Rocky Brands, Inc. Announces Sale of NEOS Overshoe Brand

Rhea-AI Summary

Rocky Brands, Inc. (NASDAQ: RCKY) has announced the sale of its NEOS Overshoe division to SureWerx, a global manufacturer of safety products. The specific terms of the sale were not disclosed. Rocky Brands acquired NEOS in March 2021, aiming to enhance its portfolio in performance footwear. NEOS has been a key player in designing overshoes for consumer and worker protection since 1993. This strategic move aligns with Rocky Brands' focus on optimizing its core offerings while collaborating with SureWerx to expand the NEOS brand's reach.

Positive

• Sale of NEOS Overshoe could lead to better focus on core brands.
• Partnership with SureWerx may enhance market reach and distribution of NEOS products.

Negative

• Loss of NEOS Overshoe could impact Rocky Brands' revenue from this segment.
• Uncertainty regarding the financial impact of the sale on overall business performance.

NELSONVILLE, Ohio--(BUSINESS WIRE)-- Rocky Brands, Inc. (NASDAQ: RCKY) announced today that it has sold NEOS Overshoe to SureWerx, a leading global manufacturer of safety, tool & equipment products. Terms were not disclosed.

Rocky Brands acquired NEOS Overshoe in March 2021 when it purchased the performance and lifestyle footwear business from Honeywell. NEOS Overshoe has been designing and manufacturing premium overshoes built to protect workers and consumers alike from the elements since 1993. Co-headquartered in Vancouver, British Columbia, and Elgin, Illinois, SureWerx is a leading global supplier of professional safety products, tools, and equipment.

About Rocky Brands, Inc.

Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF®, Servus®, NEOS® and Ranger®. More information can be found at RockyBrands.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221003005283/en/

Company Contact:

Tom Robertson

Chief Financial Officer

(740) 753-9100

Investor Relations:

Brendon Frey

ICR, Inc.

(203) 682-8200

Source: Rocky Brands, Inc.

FAQ

What does Rocky Brands, Inc. (RCKY) do?

Rocky Brands, Inc. is a leading designer, manufacturer, and marketer of premium quality footwear and apparel.

When did Rocky Brands acquire NEOS Overshoe?

Rocky Brands acquired NEOS Overshoe in March 2021 from Honeywell.

Who purchased NEOS Overshoe from Rocky Brands?

SureWerx purchased NEOS Overshoe from Rocky Brands.

What are the potential impacts of the NEOS sale on RCKY stock?

The sale could lead to a focus on core brands, but may also impact revenue from the NEOS segment.

What type of products does SureWerx manufacture?

SureWerx is a manufacturer of safety products, tools, and equipment.