Adidas puts CCM hockey gear brand up for sale
CCM's roots date back to 1899
German sports apparel giant Adidas plans to sell Canadian hockey gear brand CCM as part of a company-wide reorganization.
While sales were up across all Adidas properties, that wasn't the case for the CCM unit, which saw sales fall to the equivalent of $93 million in the fourth quarter of 2016. That's down by almost 22 per cent from 2015's level.
As part of the reorganization, Adidas plans to sell its ownership in the iconic Canadian brand name.
After going on an acquisitions kick to compete with U.S. rival Nike, Adidas has been selling off many business units to streamline its operations in recent years, including Rockport shoes in 2015 and TaylorMade golf equipment, which is currently up for sale.
CCM was acquired by Reebok in 2004, which was itself acquired by Adidas two years later.
Hockey equipment rival Bauer was also sold earlier this year to an investor group led by Fairfax.
Founded in 1899 in Weston, Ont., the Canada Cycle & Motor Company Ltd. was an early major player in bicycle manufacturing before switching its focus to the then nascent game of hockey, where it would soon become a household name with its products in almost every Canadian garage or basement at some point.
Today the company equips many of the top stars in the NHL, including Carey Price, Sidney Crosby, John Tavares, and Connor McDavid.
