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Amer Sports

From Wikipedia - Reading time: 10 min
Amer Sports, Inc.
Company typePublic
IndustrySports equipment
Founded1950; 74 years ago (1950)
Headquarters
Helsinki, Uusimaa
,
Finland
Area served
Worldwide
Key people
  • James Zheng (CEO)
  • Michael Sørensen (COO)
  • Andrew Page (CFO)
ProductsSports equipment, apparel, footwear
Brands
RevenueIncrease US$3.55 billion (2022)
Decrease US$50.6 million (2022)
Decrease US$−253 million (2022)
Total assetsDecrease US$7.89 billion (2022)
Total equityDecrease US$−74 million (2022)
Owners
Number of employees
11,400 (December 2023)
Websiteamersports.com
Footnotes / references
[1][2][3][4]

Amer Sports, Inc. is a Finnish multinational sporting equipment company based in Helsinki, Finland. Established in 1950 as an industrial conglomerate with interests as diverse as tobacco trading, ship owning and publishing, Amer has gradually evolved into a multinational firm devoted to the production and marketing of sporting goods. The company employs over 9,700 people.[2]

Amer Sports owns a portfolio of companies, including Atomic, Arc'teryx, Armada, Enve Composites, Peak Performance, Salomon, and Wilson, among others.[4] Amer is itself owned by Chinese retail conglomerate Anta Sports.[5]

History

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Industrial past (1950–1985)

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The company began life as a tobacco manufacturer and distributor, Amer-Tupakka, in 1950[6] (later to be renamed Amer-Yhtymä Oyj followed by its current designation) and acquired the right to produce and sell Philip Morris cigarettes in Finland in 1961.[7] In the 1960s, the significant profits from the company's tobacco interests were invested in three commercial ships.[7] A publishing and printing division was added in 1970 with the purchase of the Finnish company Weilin+Göös, and the company listed on the Helsinki Stock Exchange in 1977, four years after changing its name to Amer-Yhtymä (English: Amer Group).[6]

In the 1980s, Amer moved into the vehicle import industry by acquiring the firm Korpivaara, and with it the exclusive rights to import and distribute such brands as Citroën and Toyota.[7] In 1984 Amer was listed on the London Stock Exchange.[8] In 1985, Amer acquired Marimekko.[9] The decade also saw the company expand into for example the plastics markets.

Focus on sport (1986–present)

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The entrance of Amer Sports in Helsinki, 2022

The company got involved in the sports equipment market starting in 1974. They bought the Finnish ice hockey gear maker Koho-Tuote in 1974, its North East US distributor Koho Sporting Goods Corporation in 1978, the Canadien hockey stick manufacturer Les Industries du Hockey Canadien Inc. as well as ice hockey protective equipment manufacturer in 1979.[6] In 1986, Amer sold all their ice hockey related businesses[6][10] but established a sports division after acquiring a majority stake in the golf equipment maker MacGregor Golf from Jack Nicklaus.[11]

In 1988, Amer represented, among others, American tobacco giant Philip Morris and held a 62 percent share of the Finnish tobacco market. A movement called Klubi 88 made a statement at the AGM claiming that Amer was the single largest causer of cancer in Finland. It said that the sponsorships by “tobacco figureheads” Hjallis Harkimo, a sailor, and Keke Rosberg, a Formula 1 driver, should be stopped.[9] Amer's CEO Heikki O. Salonen thought sports products would be a better business for the company to focus on. The company's brands included Marlboro, Marimekko, Toyota, Weilin+Göös,[9] and the American brand MacGregor Golf Company. [10]

In February 1989, Amer acquired the Chicago-based company Wilson Sporting Goods Company, which specialized in golf, tennis, and baseball products.[9][10] Wilson was the largest manufacturer of sports products in the US,[10] but it was heavily indebted.[12] The transaction set a new record for the largest foreign acquisition in Finland.[9]

