third graph, last sentence of Ron Snyder's quote should read: We will
maintain a Canadian sales and marketing office as well as our retail
store in Quebec City; while expanding our presence throughout the
country including the opening of additional Crocs branded stores in
Montreal and Toronto. (sted: We will maintain our sales and marketing
office and retail store in Quebec City and will be expanding our
presence throughout the country including the opening of additional
Crocs branded stores in Montreal and Toronto.).
The corrected release reads:
CROCS, INC. SELLS ASSETS OF FOAM CREATIONS BUSINESS UNIT
Crocs, Inc. (NASDAQ: CROX) today announced that it has sold certain
assets of its Foam Creations business unit, located in Quebec City,
Quebec to a Canadian corporation led by former Foam Creations founder,
Andrew Reddyhoff.
The sale includes the certain Foam Creations manufacturing assets as
well as finished inventory and raw materials. The business will continue
to operate out of its existing facility in Quebec City, Canada and will
retain 26 local employees. The Foam Creations business unit was
previously responsible for the manufacture and sale of industrial goods
under the Crocs corporate umbrella. The business will continue to
produce a range of industrial products such as spa pillows and kayak
seats but will not operate in the footwear industry.
Ron Snyder, President and Chief Executive Officer of Crocs, Inc.,
commented, “We are extremely happy we
were able to divest this business to a trusted friend such as Andy
Reddyhoff. We are confident his entrepreneurial vision and management
expertise will drive this business to continued growth and success. This
is really a win-win situation as this divestiture allows us to add
strategic focus to our core business – Crocs
brand footwear. We will maintain a Canadian sales and marketing office
as well as our retail store in Quebec City; while expanding our presence
throughout the country including the opening of additional Crocs branded
stores in Montreal and Toronto.”
“I’m very pleased
that we were able to acquire this business from Crocs,”
stated Andy Reddyhoff. “It was important for
us to retain the business’ key employees and
customers and we are thrilled we have succeeded.”
About Crocs, Inc.
Crocs, Inc.
