The Canadian conglomerate that now produces Schwinn brand bicycles reports it had a record year in 2004.
Dorel Industries said its revenues for the fourth quarter were up 42% over the previous fourth quarter period; profits were up 69%. The company credited the jump to its acquisitions over the previous year.
Consumer brands propeled sales, “predominantly Schwinn’s reborn Sting-Ray bicycle, which generated unprecedented sales for a single Dorel product,” said Martin Schwartz, Dorel’s president and CEO.
The Montreal-based company also makes ready-to-assemble children’s furniture.
The Pacific Cycle division, acquired in early 2004, makes Schwinn, GT, Mongoose, Murray, Dyno, and Roadmaster bicycles. Sold in the US through such mass merchants as Target, Toys “R” Us, and Wal-Mart, the bikes are inexpensively made in the Far East, according to the division’s website.
The company recently announced it would stick the Schwinn brand name on a motor scooter it is producing.
Advertisements:
