Adidas to sell CCM to Toronto-based organisation for $110 million US
German sportswear manufacturer Adidas has announced an agreement to sell a CCM hockey-equipment auxiliary to a Canadian organisation for $110 million US.
The multinational pronounced Thursday it will sell CCM to Toronto-based Birch Hill Equity Partners, with a infancy of a transaction to be paid in cash.
The understanding is approaching to tighten during a finish of a third entertain of 2017.
Adidas pronounced a preference is in line with a enterprise to refocus a activities on shoes and sportswear by a Reebok and Adidas brands.
CCM was purchased during a same time as Jofa and Koho in 2004 by Reebok, that was focused on substantiating itself in a hockey marketplace before it was purchased by a German company.
CCM is headquartered in Montreal’s St-Laurent precinct with prolongation plants in St-Hyacinthe and St-Jean-sur-Richelieu.
The association employs approximately 580 people in total, including 500 in Canada.
CCM was founded in 1899 underneath a name Canada Cycle and Motor Company. At that time, it made bicycles and automotive equipment.
In 1905, a association began prolongation skates regulating throw steel from a bicycle and automobile tools factory.
The association went broke in 1983, ceasing prolongation of bicycles, though a skates multiplication continued exclusively underneath a CCM banner.
Article source: http://www.cbc.ca/news/business/ccm-sale-adidas-1.4225127?cmp=rss