Forty staff are being made redundant by components brand SRAM across Europe, US and Asia (reports BRAIN).
SRAM president Stan Day said soft sales in the past 12 months – down 10 per cent in Q1 year-on-year – were leading the firm to tighten its belt and focus on new areas of the business.
Day added that SRAM was growing its share of the OEM market and said there was much to be optimistic about: "No one ever wants to be in a position to request that people leave an organisation, but sometimes it has to happen…this restructuring positions us where we need to be and puts us on a firm foundation to drive forward in an evolving bike market."
UPDATE: SRAM has sent out a communication on the news with their full statement –
"SRAM was announcing yesterday a restructuring of approximately 40 employees across global operating functions. The objective is to reshape the organization for a future that is more aligned with the competitive dynamics of the industry.
"Stan Day, SRAM’s President said, "No one ever wants to be in position to request that people leave an organization, but sometimes it has to happen. I am confident that this restructuring positions us where we need to be and puts us on a firm foundation to drive forward into an evolving bike market. I want to thank all of those that are leaving SRAM for their hard work and commitment over the years. We wish them the best in their new adventures."
There are more details on BRAIN.