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Business

Adidas Get OK to Sell Salomon Subsidiary

Adidas-Salomon, the German maker of sportswear and equipment, said Thursday that the sale of its French subsidiary Salomon to Finnish firm Amer Sports Corporation would be completed next week after receiving all the necessary regulatory approval. "We have received all relevant anti-trust clearances for the sale of Salomon to Amer and the transaction is expected to close within the next week," Adidas-Salomon said in a statement. The group, which will henceforth be known simply as Adidas, had announced in May that it planned to sell Salomon to Amer in a deal worth 485 million euros ($582 million). Salomon specializes in winter sports, alpine and cross-country skis, snowboards and inline skates. But it also includes Mavic, a brand of bicycle components, the Bonfire snowboard activities and the Arc'Teryx outdoor and Cliche skateboard brands. By selling Salomon, Adidas wants to focus much more on running shoes where it competes directly with arch-rival and world leader, Nike. To this end, it recently launched a bid to acquire US sports shoe specialist Reebok for 3.1 billion euros.

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