STOCKHOLM (BRAIN) — Thule Group has agreed to sell its snow chain business to Schneketten AG – an Austrian company in the snow chain industry, for 10 million euros ($11.2 million) in cash and up to another 10 million euros based on sales in the coming seasons. Thule said the sale will allow it to focus more on growth in its Outdoor and Bags segments.
"Our strategic focus is to continue to build on our market leading position in developing products that make it easy for active consumers around the world to bring the things they care for, when pursuing their interests. In this context, the Snow Chain business was no longer a core business for us," said Magnus Welander, the CEO of Thule Group.
Thule's Snow Chain division has 145 employees, with the majority employed at a production site and head office in Molteno, Italy.
The Thule Board of Directors has also initiated a strategic review for the Thule Group's remaining business within its Specialty Segment, its Work Gear business in the U.S.
