A recall of cranks for Hollowtech 11-speed road bikes cost Japanese giant Shimano an amount of $18.5 million, according to the company’s 2023 financial report.
Last September, Shimano launched a global ‘free inspection’ program available for the 2.8 million Hollowtech II 11-speed cranks sold between 2012 and 2019, due to “potential fall and injury risks to consumers.”
This applies to Shimano ULTEGRA FC-6800, DURA-ACE FC-9000, ULTEGRA FC-R8000, DURA-ACE FC-R9100 and FC-R9100-P 11-Speed Bonded HOLLOWTECH II Road cranks in Europe.
Thousands of reports of cranks breaking
All parts produced between June 1, 2012 and June 30, 2019 needed to be inspected, with Shimano saying last year that it “expects that only a small percentage of these cranks will need to be replaced.”
Around 760,000 cranks were recalled in the US and Canada after a reported 4,519 incidents of cranks breaking.
Financial impact for Shimano
Shimano’s report for the 2023 financial year, which was published this Tuesday, revealed a year-on-year decrease of 24.6% in revenue and a 52.3% drop in net profit.
Net sales decreased 29.5% year-on-year to JPY 364.679 million (2.4 billion USD).
Shimano forecasts additional downward trends for 2024. It expects a further decrease in revenue of 10.8%, with the European market bearing most of this decline; also predicts a decrease in sales by 18% compared to last year.