Swix to buy Toko
August 13, 2010
A major Heber-based ski wax manufacturer announced it is changing owners Wednesday.
The Swiss company Toko will be sold by Mammut Sports Group AG to Swix Sport AS on Sept. 1. Toko’s U.S. operations are handled out of Heber by Ian Harvey and that will not change, he said in an interview.
The U.S. corporate offices will be moved from Vermont to Massachusetts. International headquarters will remain in Switzerland, according to a press release from Harvey.
The sale will not affect U.S. operations in a visible way, he said.
Harvey has been with the company for 14 years ran everything from Heber until operations were moved to Vermont six years ago, he said. There are currently 24 sales representatives and 44 technical representatives in the U.S.
The sale between the two European companies was predicated on needs to perform better in their respective markets there, the press release explained.
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"Toko was making a profit and is healthy," it said. "Toko was only about five percent of Mammut’s revenue and the crossover in business possibilities is not that strong. It made sense for Mammut to sell Toko and concentrate on its core business Outdoor Alpine."
The buyer plans to operate a "two-brand strategy" with Swix and Toko similar to those done by Atomic and Salomon, Alpine and Uvex glasses, and Volkl and K2. Marketing activities for the two brands will be independent of one another, it explained.
This strategy is expected to improve sales of both brands in Europe and North America.
Toko is expected to continue focusing on its current product categories of wax, tools, gloves and hats, Harvey wrote in the release.
View Toko now part of Swix in a larger map