Adidas-Salomon AG closes acquisition of Reebok International
31 Jan '06
3 min read
German sporting goods company Adidas-Salomon AG has closed its acquisition of Reebok International Ltd providing the new adidas Group with a footprint of around €9.5 billion ($11.8 billion) in the global athletic footwear, apparel and hardware markets.
Adidas-Salomon AG Chairman and CEO Herbert Hainer said, "We are delighted with the closing of the Reebok transaction, which marks a new chapter in the history of our Group."
"By combining two of the most respected and well-known brands in the worldwide sporting goods industry, the new Group will benefit from a more competitive worldwide platform, well-defined and complementary brand identities, a wider range of products, and a stronger presence across teams, athletes, events and leagues," he added.
Herbert Hainer is Chairman and CEO of Adidas-Salomon AG. With the close of the transaction, Paul Fireman is stepping down as CEO of Reebok International Ltd and will serve as an advisor to Hainer.
"While Paul has chosen to step down as CEO of Reebok, I am very pleased that he has agreed to remain a personal advisor and consultant to me. Paul's experience is invaluable to the organization at this time, and I look forward to continuing to work closely together," said Herbert Hainer.
The combination of Adidas-Salomon AG and Reebok accelerates the adidas Group's strategic intent in the global athletic footwear, apparel and hardware markets. Together, it will offer an enhanced portfolio ofglobal brands, including adidas, Reebok, TaylorMade, Rockport, Greg Norman Collection, MAXFLI, CCM, Jofa and Koho, that truly addresses the needs of today's and tomorrow's consumers.