Montreal-based company Dorel laying off 700 workers, mostly in China

Montreal-based company Dorel laying off 700 workers, mostly in China

MONTREAL — Dorel says it is laying off 700 employees — about six per cent of its workforce — mostly from manufacturing facilities in China.

The Montreal-based maker of bicycles and strollers announced the job cuts as it reported its third-quarter results ended Sept. 30, showing revenue was US$679.3 million, slightly above the US$673.0 million for the same period a year ago.

Adjusted net income was US$15.5 million or US$0.48 per diluted share, down from US$23.8 million or US$0.73 per diluted share last year.

Reported net loss for the period was US$8.8 million or US$0.27 per diluted share, a drop from the net income of US$19.5 million or US$0.60 per diluted share in 2014.

Dorel employs about 11,500 people in 25 countries.

The Canadian Press

Categories: Business

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