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 Marmot Acquired by K2 | ||||||
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| Marmot Acquired by K2: Marmot Mountain Ltd announced today it had entered into a merger agreement with K2 Inc (NYSE: KTO). The transaction, subject to regulatory review and other customary conditions, is expected to be completed by June 30, 2004. The purchase price is $84 million in a combination of K2 stock and cash, plus the assumption of seasonal working capital debt. Simultaneously, K2 announced similar merger agreements with Völkl Sports Holding AG and The Marker Group. Mr. Richard Heckmann, Chairman and Chief Executive Officer of K2, said, “The Marmot acquisition is exciting. It positions K2 with a scaleable platform in the outdoor technical apparel market. One of K2’s objectives has been to build a premium technical apparel platform that would compliment its reputation for performance products in sporting goods. Combined with the recent announced Ex Officio acquisition, we are confident that we will be able to successfully grow these businesses and expand K2’s presence in technical outdoor apparel.” In commenting on the merger, Steve Crisafulli, President and CEO of Marmot, said, “In recent months, we made the decision to investigate selling Marmot to a partner that understood our brand and would encourage and assist us in continuing our growth and strengthening our future. In our discussions, it became obvious that K2 was by far the best choice as a partner for Marmot for the future. Their vision, resources and management team will help us take advantage of the tremendous opportunities we see for Marmot.” Marmot, founded in 1974, is a world leader in the premium technical outdoor apparel and equipment markets. Its products are distributed in 34 countries. Marmot product lines include performance jackets, technical rainwear, expeditions garments, wind barrier fleece, softshells, skiwear, gloves, tents, packs and sleeping bags. K2 is a publicly held company (NYSE: KTO) with 2003 sales in excess of 700 million dollars. K2 has distribution and marketing throughout the world. K2 is a diversified mix of thirty-five leisure and team sport brands, from snowboards (Ride) and snowshoes (Tubbs), to travel clothes (Ex Officio) and sportswear (Planet Earth), to water sports (Stearns). It is the number one brand of skis in the US. It is the number one brand of fishing rods and reels in the US (Shakespeare). K2 offers products in skiing, snowboards, baseball, softball, snowshoeing, water sports, in-line skating, mountain biking, and backpacking.
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