Five Ten gives reaction to adidas acquisition announcement
04/11/2011
Adidas intends to purchase the entire Five Ten business for $25 million and the transaction is expected to close before the end of 2011.
Founder, Charles Cole, referred to Five Ten as "the brand of the brave" and said acquisition by adidas would help it reach its full potential. He added: “Adidas has the same principles of putting athletes and performance first that have guided Five Ten for nearly 30 years and we are thrilled to be partnering with them.”
Five Ten came to prominence following the development of Stealth, a high-friction rubber compound, in 1985. Today, the Stealth product family includes a number of compounds that provide high-levels of friction for athletes in various conditions.
On announcing the acquisition, adidas senior vice-president for outdoor, Rolf Reinschmidt, called Five Ten "a leading brand in the technical outdoor market". He said climbers, mountain bikers and other outdoor athletes around the world value Five Ten products highly. Mr Reinschmidt added: “Five Ten has continuously been at the forefront of innovations and shares the same passion for athletes as we do. It represents an excellent addition to the adidas outdoor portfolio and will allow us to expand into complementary market segments. This acquisition underscores our clear commitment to the outdoors and our ambition to play a leading role in the outdoor industry."
Five Ten employs 37 people and expects to achieve sales of EUR 16 million in 2011.
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