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Article: K2 HOPES TO RIDE TO NEW SUCCESS PRESTON SNOWBOARD FIRM ACQUIRED; PLANS UNKNOWN FOR FIRM'S FACILITIES, EMPLOYEES.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- July 24, 1999
- Author:
CopyrightCOPYRIGHT 1999 Seattle Post-Intelligencer. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Ride Inc., which like the rest of the snowboard industry crashed on a slippery slope of excess inventory, said yesterday it will be acquired by K2 Corp.
Ride, headquartered in Preston in eastern King County, went public in 1994 at $10 a share and at one time its stock traded at nearly $36 a share.
K2 is paying about $1 a share for Ride, for a total of about $14.3 million.
Los Angeles-based K2 operates a 900-employee manufacturing plant on Vashon Island that makes skis, snowboards and other sports and outdoor gear. John Rangel, K2's chief financial officer, said it hasn't been decided yet what will be done with Ride's facilities or 150 ...