NELSONVILLE, Ohio (AFX) - Footwear and apparel maker Rocky Brands Inc. said Monday it will make, market and distribute a line of footwear under the Michelin brand name in North America.
Financial terms of the deal were not disclosed.
Rocky Brands Chairman and Chief Executive Mike Brooks said the deal will allow his company to take advantage of the tiremaker's reputation for safety and comfort.
The new Michelin line will help Rocky Brands enter the adventure-performance category, Brooks said, as it targets hikers, campers and others engaged in the outdoors.
Rocky Brands' stock closed down 46 cents, or 2.2 percent, at $20.87 on the Nasdaq. Its stock has ranged between $19 and $32.25 over the past 52 weeks.
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