Volcom, Inc. signed an agreement to acquire the Volcom licensee in Australia. Terms of the transaction were not disclosed. The company anticipates the acquisition, which is expected to close in the third quarter, to be neutral to earnings in 2010.
“This acquisition supports our continued commitment to building a solid following for the Volcom brand in Australia and maximizing our many strengths and prospects in this important region,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “This is one of the most influential territories for Volcom, and this move represents a great opportunity for us to continue to build brand strength and market share.”
“We are very excited to more formally be coming under the Volcom global umbrella,” said John Clapham, chief executive officer of Volcom Australia. “We believe this will strengthen the company’s main aim to grow our share of the market and will enable us to take the brand to the next level in Australia and New Zealand.”
Volcom entered the Australian market in 1993. Volcom has additional licensees in Brazil, Indonesia, South Africa, and Argentina.
