Reebok acquisition boosts Adidas 4Q
Adidas acquired Canton, Massachusetts-based Reebok in 2006 in a $3.8 billion deal that helped Adidas make more inroads into the U.S. market and better compete with rivals Nike Inc. and Puma AG.
Adidas said Reebok's chief marketing officer, Uli Becker, will be the company's new CEO, replacing Paul Harrington, who is stepping down.
Harrington has been with Reebok for nearly 12 years, including the last two years as CEO.
Sales at the company's TaylorMade-adidas Golf, which makes golf clubs and equipment, fell to 804 million euros ($1.2 billion) from 856 million euros in 2006, a result hampered by the divestiture of its Greg Norman Collection business.
The company reported that its order backlog for the Adidas brand hit 17 percent, its highest level in nearly a decade, but order backlogs for Reebok slid 8 percent, a decline blamed on reduced orders from mall-based retailers in the U.S. and Canada.
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