Wolverine World Wide Limits Asian Exposure In Latest China Deals -- Market Talk

Dow Jones2023-12-18

0758 ET - Wolverine World Wide has struck a couple of deals to further limit its exposure to the Chinese market, the footwear and athletic apparel maker's latest step away from Asia. The company agrees to sell a minority stake in the entity that owns the Saucony intellectual property in China to Xtep, its JV partner in China. Wolverine will also sell its stake in the Merrell and Saucony China JVs to Xtep. Wolverine values the deals at $61 million. It says it will also sell its Asia leathers business to Interhides Public for $9 million. The company earlier this year sold the IP for Hush Puppies in China, Hong Kong and Macau. Shares rise 2% in pre-market trading. (will.feuer@wsj.com; @WillFOIA)

(END) Dow Jones Newswires

December 18, 2023 07:58 ET (12:58 GMT)

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