Columbia Sportswear Company 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.
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.
“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®, Mountain Hardwear®, Sorel® and Montrail®, as well as to market OutDry to select leading brands within and beyond the outdoor industry.”
