Hump Day is starting with some huge ski industry news, as Amer Sports Corporation, the Finland-based industry giant who's brands include Salomon and Atomic, announced this morning they have acquired Armada Skis as part of their winter sports division.
Dive into the press release below for more details...
Amer Sports Corporation
March 29, 2017 at 9:00 a.m.
Amer Sports Corporation acquires Armada, the iconic US ski brand, with annual net sales of approximately USD 10 million. The acquisition includes the Armada brand, Armada-branded products, as well as intellectual property and distribution rights. The transaction value is approximately USD 4.1 million, of which USD 2.5 million will be settled with cash. Armada will be integrated into Amer Sports Winter Sports Equipment business unit.
“The acquisition enables us to further accelerate especially in the US market where Armada has a solid presence. Further, the acquisition is synergistic, as we have already in the past collaborated with Armada through a joint manufacturing arrangement. We’re pleased to welcome Armada into our portfolio of strong, well-positioned brands”, says Michael Schineis, President of Amer Sports Winter Sports Equipment.
The acquisition has no material impact on Amer Sports 2017 financial results.
For further information, please visit armadaskis.com.