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Volcom has taken another step in its quest to grow internationally by acquiring its Australian licensee.
The deal is expected to close in the third quarter, and to be neutral to earnings in 2010. Volcom did not disclose the terms of the deal in its announcement Friday.
In 2008, Volcom acquired its Japanese distributor, and in 2007 it began selling direct in Europe after building its own infrastructure there.
The company has repeatedly said it sees international expansion as a key growth strategy.
Volcom first entered Australia in 1993.
Here is the full release.
COSTA MESA, Calif.--(BUSINESS WIRE)--Volcom, Inc. (NASDAQ:VLCM - News) today announced it has signed an agreement to acquire the Volcom licensee in Australia. Terms of the transaction were not disclosed. The company anticipates the acquisition, which is expected to close in the third quarter, to be neutral to earnings in 2010.
“This acquisition supports our continued commitment to building a solid following for the Volcom brand in Australia and maximizing our many strengths and prospects in this important region,” said Richard Woolcott, Volcom’s chairman and chief executive officer. “This is one of the most influential territories for Volcom, and this move represents a great opportunity for us to continue to build brand strength and market share.”
“We are very excited to more formally be coming under the Volcom global umbrella,” said John Clapham, chief executive officer of Volcom Australia. “We believe this will strengthen the company’s main aim to grow our share of the market and will enable us to take the brand to the next level in Australia and New Zealand.”
Australia has been home to the Volcom brand since 1993. Volcom has additional licensees in Brazil, Indonesia, South Africa, and Argentina.
About Volcom, Inc.
Volcom is an innovative designer, marketer and distributor of premium quality young men’s and women’s clothing, accessories and related products. The Volcom brand, symbolized by The Stone, is athlete-driven, creative and forward thinking. Volcom has consistently followed its motto of “youth against establishment,” and the brand is inspired by the energy of youth culture. Volcom branded products are sold throughout the United States and internationally. Volcom’s news announcements and SEC filings are available through the company’s website at www.volcom.com.