Columbia Sportswear Company Completes Acquisition of OutDry(R) Technologies S.r.l.
Acquisition Brings Innovative Construction Methods for Producing Waterproof, Breathable Footwear and Gloves
PORTLAND, Ore. & BUSTO ARSIZIO, Italy--(BUSINESS WIRE)-- Columbia Sportswear Company (Nasdaq:COLM), a leading innovator in active outdoor apparel, footwear, accessories and equipment, announced today that it has completed its previously announced acquisition of OutDry Technologies S.r.l., from Nextec S.r.l., based near Milan, Italy. OutDry Technologies S.r.l. owns the intellectual property and other assets comprising the OutDry brand and related business. The transaction is not expected to have a material effect on the company's 2010 operating results.
"Columbia's acquisition of OutDry is an important addition to our portfolio of innovative technologies that deliver performance and protection benefits of greatest importance to outdoor consumers," said Tim Boyle, president and CEO of Columbia. "We intend to deploy OutDry across our portfolio of outdoor brands, including Columbia(R), Mountain Hardwear(R), Sorel(R) and Montrail(R), as well as to market OutDry to select leading brands within and beyond the outdoor industry."
OutDry's patented and patent-pending construction methods bond a waterproof, breathable membrane directly to the inside of the outermost layer of a shoe or glove, thereby preventing water or dirt from penetrating to internal airspaces and fabric layers as commonly occurs with products that rely on bulky booties or bladders. OutDry improves waterproof, breathable performance, reduces water-weight gain, maintains insulation capacity, and improves fit and dexterity, resulting in greater comfort. Avoiding water penetration beyond the outermost layer may also help reduce the incidence of mold, mildew and bacteria that often develop when internal fabric layers become wet.
Nextec S.r.l. cofounders and brothers Luca and Matteo Morlacchi will serve as chief executive officer and general manager, respectively, of OutDry Technologies S.r.l., which will remain headquartered near Milan, Italy and operate as a wholly owned subsidiary of Columbia Sportswear Company. They will report directly to Mick McCormick, Columbia Sportswear's executive vice president of global sales and marketing.
Additional information and videos illustrating OutDry's innovative processes can be found here:
About Columbia Sportswear Company
Columbia Sportswear Company is a leading innovator in the active outdoor apparel, footwear, accessories and equipment markets. Founded in 1938 in Portland, Oregon, Columbia products are sold in more than 100 countries and have earned an international reputation for innovation, quality and performance. Columbia products feature technologies and designs that protect outdoor enthusiasts from the elements, increase comfort, and make outdoor activities more enjoyable. In addition to the Columbia brand, Columbia Sportswear Company also owns outdoor brands Mountain Hardwear(R), Sorel(R), Montrail(R), and Pacific Trail(R). To learn more, please visit the company's websites at www.columbia.com, www.mountainhardwear.com, www.sorel.com, and www.montrail.com.
About Nextec S.r.l/OutDry:
With a great passion for innovation in membrane lamination technology, OutDry is dedicated to making products dryer, lighter and more comfortable for all outdoor enthusiasts. The company is based in the North of Italy with an operations branch in China. For more information, visit: http://www.outdry.com/ENG_home.html
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding the anticipated impact of the acquisition on the company's consolidated 2010 financial results. Actual results could differ materially from those projected in these and other forward-looking statements. 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 press release, those described in the company's Annual Report on Form 10-K for the year ended December 31, 2009 under the heading "Risk Factors," and other risks and uncertainties that have been or may be described from time to time in other reports filed by the company, including reports on Form 8-K, Form 10-Q and Form 10-K. Potential risks and uncertainties that may affect our future revenues, earnings and performance and could cause the actual results of operations or financial condition of the company to differ materially from those expressed or implied by forward-looking statements in this release include: our ability to integrate new operations into our business; our ability to maintain, protect and effectively commercialize acquired technologies; our reliance on product acceptance by consumers; our dependence on independent manufacturers and suppliers; the effectiveness of our sales and marketing efforts; and intense competition in the industry, which we expect to increase. The company cautions that forward-looking statements are inherently less reliable than historical information. We do not undertake any duty to update any of the forward-looking statements after the date of this release to conform them to actual results or to reflect changes in events, circumstances or our expectations. New factors emerge from time to time and it is not possible for the company to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
Source: Columbia Sportswear Company
Released September 1, 2010