‘Mother’ Amer Sport Announces Mavic Sale
It is now official; the Finnish holding company Amer Sports of, among others, Mavic is to sell the French component manufacturer. In a company statement Amer Sports says:
HELSINKI, Finland – It is now official; the Finnish holding company Amer Sports of, among others, Mavic is to sell the French component manufacturer. In a company statement Amer Sports says:
“We are considering strategic alternatives to focus the business portfolio more towards categories where we believe the company has the best long-term opportunities and where the best group-wide synergies can be achieved. "
Consistent with this strategy, Amer Sports is currently exploring alternatives in respect of its cycling business Mavic. Among other alternatives, this strategic review may result in a divestiture of this asset.”
In the Q2 2009 report released on August 6, Amer Sports stated that it expected the market to remain challenging for the rest of the year and that it expected its full-year 2009 EBIT to be below last year’s level. Based upon reports issued by a number of investment analysts, the current consensus estimate for the full-year 2009 EBIT is approximately € 60 million.
Amer Sports believes that, based upon currently available information, this consensus estimate is too optimistic. Amer Sports is not in a position to provide more specific guidance on its outlook for the year due to the prevailing uncertainty in the macroeconomic environment and the significance of the last quarter of the year to the company’s results.