Dorel Industries said it plans to appeal a decision that would force one of the company’s subsidiaries to pay €46.8 million in taxes plus interest in connection with the transfer of certain assets made in the context of an international corporate reorganization made in 2015. The decision was notified to Dorel by the Administrative Tribunal in Luxembourg. A final verdict by the court is expected later this year. After consultation with its advisors, the Canadian company had set aside US$2.5 million in its 2018 accounts as its best estimate for the potential tax liability. Dorel’s assets include major bicycle brands such as Cannondale, Schwinn, GT, Mongoose, Caloi and IronHorse.