so far as we share the same values in our businesses: performance, innovation, quality and team spirit. This combination, which we have desired, will allow both companies, Look and Corima, to grow in an ever more competitive and globalized market. Our common strengths and synergies will also allow an ever increasing number of enthusiasts for the 'Petite Reine' (the Little Queen: The Bicycle) to benefit from the best products for their favorite sports."

Dominique Bergin, the president of Look, said, "Corima is a very great company, well managed, high growth, exporting, with unique know-how in wheels and carbon. We share the same passion and the same requirement for high value added technical products for the consumer. The merger with Corima will allow both companies to accelerate their growth and I rejoice at the return of Corima wheels to French retailers."

Topics associated with this article: Mergers & Acquisitions

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