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Niwot, Colo. — Funky footwear maker Crocs has agreed to buy a sports and performance shoe manufacturer for $1.75 million in cash.
Bite Footwear of Redmond, Wash., will operate as a wholly owned subsidiary of Crocs if the deal goes through.
The agreement was announced today. Under the terms, Crocs would pay an additional $1.75 million if Bite hits specific earnings targets over a three-year period.
Crocs chief executive officer Ron Snyder said the company plans to use its colorful resin material in Bite’s product line.
The transaction is subject to regulatory approval.
Crocs sells its shoes in at least 80 countries.
Crocs stock rose $1.34 to $56.76 a share in morning trading.
