MONTREAL, April 24 /CNW-PRN/ - Dorel Industries Inc. has signed an agreement to purchase Safety 1st, Inc. of Canton, Massachusetts, a leading marketer and developer of juvenile products. The acquisition of Safety 1st will be Dorel’s largest ever.

Dorel President and Chief Executive Officer, Martin Schwartz, said Dorel has been actively pursuing acquisition opportunities for some time. “Safety 1st fits our criteria perfectly. It is a leader in a sector we know intimately, complements our existing juvenile product lines and has built one of the best known and respected brands. When combined with Cosco, our existing juvenile operation, it will place Dorel in a significant position of strength in the fast growing $5 billion retail juvenile products industry.”

ABOUT SAFETY 1ST

Safety 1st has established a reputation for unique, feature-rich, quality products providing real value for the consumer. The Company is a leading source of child safety products, nursery monitors, booster seats, bathtubs, infant health and convenience products. Safety 1st currently distributes over 200 products to more than 1,000 retailers worldwide. It was the first company to identify “child safety” as a category within the industry, and has more than a 50% market share. It was Safety 1st that invented the “Baby On Board” vehicle signs.

Safety 1st Chairman and Chief Executive Officer, Michael Lerner, said he is very pleased with the transaction. “We have had several discussions with Dorel’s top management and we are entirely comfortable with their business philosophy and their plans to grow both companies.”

STRONG BRAND RECOGNITION

In a recent Parents magazine survey, Safety 1st ranked 11th in quality out of 107 of the most recognized brands in the United States, ranging from consumer products to automobiles to retail chains. It ranked 4th in the juvenile category itself. “Safety 1st has the leading market share in major product categories as a result of its proven ability to identify new trends and innovate unique products. Historically Safety 1st’s new product introductions gain meaningful market share within the first year,” stated Mr. Schwartz.

Dorel has a history of growth through successfully integrating various acquisitions. The first was Cosco in 1988, followed by Charleswood in 1990, Maxi-Miliaan in 1994 and Ameriwood Industries in 1998. “There are immediate synergies that can be realized with Safety 1st and the company is profitable. It presents many of the same benefits we experienced when we purchased Maxi-Miliaan,” concluded Mr. Schwartz.

DOREL PROFILE

Dorel is a rapidly growing, consumer products manufacturer specializing in three product areas: ready-to- assemble (RTA) furniture, juvenile products and home furnishings. Dorel’s product offerings include a wide variety of RTA furniture for home and office use; juvenile products such as infant car seats, strollers, high chairs, toddler beds and cribs; and home furnishings such as metal folding chairs, tables, bunk beds, futons and step stools.

Except for the historical information contained herein, this press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward- looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, the Company’s ability to close the proposed transaction. Other risks and uncertainties include changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation and other risk factors identified in the Company’s public filings under ‘Risk Factors.’ The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release.