Business
Canadian Tire Corporation announces sale of Helly Hansen to Kontoor Brands; simplifying CTC portfolio to focus on Canadian retail growth
Canadian Tire Corporation announces sale of Helly Hansen to Kontoor Brands; simplifying CTC portf...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\n Canadian Tire Corporation announces sale of Helly Hansen to Kontoor Brands; simplifying CTC portfolio to focus on Canadian retail growth\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Feb. 19, 2025\n \n\n /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A), CTC or the Company) today announced that it has signed a definitive agreement to sell its Helly Hansen business to Kontoor Brands, Inc. (NYSE: KTB, Kontoor) for total gross proceeds of\n \n $1,276 million\n \n , subject to closing adjustments. The transaction reflects CTC's increasing focus on its Canadian retail portfolio.\n \n\n\n\n\n\n\n\n\n Helly Hansen is an iconic global brand which designs and develops products used by professionals and outdoor enthusiasts around the world. Its high-performance apparel and gear are sold worldwide, including in Canadian Tire, SportChek and Mark's stores in\n \n Canada\n \n .\n \n\n \"As our strategy becomes more singularly focused on great Canadian retail, it is time to pass this iconic brand into global hands,\" said\n \n Greg Hicks\n \n , President and CEO, Canadian Tire Corporation. \"For six years, we have been proud stewards of Helly Hansen, expanding its popularity and foothold into more parts of the world – increasing sales, brand awareness and elevating value in the process. This divestiture unlocks that value for our company and shareholders.\"\n \n\n CTC and Kontoor anticipate a smooth transition for employees, customers and partners.\n \n\n \"As we shift from brand owner to brand customer, we expect Helly Hansen's world-class products to remain on our shelves and on the shopping lists of our customers. We are excited to see where Kontoor takes the brand next,\" said Hicks. \"We thank the Helly Hansen team and leaders for their exceptional work, and for sharing great lessons in sourcing, brand design, and high-performance products with our CTC experts.\"\n \n\n\n Use of proceeds\n \n\n\n The Company intends to adopt a balanced approach to the allocation of the transaction proce...