Published January 13, 2004 01:00AM
By VeloNews Interactive
Pacific Cycle – the parent company of Schwinn, GT and Mongoose –announced Wednesday that the firm will be acquired by Montreal-based Dorel Industries, a global supplier of juvenile and home furnishing products.
Dorel has signed a purchase agreement to acquire the Madison, Wisconsin-based Pacific Cycle. Dorel’s purchase of Pacific Cycle is expected to be completed by the end of the month. Chris Hornung, founder and CEO of Pacific Cycle, will remain at the head of Pacific and will run the company as a standalone Dorel division.
“This acquisition provides numerous opportunities to significantly strengthen Pacific Cycle’s position as a branded consumer products company with world-class sourcing and distribution,” a press release quoted Hornung as saying. “It supports the entrepreneurial spirit that is intrinsic to Pacific Cycle’s success throughout our 27-year history. I am very proud of Pacific Cycle and of the people who have worked together to make Pacific one of the largest bicycle companies in the world.”