Wolverine Worldwide has entered into a definitive agreement to sell its Asia-based Wolverine Leathers business to Interhides Public Company Limited, a current materials vendor of the Company, for approximately $9 million. This completes the Company’s previously announced objective to sell its Wolverine Leathers business – further focusing the Company’s portfolio. The actions announced are in addition to the Company’s previously-announced transactions, including: Selling Keds in February 2023 for over $90 million; Selling the Hush Puppies intellectual property in China, Hong Kong, and Macau in August 2023 for approximately $58.8 million; and Selling the U.S. Wolverine Leathers business in August 2023 for approximately $6 million; The previously-announced strategic alternatives process for the Company’s Sperry brand is ongoing. Wolverine will provide more detail regarding these actions and other strategic initiatives at the Annual ICR Conference on January 8, 2024.
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