April 1, 2005 – MADISON, Wis. – Byron Smith, President and Chief Operating Officer of Pacific Cycle Inc., officially retired from the company today. Smith will continue to assist with long-term strategy and goals as a member of Pacific Cycle’s Advisory Board. Pacific Cycle is a division of Dorel Industries (NASDAQ: DIIB; TSX: DII.MV; DII.SV).
“It has been my great privilege to be part of the best company in the bicycle industry over the last four years,” said Smith. “Pacific Cycle is a unique company – we prosper in an industry where most companies struggle and many fail. In business, you always want to be on the winning team. Pacific succeeds because we have powerful brands, strong competitive advantages and most importantly, the best people in the industry.”
“Byron has been an integral part of Pacific’s growth over the last 4+ years,” said Pacific Cycle Founder and CEO Chris Hornung. “His intelligence, discipline and business experience has been invaluable as Pacific has evolved into the industry leader. I will miss him, and we all wish him well in all that he does.”
Smith has been responsible for providing leadership and carrying out the vision and strategic direction of Pacific Cycle. When Pacific Cycle purchased Brunswick Bicycles in December 2000, Smith was named President and Chief Operating Officer.
Prior to his position at Pacific Cycle, Smith was President of Brunswick Bicycles. He led the development of a turn-around plan, recommended new strategies and successfully directed restructuring actions that resulted in a return of profitability and sales growth for the company. This restructuring changed Mongoose from a manufacturer to a company with a highly focused business plan that concentrated resources on product design, marketing, sourcing and supply chain management.
“I have very much enjoyed working with this team,” said Smith. “The Pacific Cycle team’s strong execution against our business plan has made my time here exciting, fun and satisfying. The future at Pacific Cycle is very bright and I look forward to staying connected and involved with some ongoing advisory meetings.”
Jeff Frehner has been named Pacific Cycle’s new President & COO.
“Byron has shared his knowledge of the bicycle and business worlds without hesitation,” said Frehner. “He has guided Pacific through one of its most important periods. We respect and appreciate all Byron has done for us, as a company and as individuals. We will continue to tap into his skills whenever the need arises.”
In 1987, Smith was the Vice President of Marketing, Sales and Product Development for Schwinn Cycling and Fitness. He began his professional career at Quaker Oats where he worked for 10 years in positions of increasing responsibility in brand marketing.
Smith lives in North Barrington, Illinois with his wife, Angie and their two children. In his spare time, Byron enjoys biking, golfing, and traveling.
Pacific Cycle is the leading supplier of quality bicycles in North America and a division of Dorel Industries Inc. The company designs, markets and imports a full range of bicycles and recreation products under the brand names of Schwinn, GT, Mongoose, Pacific, InSTEP, Pacific Outdoors, Roadmaster, Murray and Dyno. Pacific Cycle is headquartered in Madison, Wisconsin with offices in Olney, Illinois and Lake Forest, California. The company has distribution centers in Olney, Illinois, and Vacaville, California.
About Dorel Industries Inc.
Dorel Industries is a global consumer products company engaged in the designing, manufacturing and marketing of a diverse portfolio of powerful consumer brands, sold through its Juvenile, Home Furnishings, and Recreational/Leisure segments. Headquartered in Montreal, Dorel employs approximately 5,000 people in fourteen countries. Dorel also has offices in Shanghai and Shenzhen, China which oversee the sourcing, engineering and logistics of all Asian operations. 2004 sales were US$1.7 billion.
US operations include Dorel Juvenile Group USA, which markets the Cosco and Safety 1st brands as well Eddie Bauer and Disney Baby licensed products; Ameriwood Industries, which markets ready-to-assemble products under the Ameriwood, Carina, SystemBuild, Altra Furniture and Ridgewood/Charleswood brands as well as California Closets and Trading Spaces licenses; Cosco Home & Office, which markets home/office products under the Cosco and Cosco Ability Essentials brands and Samsonite license; and Pacific Cycle, which markets the Schwinn, Mongoose, GT, InSTEP and Roadmaster brands. In Canada, Dorel operates Dorel Canada, Ridgewood Industries and Dorel Home Products. Dorel Europe markets juvenile products throughout Europe, under the Bébé Confort, Maxi-Cosi, Quinny, Safety 1st, Babidéal, and Baby Relax brands. Dorel Asia sources and imports home furnishings products.
Dorel Industries Inc. is a global consumer products company and is listed on the Toronto Stock Exchange under the symbols DII.MV and DII.SV in Canada and on the NASDAQ Exchange under the symbol DIIB.
