Dorel announces departure of juvenile group president
Montreal, Quebec - 1/19/2009
Dorel Industries Inc. (TSX: DII.B, DII.A) today announced that Camillo Lisio, Dorel Juvenile Group President, has tendered his resignation and will be leaving the company by January 23, 2009. Hani Basile, Dorel Juvenile Group’s Chief Operating Officer is assuming leadership of the segment on an interim basis.
Mr. Basile has been involved with Dorel’s juvenile businesses since he joined the Company in 2003. He served as Chief Executive Officer of Dorel Distribution Canada, was instrumental in establishing Dorel Australia and Dorel Brazil and has been COO of Dorel Juvenile Group worldwide since May 2008.
“We thank Cam for his service and wish him well in his future endeavours,” stated Dorel President & CEO, Martin 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. Dorel’s powerfully branded products include Safety 1st, Quinny, Cosco, Maxi-Cosi and Bébé Confort in Juvenile, as well as Cannondale, Schwinn, GT, Mongoose 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 $2 billion company with 4600 employees, facilities in seventeen countries, and sales worldwide.
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.