Adidas Sells Rockport Footwear Brand to Rival New Balance

Adidas said it will sell the Rockport shoe business to a company formed jointly by competitor New Balance Athletic Shoe Inc. as it takes the first steps toward a revival. New Balance has teamed with private-equity firm Berkshire Partners LLC to acquire the footwear maker for $280 million, Adidas said in a statement. Rockport will become part of a new company, which will also include New Balance's Drydock business.