MONTREAL – Dorel Industries (TSX:DII.B) announced Thursday that it is laying off 700 employees or about six per cent of its workforce, mostly at manufacturing facilities in China.
The Montreal-based maker of bicycles and strollers announced the job cuts, which include 50 positions in Canada, 30 of them in Montreal, as it reported its third-quarter results on Thursday.
Dorel said revenue in the quarter ended Sept. 30 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.
The company’s net loss for the period was US$8.8 million or 27 cents per diluted share, a reversal of net income of US$19.5 million or 60 cents per share in the 2014 period.
Dorel employs about 11,500 people in 25 countries.