Rocky Brands to buy certain Honeywell footwear labels, shares hit 16-year high

Rocky Brands

25/01/2021 16:47

** Shares of footwear maker  RCKY.O  rise 14.6% to their
16-year high of $35.11
    ** Rocky Brands says it will buy performance and lifestyle
footwear business of Honeywell  HON.N , including Original Muck
Boot Co and Xtratuf brands, for $230 million  urn:newsml:reuters.com:*:nBw95T7w3a
    ** Rocky Brands CEO Jason Brooks expects the deal to
significantly increase the company's sales and profitability
    ** Expects RCKY to serve a wider consumer base due to
minimal overlap between its existing brands and the Honeywell
brands 
    ** The brands to be bought recorded an estimated revenue of
about $205 million with earnings before interest, taxes,
depreciation, and amortization (EBITDA) of about $24.5 million -
RCKY
    ** Deal expected to close in Q1 of 2021
    ** RCKY dropped about 5% in 2020, snapping three years of
gains

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@thomsonreuters.com))