Wolverine World Wide To Sell Hush Puppies Intellectual Property In China, Hong Kong, And Macau

(RTTNews) - Wolverine World Wide Inc. (WWW) said it agreed to sell the Hush Puppies intellectual property in China, Hong Kong, and Macau, and completed the sale of the U.S. Wolverine Leathers business.

The company has entered into a definitive agreement to sell the Hush Puppies trademarks, patents, copyrights and domains in China, Hong Kong and Macau to its current sublicensee, Beijing Jiaman Dress Co., Ltd., for approximately $58.8 million.

As part of the transaction, the two parties have entered into a License and Cooperation agreement providing for mutual engagement and brand stewardship of the Hush Puppies brand in the region.

Wolverine will continue to own and operate the Hush Puppies brand throughout the rest of the world. The transaction is expected to close in the coming weeks.

In addition, Wolverine said it completed the sale of its U.S. Wolverine Leathers business to its long-time customer, New Balance, for about $6 million in total proceeds. The company assigned Wolverine's U.S. tannery contracts to New Balance, and continues to explore alternatives for the non-U.S. Wolverine Leathers business.