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Travel & Leisure

Bike-to-work boom boosts Shimano earnings

Parts maker sees shortages in Europe and America as demand surges

OSAKA -- Japanese bicycle parts maker Shimano revised its 2020 earnings forecast upward Tuesday amid a stronger-than-expected recovery, as consumers gravitate toward bikes as a healthy, eco-friendly transportation method with a low risk of coronavirus transmission.

Net profit is now expected to grow 24% this year to 64.3 billion yen ($613 million), an upgrade from the previous projection of 58.3 billion yen.

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