The team and I couldn't be more excited about the opportunities we see with this acquisition. The applications for this amazing polymer are endless, and we see expansion into a multitude of industries and emerging markets as the next big thing.
Quebec, Canada (PRWEB) October 2, 2008
On Sept. 30, 2008, Former Crocs (NASDAQ: CROX) CEO and Founder, George B. Boedecker, Jr., and a team of private investors purchased the assets for Crocs Canada, Inc. Formerly Foam Creations, Crocs Canada Inc. was the original Canadian-based manufacturing facility for Crocs footwear.
While serving as CEO of Crocs, Boedecker made the decision to purchase and re-name Foam Creations in 2004. The Company produced the colorful shoes at the Quebec location until April 2008, when all shoe production at the facility was discontinued. The shoemaker uses a proprietary foam-like polymer as the main material for its shoes. There are currently no plans to produce footwear at the site under the new ownership team.
Said Boedecker, "The team and I couldn't be more excited about the opportunities we see with this acquisition. The applications for this amazing polymer are endless, and we see expansion into a multitude of industries and emerging markets as the next big thing."
Added Boedecker, "We have an amazing team in Canada. We look forward to nothing less than growth and prosperity for the entire organization."
At its operational height, the Crocs Canada Inc. facility produced 14,000 shoes per day, accounting for approximately 5 million pairs of shoes per year. The 33,000 square foot facility currently employs 30 people.
In addition to the purchase of all assets, Boedecker and his investment team have secured the rights to the name "Foam Creations 2008". Said current Crocs Canada Inc. President Andy Reddyhoff, "Our plan is to keep our team intact and to continue to create local jobs and opportunities with this endeavor. Anything less would be a disservice to our team and to our community. This name change also brings us full circle, and we are as pleased as can be to be working with George (Boedecker) again."
Crocs became a worldwide phenomenon in 2004-2005, resulting in the largest IPO in the history of the shoe industry in February of 2006. Since resigning from Crocs in 2005, George Boedecker has continued to pursue a variety of successful business ventures and philanthropic pursuits, including national and international charitable works through The Anthony H. Kruse Foundation.
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