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Cannondale employee purchase program5/23/2023 ![]() ![]() The Montreal-based firm also said the new brand would complement its existing bicycle business and help achieve its goal of becoming North America's third-largest bicycle company, alongside Trek and Specialized.Ĭannondale, which last year had $200 million in sales, would boost the size of Dorel's leisure division by nearly two-thirds, and help offset weakness in its largest division, ready-to-assemble furniture. The company said the deal would immediately add nine cents (U.S.) a share to its bottom line. ![]() "We sincerely believe our products can help meet these objectives."ĭorel's share price raced ahead 9.4 per cent to close at $32 (Canadian) on the news. "People are certainly engaged in seeking healthier lifestyles and are concerned about the environment and want to do something about it," Dorel's chief executive officer Martin Schwartz said during a conference call with analysts. ![]() announced the deal yesterday, saying it would meet consumer demand for healthy products that also help the environment. A Canadian consumer-products company is placing a $200 million (U.S.) bet on the future of cycling with the purchase of Cannondale Bicycle Corp., a high-end performance-bike maker.ĭorel Industries Ltd.
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