July 12 (Bloomberg) -- Asics Corp., the Japanese maker of the Onitsuka Tiger sporting-goods brand, will buy Swedish outdoor gear company Haglofs Holding AB to expand abroad.
Asics will spend 11.4 billion yen ($128 million) to buy all of the shares in Haglofs in August, according to a filing to the Tokyo Stock Exchange. The acquisition will have little impact on earnings for the year ending March 31, Kobe-based Asics said.
“Haglofs is very similar to us in terms of manufacturing skill and attitude,” Asics spokesman Toshiyuki Sano, said today by telephone. “We want to expand globally, and this will strengthen our business.”
Haglofs, owned by Stockholm-based investment firm Ratos AB, started making backpacks in 1914 and sells clothing and hiking gear mainly in Europe, according to its website.
To contact the reporter on this story: Adam Le in Osaka at email@example.com.
To contact the editor responsible for this story: Drew Gibson in Osaka at firstname.lastname@example.org.