In 1991, Amer sold Marimekko to Kirsti Paakkanen. The company had incurred losses of approximately 50 million euros under Amer's ownership.[9] Further acquisitions followed in the shape of the Austrian ski manufacturer Atomic in 1994[6] and the Finnish sports instrument maker Suunto in 1999.[13] The American baseball and softball bat firm Demarini was purchased a year later, falling under the Wilson division.[14] During this time, many of the business areas no longer deemed to be core were divested, although the company retained its tobacco business until 2004 when it was sold back to Philip Morris.[15] In 2005, Amer acquired the outdoor sports company Salomon from Adidas for €485 million.[16] In the same year, the company officially changed its name to Amer Sports Corporation.[17]

In 2007, Amer Sports' North American headquarters were moved from Portland, Oregon to the historic American Can Company of Utah Building Complex in Ogden, Utah.[18]

Wilson manufactures for example basketballs for NBA, 2022

In 2008 Amer Sports divided its operations into three business units: winter sport, outdoor sports, ball sports (Wilson, Louisville Slugger, and DeMarini).[19]

In April 2018, Amer Sports acquired the Swedish sportswear manufacturer Peak Performance from IC Group, a Danish entity.[20] Amer Sports largest owners were Keva, the Civil and Water Engineering Fund, Ilmarinen, Mandatum and Ilkka Brotherus.[9] In December, an investor consortium called Mascot Bidco, announced its takeover bid for Amer Sports. The consortium included ANTA Sports, FountainVest Partners, Anamered Investments, and Tencent.[21] Amer Sports shares were valued at 4.6 billion euros, 40 percent over their average market value. Under the terms of the offer, Amer Sports remained a separate business entity, while Anta Sports provide R&D and production resources required for expansion on the Chinese market.[22] Anta Sports is China's largest sportswear manufacturer. Chip Wilson, the founder of Lululemon Athletica, owns about one-fifth of Amer Sports.[9] Amer Sports was among the largest companies on the Helsinki Stock Exchange, with a market capitalization of approximately 4 billion euros.[23]

In 2019, Amer Sports completed its divestment of Mavic before selling it 2020.[24][25]

In December 2020, Amer Sport sold Precor to the American exercise equipment manufacturer Peloton.[26]

In January 2022, it was reported that Amer Sports would sell Suunto to Liesheng, a Chinese company specializing in wearable technology.[27]

In February 2024, Amer Sports went public again through an initial public offering and was listed on the New York Stock Exchange. The company raised $1.4 billion in its offering and was valued at $6.5 billion.[28]

Organization

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The company has offices in for example Finland, Poland, Germany, China and US and manufacturing and sales locations worldwide.[29] Amer Sports is owned by Anta Sports, FountainVest Partners, Anamered Investments, and Tencent.[2]

Brands

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Amer Sports operates multiple brands that it has acquired over the years.[4]

