Company directing increased emphasis and investment into critical region
EXCHANGES TSX: DII.B, DII.A
MONTREAL, QC and OSAKA, Japan, June 2 /PRNewswire-FirstCall/ - Dorel Industries Inc. (TSX: DII.B, DII.A) today announced the launch of Cycling Sports Group, Asia Pacific and the appointment of Mario Stein, Vice President, Cycling Sports Group (CSG) Asia Pacific. Based in Osaka, Japan, Stein will be in charge of driving CSG'S growth agenda across Asia Pacific, including Japan, Australia, Korea, New Zealand, China, Singapore, Thailand, Indonesia and India.
"The Asia Pacific region has been and will continue to be a critical geography for Dorel Recreational/ Leisure," said Robert Baird, President and CEO, Dorel Recreational/Leisure. "This builds on our multi-faceted strategy to grow our bike business into a global force by leveraging our excellent portfolio of recognized brands and investing in leaders like Mario in their respective markets."
This latest step continues Dorel's commitment to take control of its international bicycle brands in certain geographies and work closer with distributors in others in order to accelerate growth within the critical IBD channel. CSG Asia Pacific will coordinate all sales, marketing, distribution and customer service to better support its growing network of dealers and distributors located in the region.
Stein, who will also maintain country management responsibility for Japan, joined the company in September 2009. In just a short amount of time, he has led the Japanese subsidiary to become a stronger and more successful company, turning around the business to growth after decline and also building consumer loyalty through programs such as Cannondale Owners Group, an on-line program designed to keep customers engaged with the Cannondale brand. In his expanded role, he will work with CSG's multiple brand business throughout Asia Pacific, while streamlining operations, and building powerful teams across the region.
Dorel Industries Inc. (TSX: DII.B, DII.A) is a world class juvenile products and bicycle company. Established in 1962, Dorel creates style and excitement in equal measure to safety, quality and value. The Company's lifestyle leadership position is pronounced in both its Juvenile and Bicycle categories with an array of trend-setting products. Dorel's powerfully branded products include Safety 1st, Quinny, Cosco, Maxi-Cosi and Bébé Confort in Juvenile, as well as Cannondale, Schwinn, GT, Mongoose, IronHorse and SUGOI in Recreational/Leisure. Dorel's Home Furnishings segment markets a wide assortment of furniture products, both domestically produced and imported. Dorel is a US$2 billion company with 4500 employees, facilities in nineteen countries, and sales worldwide.
Caution Regarding Forward Looking Statements
Certain statements included in this press release may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. Except as may be required by Canadian securities laws, Dorel does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from Dorel's expectations expressed in or implied by such forward-looking statements and that the objectives, plans, strategic priorities and business outlook may not be achieved. As a result, Dorel cannot guarantee that any forward-looking statement will materialize. Forward-looking statements are provided in this press release for the purpose of giving information about Management's current expectations and plans and allowing investors and others to get a better understanding of Dorel's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.
Forward-looking statements made in this press release are based on a number of assumptions that Dorel believed were reasonable on the day it made the forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channel; foreign currency fluctuations; customer and credit risk including the concentration of revenues with few customers; costs associated with product liability; changes in income tax legislation or the interpretation or application of those rules; the continued ability to develop products and support brand names; changes in the regulatory environment; continued access to capital resources and the related costs of borrowing; changes in assumptions in the valuation of goodwill and other intangible assets and subject to dividends being declared by the Board of Directors, there can be no certainty that Dorel's Dividend Policy will be maintained. These and other risk factors that could cause actual results to differ materially from expectations expressed in or implied by the forward-looking statements are discussed in Dorel's annual MD&A and Annual Information Form filed with the applicable Canadian securities regulatory authorities. The risk factors outlined in the previously mentioned documents are specifically incorporated herein by reference.
Dorel cautions readers that the risks described above are not the only ones that could impact it. Additional risks and uncertainties not currently known to Dorel or that Dorel currently deems to be immaterial may also have a material adverse effect on our business, financial condition or results of operations. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Dorel therefore cannot describe the expected impact in a meaningful way or in the same way Dorel presents known risks affecting the business.
SOURCE DOREL INDUSTRIES INC.