Cannondale Bike Maker Slumps 32% as Tariffs Prompt Dividend Cut
- Dorel plunges most ever, to the lowest price since 1996
- The company cites higher U.S. tariffs on China for payout cut
Schwinn rental bikes
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Dorel Industries Inc., the maker of Schwinn and Cannondale bikes, plunged the most on record to a 23-year low after it stopped paying a dividend, citing the impact of higher U.S. tariffs on Chinese imports.
Dorel dropped 32% to C$6.18, the lowest since 1996. The 25% U.S. tariff on Chinese products “is having a much greater impact on the business than the original implementation of 10% introduced a year ago,” the Montreal-based company said in a statement Tuesday.