Sports Direct sells Dunlop brand to Sumitomo Rubber Industries
27/12/2016 10:43
Dec 27 (Reuters) - Sports Direct SPD.L is selling its
Dunlop brand to Japan's Sumitomo Rubber Industries (SRI)
5110.T for $137.5 million as part of a strategy to home in on
its core business and develop brand relationships, it said in a
statement.
SRI will grant the British sportswear chain a royalty-free
licence to continue to use the Dunlop brand for premium workwear
and safety wear, it said. The price was in cash, after net debt
and working capital on completion.
Sports Direct ended a tough 2016 with a warning that trading
was not going to get any easier next year after a slump in
first-half profit. urn:newsml:reuters.com:*:nL5N1E311C
(Reporting by Elisabeth O'Leary; editing by David Clarke)
((elizabeth.oleary@tr.com; +44 131 248 9208; Reuters Messaging:
elizabeth.oleary.thomsonreuters.com@reuters.net))
Keywords: DUNLOP M&A/SUMITOMO RUB IND