Dorel Industries said sales in its Dorel’s Sports segment, which is being reported as a discontinued operation following its recent $810 million sale to the Pon Group, increased in the fourth quarter by 5.8 percent to $280.7 million. Figures are in U.S. dollars.
Dorel, which also owns home and juvenile businesses, announced the closing of the acquisition on January 4. At closing, Dorel received net proceeds from the sale of approximately US$735 million, which Dorel said it would use for payment of a special dividend of US$12.00 per share and to reduce indebtedness.
Dorel’s fourth-quarter operating profit was $2.3 million, compared with $1.9 million last year. For the full year, revenue was US$1.2 billion, up US$127.2 million or 12.2 percent from last year. Operating profit increased to US$98.9 million compared to US$52.3 million in 2020.
Dorel Sports brands include Cannondale, Schwinn, GT, Mongoose, Caloi, and IronHorse.
