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Today's news...6/7/05

JUNE 07, 2005 -- German News From SAZ: Volkl Begins Layoffs

Volkl is axing 49 of its 530 employees at its ski factory in Straubing on Bavaria. The K2 subsidiary will begin to shift its production to China by the end of the year. Volkl's decision resulted after management could not reach an agreement with the unions and the employees' council. Udo Stenzel, managing director of Volkl Germany, could not preclude the company killing more jobs beyond the 49 that are definite. At the same time, Stenzel promised that Volkl does not intend to shut down the still relatively new factory. Instead, the company has invested additional EUR1.2 million in technology at the Straubing factory. Volkl produces some 430,000 pairs of skis a year in Straubing. Some 60,000 snowboards, as well as children's skis are already manufactured in China.

NSSF Protects SHOT Show Trademark

The National Shooting Sports Foundation and Canadian exhibition organizer Mountain Expo have reached a settlement agreement regarding unauthorized use of NSSF's "SHOT Show" name and trademark.

On May 11, NSSF filed a trademark infringement complaint in Canadian Federal Court to halt Mountain Expo's unauthorized use of the SHOT Show name and trademark in promoting its own "Shot Show Canada" exhibition and other international fairs.

According to Doug Painter, NSSF's president and CEO, "Mountain Expo's use of the well-known SHOT Show name and mark creates significant confusion among the public—particularly our exhibitors and attendees who have been solicited by Mountain Expo. During the past 25-plus years, the SHOT Show has grown to become the world's premier shooting, hunting and outdoor tradeshow. To protect the show's image and reputation, NSSF will aggressively pursue anyone who infringes upon the SHOT Show’s good name. NSSF’s trademarks are valuable assets that will be protected vigorously."

As part of the settlement, Mountain Expo agreed to cease all further use of the name Shot Show Canada and other names confusingly similar to the official SHOT Show, and to transfer all rights in the name to NSSF. NSSF reserved all rights to enforce the settlement as well as the judgment and to seek damages for violations of these and other terms by Mountain Expo.

Cabela's is in negotiations to build one of its large-format destination retail stores on a 28.6-acre site near Cardinals Stadium in Glendale, AZ. Plans call for the 160,000-square-foot outdoor gear superstore to be open by late 2006 or early 2007.

Timberland appointed Michael Prendergast VP/sales-suburban. In this position, he will be responsible for managing Timberland's suburban footwear business, including major department stores and key independent accounts. He will join Timberland effective June 20, 2005. For the past three years, he has worked for the Sorel division of Columbia Sportswear, first as NSM and most recently, as president.

Susquehanna Financial initiated coverage of Puma with a positive rating. "We consider Puma to be to be one of the best managed and differentiated athletic brands in our current coverage universe. In addition, we believe that the company has substantial sales and margin enhancement opportunities that may have been overlooked by investors. Moreover, the company's stock is currently trading at a significant discount to both the European and US brand average P/E multiples for next year's earnings. We believe the company's likely strong sales and earnings momentum going forward should provide investors with strong share appreciation potential over the next several quarters."

Analysts at DZ Bank maintained their strong buy rating on Adidas-Salomon. The fair value has been raised from EUR 149 to EUR 165. The analysts mention that the company's EBIT margin is likely to improve to 11.6 % in 2006, following the sale of its Salomon division. According to the analysts, Adidas-Salomon is expected to be the primary beneficiaries from the soccer World Cup during 2006.


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Quick links: One-click access to topics in this article.

Sporting goods industry
Manufacturing facilities
Fair industry
Trademark infringement

K2 Inc.
Shot Show Canada

trademark infringement complaint
margin enhancement opportunities
large-format destination retail
settlement agreement
department stores

Mountain Expo
Doug Painter
Michael Prendergast

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