Amer Sports Corporation
STOCK EXCHANGE RELEASE
March 15, 2019 at 9:30 a.m.
Amer Sports is focusing its portfolio by divesting Mavic cycling business
Amer Sports has entered in an exclusivity period with Regent, a US based global private equity firm, for the sale of the shares and related cycling business of Mavic S.A.S. The project for this sale will now be presented to the relevant employee representative bodies. The completion of the contemplated transaction and the transfer of ownership is expected to occur during the second quarter of 2019.
The intended divestment of Mavic follows Amer Sports' comprehensive strategic review process on the Cycling business, which the company announced while updating its strategy in September 2018. The divestment would not have impact on the results of Amer Sports' continuing businesses. Amer Sports has reported its Cycling business as discontinued operations for full year 2018.
"As part of our strategy we continue to focus the Group portfolio and capabilities towards areas of faster growth, better profitability, and scalability. Over the past cycle we have concluded that we are not the best owner for Mavic which only represented approximately 3% of our sales and which has distinct business drivers and little synergies vs. the broader Group. We believe that the iconic Mavic brand has strong potential, which would be better realized as part of Regent. Amer Sports continues to capitalize on its strategic priorities, especially Softgoods, Direct to Consumer, China, and United States", comments Heikki Takala, President and CEO of Amer Sports.
Regent is focused on innovating and transforming businesses across diverse industries including technology, consumer products, retail, industrial, and media and entertainment, and has a strong track record for redeploying and repositioning consumer brands.
For more information, please contact:
Heikki Takala, President and CEO, tel. +358 20 712 2510
Jussi Siitonen, CFO, tel. +358 20 712 2511
Samppa Seppälä, Head of Corporate Communications and IR, tel. +358 50 568 0533
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Arc'teryx, Peak Performance, Atomic, Mavic, Suunto, Wilson and Precor. The company's technically advanced sports equipment, footwear, and apparel improve performance and increase the enjoyment of sports and outdoor activities. The Group's business is balanced by its broad portfolio of sports and products and a presence in all major markets. Amer Sports shares are listed on the Nasdaq Helsinki stock exchange (AMEAS).
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Amer Sports Oyj via Globenewswire