by MONTRÉAL — Dorel Industries Inc. has sold its former manufacturing facility located in Tiffin, Ohio, for an estimated $12.5 million.
The company announced in July 2024 that it was closing the facility, a move that impacted about 130 workers.
In a statement issued Thursday, the company did not identify who purchased the facility. The statement described the sale as “another important milestone in the restructuring of Dorel Home and the company’s ongoing efforts to strengthen its balance sheet.” It noted that it will use the net proceeds to reduce existing debt.
“With the completion of this sale, we are applying the proceeds directly to debt repayment, which will further enhance our financial flexibility and support our ongoing efforts to strengthen Dorel’s capital structure,” said Martin Schwartz, Dorel president and chief executive officer.
The company also noted that the Tiffin facility had previously been identified as a non-strategic asset as part of the restructuring of Dorel Home’s manufacturing and distribution activities. “The sale completes the monetization of this facility and supports Dorel’s continuing efforts to improve liquidity and profitability as well as increase shareholder value.”
