MONTRÉAL, QUÉBEC--(Marketwired - Nov. 7, 2017) - Dorel Industries Inc. (TSX:DII.B)(TSX:DII.A) today announced that Nicolas Duran has been named President and CEO of Dorel Juvenile. Nicolas has been acting as Interim President since last November.
Nicolas joined Dorel in 2012 and was responsible for overseeing all aspects of the Latin American and Canadian Juvenile businesses. Prior to Dorel, he held various management positions across several geographies at Reebok International and adidas Group.
"Nicolas successfully doubled the size of the business in Latin America as well as implemented much needed change in Canada, allowing for a successful turnaround and significant improvement in our operating performance. Since taking over Dorel Juvenile on an interim basis late last year, he has been refocusing the segment toward a more agile and closer to market business model to better react to consumer needs and opportunities," stated Martin Schwartz, Dorel President & CEO.
"Over the past twelve months our emphasis has been to simplify the way we operate while challenging and reshaping Dorel Juvenile into a consumer centric organization. These changes, combined with a new laser focus on agility will deliver a robust innovation pipeline in 2018. I am proud to be leading the most passionate team in the industry. Our organization is committed to delivering improved shareholder value!" commented Duran.
Dorel Juvenile Segment has operations worldwide, with 2016 revenue of close to US$1 billion.
Dorel Industries Inc. (TSX:DII.B)(TSX:DII.A) is a global organization, operating three distinct businesses in juvenile products, bicycles and home products. Dorel's strength lies in the diversity, innovation and quality of its products as well as the superiority of its brands. Dorel Juvenile's powerfully branded products include global brands Safety 1st, Quinny, Maxi-Cosi and Tiny Love, complemented by regional brands such as Cosco, Bébé Confort and Infanti. Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi, IronHorse and SUGOI. Dorel Home, with its comprehensive e-commerce platform, markets a wide assortment of domestically produced and imported furniture. Dorel has annual sales of US$2.6 billion and employs approximately 10,000 people in facilities located in twenty-five countries 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, or if any of them do, what benefits Dorel will derive from them. 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 Dorel's expectations expressed in or implied by the forward-looking statements include: general economic conditions; changes in product costs and supply channels; foreign currency fluctuations; customer and credit risk, including the concentration of revenues with small number of 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 there being no certainty that Dorel's current 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 Management Discussion and Analysis 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 Dorel's 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.