You are here

Orbea annual sales hit nearly $300M and the Basque co-op added 170 new jobs

Published May 9, 2022

ERMUA, Spain (BRAIN) — Orbea, the Basque co-op bike manufacturer, had its sixth consecutive record sales year in 2021, hitting 282 million euros ($298 million). The co-op added 170 news jobs in the year, bringing its total workforce to nearly 1,000, with 90% of its workers in Europe.

Orbea released the figures at its Annual Assembly on Saturday. 

"Orbea continues advancing its strategy, which it established in the middle of the last decade, and has since led to transformational change within its systems, processes and facilities. Its cooperative business structure has also allowed the company to be more flexible and adaptable to new, ever-changing global scenarios," the company said in a statement released after the assembly.

The annual net result after taxes amounts to 40.7 million euros

Orbea dedicated 20% of profits to the different charitable and social action funds that the cooperative supports.

The company said it was optimistic about its growth path and expects 2022 sales volume of around 350 million euros. 

Photo from Orbea's factory in Mallabia, Spain.
Topics associated with this article: Earnings/Financial Reports

Join the Conversation