Fila Holding S.p.A. (NYSE:FLH) announced today the sale of 100 percent of Dorotennis S.A., a French designer and marketer of fashion sportswear apparel, for approximately 26.6 billion Italian Lire (13.7 million Euro) to Phisaco, a French company controlled by investment funds advised by Argos Soditic.
The disposal was effective on Friday, December 1st and the purchase price was paid in cash at the same time.
For the nine months ended September 30, 2000, consolidated sales of Dorotennis were around Lit.41.6 billion (21.5 Euro million) and its net income was approximately Lit.2.7 billion (1.4 Euro million).
The sale price together with the dividend recently declared will contribute for over Lit. 4 billion (2.1 Euro million) to Fila’s consolidated net result.
Michele Scannavini, Chief Executive Officer of Fila, said:
‘This transaction gives evidence of the continuing rationalization and focusing on Fila’s long term strategic activities. The financial resources generated by this divestment will be used to finance our new business initiatives, such as the retail and internet projects, that are fundamental for Fila’s new growth phase’.
Fila Holding S.p.A., headquartered in Biella (Italy), is a leading designer and marketer of footwear and apparel for sport and free time. Fila has created strong brand recognition by marketing products with a high design and style content and by securing professional athletic endorsements.
For more details contact:
Fila Holding S.p.A.
Elena Sacchi +39 015 3506 335
Daniele Menarini +39 015 3506 552