Columbia Sportswear Company Announces Closing in Buyout of China Joint Venture with Swire Resources Limited
January 02 2019 - 1:57PM
Business Wire
Columbia Sportswear Company (Nasdaq: COLM), a leading
innovator in active outdoor apparel, footwear, accessories and
equipment, today announced that effective January 2, 2019 it has
closed its buyout of the remaining 40 percent interest in Columbia
Sportswear Commercial (Shanghai) Company, the joint venture in
China with Swire Resources Limited, a subsidiary of Swire Pacific
Limited (SEHK:00019) (SEHK:00087).
“We thank Swire Resources for contributing to the success and
growth of the Columbia brand in China. They have been an
exceptional partner for us over the years and we look forward to
continuing our strong relationship with them in Hong Kong and
Macau,” said Tim Boyle, Columbia's President and Chief Executive
Officer. “We are very pleased with the positioning of the Columbia
brand, and are committed to investing in the continued long-term
success of Columbia in the crucial Chinese market. The acquisition
is consistent with our strategy to accelerate investment as a
brand-led, consumer-focused business in the areas of highest growth
potential for our existing brands.”
The joint venture began operations on January 1, 2014 with
headquarters in Shanghai. Columbia Sportswear Company owned 60
percent of the operation and Swire owned 40 percent, with profits
and losses shared in similar proportions.
Future plans include continued investments in building the
Columbia brand in China, as well as expansion of direct and
dealer-operated retail locations. Columbia also intends to maintain
the existing management team, staff, dealers, and distribution
networks that have helped the Columbia brand flourish in China.
As previously announced, John Soh will become the general
manager of Columbia Sportswear Commercial (Shanghai) Company in
mid-February 2019.
Swire Resources will continue to serve as the exclusive
independent distributor of Columbia Sportswear in Hong
Kong and Macau.
About Columbia Sportswear
Company
Columbia Sportswear Company has assembled a portfolio of
brands for active lives, making it a leader in the global active
lifestyle apparel, footwear, accessories, and equipment industry.
Founded in 1938 in Portland, Oregon, the company's brands are
today sold in approximately 90 countries. In addition to the
Columbia® brand, Columbia Sportswear Company also owns
the Mountain Hardwear®, SOREL®, and prAna® brands. To learn more,
please visit the company's websites at www.columbia.com,
www.mountainhardwear.com, www.SOREL.com, and
www.prana.com.
Forward-Looking
Statements
This document contains forward-looking statements within the
meaning of the federal securities laws, including statements
regarding anticipated results, profitability and growth.
Forward-looking statements often use words such as “will”,
“anticipate”, “estimate”, “expect”, “should”, and “may”, and other
words and terms of similar meaning or reference future dates. The
company’s expectations, beliefs and projections are expressed in
good faith and are believed to have a reasonable basis; however,
each forward-looking statement involves a number of risks and
uncertainties, including those set forth in this document, those
described in the company’s Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q under the heading “Risk Factors”, and those
that have been or may be described in other reports filed by the
company, including reports on Form 8-K.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190102005547/en/
Investors:Andrew BurnsDirector of
Investor RelationsColumbia Sportswear
Companyaburns@columbia.com503-985-4584
Media:Mary Ellen GlynnDirector of
Corporate CommunicationsColumbia Sportswear
Companymglynn@columbia.com503-985-1513
Columbia Sportswear (NASDAQ:COLM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Columbia Sportswear (NASDAQ:COLM)
Historical Stock Chart
From Jul 2023 to Jul 2024