Rapala VMC Corporation and Shimano Europe B.V. Announce Termination of Various Distribution Agreements
January 18, 2019 at 06:00 am
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Rapala VMC Corporation and Shimano Europe B.V. have agreed to terminate various distribution agreements between the Parties in some European countries and South-Africa. The Parties have agreed to terminate the distribution of Shimano-, G-Loomis- and PowerPro-branded fishing tackle products in France, Switzerland, Spain and Portugal effective July 1, 2020. Until this date, the respective Rapala distribution companies, fully owned and controlled by Rapala, will continue to distribute Shimano Products on an exclusive basis in these four markets. This means that the business will continue as usual until the date referred above and local Rapala distribution companies will be responsible for business on exclusive basis. At the same time The Parties have agreed to terminate the distribution of Shimano Products in Finland, Norway, Denmark, Sweden, Greenland, Iceland, Lithuania, Latvia, Estonia and South Africa effective October 1, 2020. Until this date, the respective Rapala distribution companies, fully owned and controlled by Rapala, will continue to distribute Shimano Products on an exclusive basis in all of these markets. This means that the business will continue as usual until the date referred above and local Rapala distribution companies will be responsible for the business on exclusive basis. At the same time The Parties have agreed to terminate the distribution of Rapala-, Storm- and Dynamite-branded fishing tackle products in Germany, The Netherlands, Belgium, Luxembourg and Italy effective April 1, 2019. At the same time distribution of Rapala- and Storm-branded products in the United Kingdom and Dynamite-branded products in Turkey by Shimano will end. Until this date, the respective Shimano distribution companies, fully owned and controlled by Shimano, will continue to distribute these Rapala Group -branded fishing tackle products on an exclusive basis in all of these markets. There will be no change in the distribution agreements regarding Shimano- or Rapala Group-branded products in Rapala controlled jointly owned distribution companies in Russia, Belarus, Kazakhstan, Czech Republic, Hungary, Romania, Slovenia, Croatia, Serbia, Kosovo, Bosnia, Macedonia, Montenegro, Bulgaria, Albania and Moldova. Accordingly, there is no change in the structure and operations of the Rapala Shimano East Europe Oy and Normark Hungary Ltd. -subgroup’s, which are jointly owned by Rapala and Shimano.
Rapala VMC Corp is a Finland-based company engaged in the manufacture and distribution of fishing tackle products. The Companyâs activities are divided into three business segments: Group Fishing Products, providing fishing tackle products, such as Lures and Baits, Fishing Hooks, Fishing Lines and Fishing Accessories, which are manufactured and sourced by the Company under its brands; Other Group Products, including the Companyâs manufactured and branded products for winter sports, as well as for a range of non-fishing businesses; and Third Party Products, offering fishing products for hunting, outdoor and winter sports, which are not branded by the Company. Furthermore, It operates worldwide through a number of subsidiaries, such as Normark Sport Finland Oy, FLLC Normark, Dynamite Baits Ltd, Rapala France SAS and NC Holdings Inc.