Quiksilver Inc. is calling its buy of France’s Skis Rossignol SA complete. The task for the Huntington Beach-based surfwear maker now is integrating the snow gear maker and stemming losses.
With a final share bid under way, Quiksilver said it expects to have close to 100% of Rossignol’s shares, up from 94% now. The company said it plans to force a sale of remaining shares if necessary.
It named Jean-Francois Gautier as the unit’s president.
In April, Quiksilver Inc. acquired nearly half of Rossignol’s shares from the company’s controlling Boix-Vives family.
Quiksilver detailed plans to buy Skis Rossignol SA for about $312 million in March after first expressing interest in the company late last year.
The buy is the biggest yet for surfwear king Quiksilver. It also brings challenges.
Last month, Rossignol posted a $30 million loss for the 12 months ended March 31.
The company has been restructuring to cut costs and deal with competition from China and niche players in the ski and snowboard market.
Earlier this month, Prudential Equity Group said Quiksilver’s Rossignol is likely to negatively impact its growth rate and operating margin.
Quiksilver Chief Executive Bob McKnight has dismissed the concerns: “I always say you have to look at the first four letters of ‘analyst’ and it tells you everything you need to know,” McKnight jokingly said in a recent speech.
