July 16, 2009 (Montreal, QC) – Dorel Industries, parent company of Cannondale, Schwinn, GT, Mongoose, and Sugoi, has announced the purchase of the bankrupt Iron Horse Bicycle Company of New York for $5.2 million USD. Iron Horse was founded in 1987 and is best known for its all-mountain, freeride, and downhill mountain bikes – read more on the purchase here.

The purchase comes on the heels of the news of Dore’s major restructuring, which included consolidation locations in the United States, a phase-out of production in its Bedford, Pennsylvania factory, lay-offs, and closure of several facilities. Dorel also recently announced the appointment of Adam Ingrao as the new General Manager for Cycling Sports Group (CSG) Canada, located in Vancouver, BC.

Dorel Industries Inc., established in 1962, is a world-class juvenile products and bicycle company. Dorel’s Home Furnishings segment markets a wide assortment of furniture products, both domestically produced and imported. Dorel is a US$2.2 billion company with 4,700 employees, facilities in eighteen countries, and sales worldwide.