TSX: DII.B, DII.A
MONTREAL, May 30 /CNW Telbec/ - Dorel Industries Inc. (TSX: DII.B DII.A) today announced it is implementing a new senior management structure to maximize the growth opportunities that it sees ahead. Three posts of Segment President have been added; one for each of Dorel's segments; Juvenile, Recreational/Leisure and Home Furnishings. Dorel President and CEO, Martin Schwartz, said its three businesses have all become major global operations and offer so much potential that dedicated senior management executives are now required.
Camillo Lisio, who has been with Dorel since 2004, becomes President of Dorel Juvenile worldwide. Juvenile is Dorel's largest segment, with revenue of close to US$1 billion and earnings from operations exceeding US$100 million in fiscal 2007. Mr. Lisio will also oversee the Company's Shared Services, including Dorel China, Global Procurement and Distribution Platforms. Hani Basile has been named Chief Operating Officer of the Juvenile segment.
"The Juvenile segment has numerous opportunities to add further value to Dorel, both organically and through new acquisitions. Cam's background and experience positions him to fully leverage these opportunities and grow this segment for the benefit of all our shareholders," stated Mr. Schwartz.
Robert P. Baird, Jr. has been hired as President of Dorel's fast growing Recreational Leisure segment. Mr. Baird has served in senior executive positions in the U.S. at Philips Electronics. In his most recent position with Philips, he was the Transformation Leader for combining the Consumer Electronics and Domestic Appliance businesses into the new Consumer Lifestyle Sector. He has extensive experience in the Consumer Goods Industry across multiple companies including Samsonite, Scott Paper, Bristol Myers and Procter & Gamble. Mr. Baird holds an MBA degree from the J.L. Kellogg School at Northwestern University and a B.A. in Economics from St. Lawrence University. He will be relinquishing his seat on Dorel's Board of Directors and a new independent Director will be named in the coming months.
A President of Home Furnishings has yet to be named. Norman Braunstein is overseeing the segment as its Chief Operating Officer. He has been involved with Dorel's Home Furnishing's segment in senior capacities since 2003.
All three will report to Dorel's Executive Committee, comprised of Martin Schwartz, Chief Financial Officer Jeffrey Schwartz, and Executive Vice Presidents Alan Schwartz and Jeff Segel. Current divisional Presidents will report directly to the newly named Segment Presidents.
Dorel poised to grow further
"Dorel is a world player in its sectors, and is committed to becoming an even more prominent force. These are exciting times for Dorel and we must ensure that we maximize further opportunities, deliver long-term sustainable growth and above all, maximize shareholder value. Each of these executives will focus strictly on their respective segments to ensure smooth and efficient operations as well as to identify new product lines, new territories, and other opportunities. We are fortunate to have assembled such talent. This sets the stage for a new important chapter in Dorel's evolution," commented Mr. Schwartz.
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. In the Juvenile segment, Dorel's powerfully branded products such as Quinny, Maxi-Cosi, Safety 1st and Bebe Confort have shown the way to safety, originality and fashion. Similarly, its highly popular brands such as Cannondale, Schwinn, GT, Mongoose and Sugoi have made Dorel a principal player with both independent bicycle dealers and mass merchants. Dorel's Home Furnishings segment markets a wide assortment of furniture products, both domestically produced and imported. The Company exerts relentless innovation and marketing flair across all of its divisions. Dorel is a $2 billion company with forty-six hundred employees, facilities in seventeen countries, and sales worldwide.
US operations include Dorel Juvenile Group USA; the Cannondale Sports Group; Pacific Cycle; Ameriwood Industries which produces ready-to-assemble furniture; Altra Furniture; and Cosco Home & Office. In Canada, Dorel operates Dorel Distribution Canada, Dorel Home Products and Sugoi. Abroad, operations include Dorel Europe and IGC in Australia, a manufacturer and distributor of juvenile products. Dorel Asia sources and imports home furnishings products. Dorel China has eight offices which oversee the sourcing, engineering and logistics of the Company's Asian supplier chain.
Caution Concerning Forward-Looking Statements
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of Dorel Industries Inc. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. The business of the Company and these forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ from expected results. Important factors which could cause such differences may include, without excluding other considerations, increases in raw material costs, particularly for key input factors such as particle board and resins; increases in ocean freight container costs; failure of new products to meet demand expectations; changes to the Company's effective income tax rate as a result of changes in the anticipated geographic mix of revenues; the impact of price pressures exerted by competitors, and settlements for product liability cases which exceed the Company's insurance coverage limits. A description of the above mentioned items and certain additional risk factors are discussed in the Company's Annual MD&A and Annual Information Form, filed with the securities regulatory authorities in Canada and the U.S. The risk factors outlined in the previously mentioned documents are specifically incorporated herein by reference. The Company's business, financial condition, or operating results could be materially adversely affected if any of these risks and uncertainties were to materialize. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.