West Lebanon, NH, January 14, 2003--After months of on again off againnegotiations, Tecnica has finalized an agreement to purchase Nordica skiboots from the Benetton Sports Group for an undisclosed price.
Tecnica will now be the number one worldwide manufacturer of ski boots, with sales ofapproximately 1,500,000 pair per year.
Sales and marketing, logistics, and financial operations of the two brands inthe United States will remain separate, according to John Stahler, Presidentof Tecnica USA. Tecnica and Nordica currently hold the number two and number three market share positions in the U.S.
In addition to Nordica, Tecnica also owns Dolomite and Lowa ski boots andfootwear, Marker bindings, Nitro snowboards, and Think Pink clothingworldwide, and distributes Volkl Skis in the United States, Italy, France,Canada, and Japan.
Tecnica's decision to buy Nordica is part of a strategic plan to become theworld's foremost winter sports company through acquisitions, productionadvances, new technology, and research.
The move also fits well with Benetton's objective to divest itself of itsSports Group, including Rollerblade and Prince, in order to focus on its corecasual wear business.
Tecnica will close on the transaction January 31, with a final payment due in2008. As part of the agreement, Benetton will hold a 10 percent stake in TecnicaS.P.A.