Herzogenaurach, October 13, 2005 – adidas-Salomon AG today announced that it has received all relevant antitrust clearances for the divestiture of its Salomon business segment to the Amer Sports Corporation and the transaction is expected to close within the next week.
The Salomon business segment includes the related subsidiaries and brands Salomon, Mavic, Bonfire, Arc’Teryx and Cliché. As previously announced, the transaction value for the Salomon business segment is expected to be approximately € 485 million based on year-end 2004 figures. The final price will be adjusted in accordance with net assets as at September 30, 2005. adidas-Salomon does not expect these adjustments to have a material impact on the financial terms of the transaction. In conjunction with the transaction, adidas-Salomon and Amer will enter into collaboration agreements in order to ensure a smooth transition post closing.
“This transaction clearly creates a winning outcome for all parties. At adidas-Salomon, we are able to sharpen our focus and can now harness our resources even more efficiently going forward,” said adidas-Salomon CEO Herbert Hainer.
adidas-Salomon is one of the global leaders within the sporting goods industry and offers a broad range of products with brands such as adidas and TaylorMade in its portfolio. Excluding the Salomon business segment, the adidas Group had 14,217 employees and reached sales of € 5.9 billion in 2004. The Group’s net income attributable to shareholders from continuing and discontinued operations reached € 314 million in 2004. adidas-Salomon AG will remain the company’s name for the time being. The change of the name to adidas AG is subject to shareholder approval and will be proposed to the Annual General Meeting in May 2006.
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