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Business

Adidas To Sell Subsidiary to Finnish Firm

Adidas-Salomon, the German maker of sportswear and equipment, said Monday it had agreed to sell its French subsidiary Salomon to Finnish firm Amer Sports Corporation in a deal that valued Salomon at around 485 million euros ($621 million). "The final cash purchase price will be adjusted to reflect changes in capital employed," Adidas-Salomon said in a statement. The transaction, which covered Annecy-based Salomon and its related brands -- Salomon, Mavic, Bonfire, Arc'Teryx amd Cliche -- was expected to be completed by September, pending the necessary regulatory approval in Europe and the United States, the statement said. Salomon specialises in winter sports, alpine and cross-country skis, snowboards and inline skates. Mavic is a brand of bicycle components. Bonfire specialises in snowboards, Arc'Teryx covers technical outwear, harnesses and back-packs and Cliche covers skateboard equipment and apparel. Adidas acquired Salomon in 1997. The French subsidiary has annual sales of 653 million euros and operating profit of nine million euros. It employs a workforce of 2,769.

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