Columbia Sportswear Company has signed an agreement to acquire OutDry Technologies from Nextec. Columbia will now be using OutDry for all of their brands including Columbia, Mountain Hardwear, Sorel and Montrail, and will work to expand OutDry Technology to other brands both in and out of the outdoor industry. OutDry will be run by Nextec cofounders Luca and Matteo Morlacchi, and the headquarters will remain in Milan, Italy as a subsidiary of Columbia. The transaction is expected to close during the third quarter of 2010 and is not expected to have a material effect on the company's 2010 operating results.
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