See also

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References

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  1. ^ "Our management team". Amer Sports. Retrieved 2023-02-22.
  2. ^ a b c "Growth strategy, values, management, history". Amer Sports. Retrieved 2023-02-22.
  3. ^ "Form F-1". U.S. Securities and Exchange Commission. 26 January 2024.
  4. ^ a b c "Our brands are loved and trusted by millions". Amer Sports. Retrieved 2023-02-22.
  5. ^ Arvopaperi. "The extraordinary general meeting of ANTA Sports Products Limited has passed the resolution required by the tender offer for all shares in Amer Sports Corporation". Arvopaperi (in Finnish). Retrieved 2023-02-22.
  6. ^ a b c d e "Amer Sports history". Amer Sports. Archived from the original on 31 March 2008. Retrieved 2008-04-11.
  7. ^ a b c Cohen, M.L. (2006). "Amer Group plc". International Directory of Company Histories. The Gale Group. Archived from the original on 17 May 2008. Retrieved 2008-04-11.
  8. ^ "Kuolleet | Kauppatieteiden maisteri Heikki O. Salonen". Helsingin Sanomat (in Finnish). 1998-05-28. Retrieved 2023-02-22.
  9. ^ a b c d e f g h "Päätyykö Amer kiinalaisille? Näin opiskelijoiden tupakkatehtaasta tuli Suomen tärkein kuluttajatuoteyhtiö". Helsingin Sanomat (in Finnish). 2019-03-08. Retrieved 2023-02-22.
  10. ^ a b c d Freudenheim, Milt (21 February 1989). "Amer Group to Acquire Wilson Sporting Goods". The New York Times. Retrieved 2008-04-11.
  11. ^ "COMPANY NEWS; MacGregor Sale". The New York Times. Reuters. 3 December 1986. Retrieved 2008-04-11.
  12. ^ Jyri, Raivio (1990-12-19). "Heikki O. Salonen jättää Amerin johdon terveyssyistä Partekin Raimo Taivalkoski hallituksen puheenjohtajaksi". Helsingin Sanomat (in Finnish). Retrieved 2023-02-22.
  13. ^ "Amer's ownership in Suunto rises to 98.7 percent" (Press release). Amer Sports. 1 December 1999. Retrieved 2008-04-11.
  14. ^ "Wilson Sporting Goods Co acquires DeMarini Sports Inc". Thomson Financial. 19 January 2000. Retrieved 2008-04-11.
  15. ^ "Amer Group giving up tobacco business; company to concentrate on sporting goods". Helsingin Sanomat. 19 December 2003. Archived from the original on 2008-06-26. Retrieved 2008-04-11.
  16. ^ Tomlinson, Heather (3 May 2005). "Adidas sells ski and surf group for £329m". The Guardian. Retrieved 2008-04-11.
  17. ^ "Amer Group Plc changes name to Amer Sports Corporation". Nordic Business Report. 24 March 2005. Retrieved 2008-04-11.
  18. ^ "Owner of Salomon, Atomic moving U.S. HQ to Utah". Ski Racing. 16 October 2006. Archived from the original on October 18, 2006. Retrieved 2008-04-11.
  19. ^ "Amer Sports business segments". Amer Sports. Archived from the original on 2008-04-10. Retrieved 2008-04-11.
  20. ^ "Amer laajentaa urheiluvaatekauppaan – yhtiö ostaa urheilumuotiyritys Peak Performancen". Yle Uutiset (in Finnish). 2018-04-30. Retrieved 2023-02-22.
  21. ^ Taloussanomat (2018-12-07). "Kiinalaistaustainen konsortio tekee 4,6 miljardin euron ostotarjouksen Amerista". Ilta-Sanomat (in Finnish). Retrieved 2023-02-22.
  22. ^ "Mascot Bidco Oy announces a voluntary recommended public cash tender offer for all the shares in Amer Sports Corporation – Amer Sports".
  23. ^ "Kaupankäynti Amer Sportsin osakkeella keskeytetty". Yle Uutiset (in Finnish). 2018-12-07. Retrieved 2023-02-22.
  24. ^ "Amer Sports completes Mavic divestment". Amer Sports. 2019-07-09. Retrieved 2019-08-07.
  25. ^ "Mavic Saved by Bourellier Group, Focus to Return to Wheels". 22 July 2020.
  26. ^ "Peloton will pay $420 million to acquire fitness equipment maker Precor". Retrieved 2020-12-22.
  27. ^ "Suomalainen Suunto siirtyy kiinalaisomistajalta toiselle – Liesheng lupaa jatkoa toiminnalle Suomessa". Mobiili.fi (in Finnish). Retrieved 2023-02-22.
  28. ^ Fonrouge, Gabrielle (February 1, 2024). "Wilson tennis racket maker Amer Sports rises 3% in tepid market debut". CNBC.
  29. ^ "Career opportunities in sports and outdoor brands". Amer Sports. Retrieved 2023-02-22.
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