Amer Sports - Corporate Action

Amer Sports announces a EUR 150 million Rights Offering

STOCK EXCHANGE RELEASE
September 1, 2009 at 9:30 am

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN,
SOUTH AFRICA OR THE UNITED STATES.

Amer Sports Corporation ("Amer Sports" or the "Company") today
announced that, as part of its measures to improve its balance sheet,
its Board of Directors has decided to undertake a share offering to
raise net proceeds of approximately EUR 150 million through an
underwritten discounted issue of new ordinary shares with pre-emptive
rights for existing shareholders (the "Rights Offering"). The
proceeds from the Rights Offering will be used to strengthen Amer
Sports' financial position and to improve the Company's operational
and strategic flexibility. The Rights Offering is subject to
shareholder approval at an Extraordinary General Meeting scheduled to
be held on September 23, 2009. J.P. Morgan and Pohjola are acting as
Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners
for the contemplated Rights Offering.

Key Highlights
*  The Rights Offering is fully underwritten through a combination of
  irrevocable commitments to subscribe from certain shareholders of
  Amer Sports and, subject to customary terms, conditions and
  agreements, underwriting commitments from J.P. Morgan and Pohjola.
*  Shareholders in aggregate representing 46% of the outstanding
  shares of Amer Sports (Silchester International Investors Limited,
  Governance for Owners LLP, Orkla ASA, The Land and Water Technology
  Foundation, Ilmarinen Mutual Pension Insurance Company, Varma
  Mutual Pension Insurance Company, The State Pension Fund, Tapiola
  Mutual Pension Insurance Company and Etera Mutual Pension Insurance
  Company) have expressed their intention to vote in favor of the
  Rights Offering at the Extraordinary General Meeting of
  shareholders and their intention to subscribe for their pro rata
  entitlement of new shares offered for subscription in the Rights
  Offering.
*  Subject to the approval of the Rights Offering by the
  Extraordinary General Meeting of shareholders on September 23,
  2009, the terms of the Rights Offering, including the number of
  shares to be issued and the subscription price to be paid for the
  new shares, are expected to be determined by the Board of Directors
  of Amer Sports and announced on or about September 24, 2009.
*  The subscription period for the Rights Offering is expected to be
  from October 5 up to and including October 19, 2009.

Roger Talermo, President and CEO"In our Q2 results announcement, we stated that our key priority in
2009 is on strengthening Amer Sports' balance sheet.  Besides the
operational measures we are working on, the Rights Offering plays a
key role in this respect and it enables the Company to execute on its
strategy."

Background to and Reasons for the Rights Offering
The management of Amer Sports believes that in the current
macroeconomic environment, a clearly stronger balance sheet would be
appropriate to effectively implement the Company's strategy. As of
December 31, 2008, Amer Sports' net gearing was 121%. The Rights
Offering will strengthen the balance sheet so that the gearing would
have been 71% on a pro forma basis as of December 31, 2008.

Amer Sports has promptly reacted to the macroeconomic recession and
the weak demand following the mild winter 2006/2007 by seeking
further cost efficiencies in its organization and by focusing on
reducing inventories and receivables. In addition, the Company has
completed two large restructuring projects over the past three years
including the integration of Salomon into Amer Sports and the
creation of a new business model in Winter Sports Equipment.
Furthermore, Amer Sports is considering alternatives to focus its
business portfolio more towards categories where it believes it has
the best long-term opportunities and where the best group-wide
synergies can be achieved.

The management of Amer Sports believes that strengthening the
Company's balance sheet is a pro-active step which will provide Amer
Sports with more financial, strategic and operational flexibility:

* Strengthening the balance sheet by paying down existing debt is
  expected to position Amer Sports to receive more attractive terms
  when its existing debt maturities draw closer and need to be
  refinanced, thereby providing Amer Sports with more financial
  flexibility.
* Amer Sports' management believes that a stronger balance sheet
  improves the Company's operational flexibility by enabling the
  Company to continue implementing its growth strategy by further
  leveraging its key brands through new line-extensions and continued
  product innovations as well as through geographical expansion into
  new markets. It would also support the Company's strategy in
  getting closer to the consumer by opening additional brand stores
  and through online channels.
* Amer Sports' management believes that a stronger balance sheet
  enables the Company to further improve its operational efficiency
  and profitability by further developing its logistics and
  integrated IT system, which are expected to result in more
  transparent and efficient business processes.
* Amer Sports' management is considering different alternatives to
  focus the business portfolio in order to have sufficient resources
  for its core businesses. A stronger balance sheet will increase the
  Company's strategic flexibility.

To conclude, management of Amer Sports is committed to continue to
strengthen the balance sheet by reinforcing capital allocation
discipline, by continued emphasis on free cash flow and by completing
its review of the role of Amer Sports' business areas.

Principal Terms of the Rights Offering
The total net proceeds from the Rights Offering, after estimated
aggregate fees and expenses, are expected to be approximately EUR 150
million. The terms of the Rights Offering, including the number of
shares to be issued and the subscription price to be paid for the new
shares, are scheduled to be determined by the Board of Directors on
or about September 24, 2009.

The Rights Offering is fully underwritten through a combination of
irrevocable commitments to subscribe from certain shareholders of
Amer Sports and, subject to customary terms, conditions and
agreements, underwriting commitments from J.P. Morgan and Pohjola.

Shareholders in aggregate representing 46% of the outstanding shares
of Amer Sports (Silchester International Investors Limited,
Governance for Owners LLP, Orkla ASA, The Land and Water Technology
Foundation, Ilmarinen Mutual Pension Insurance Company, Varma Mutual
Pension Insurance Company, The State Pension Fund, Tapiola Mutual
Pension Insurance Company and Etera Mutual Pension Insurance Company)
have expressed their intention to vote in favor of the Rights
Offering at the Extraordinary General Meeting of shareholders and
their intention to subscribe for their pro rata entitlement of new
shares offered for subscription in the Rights Offering.

The new shares will rank pari passu in all respects with the existing
shares of Amer Sports, including the right to all future dividends
and other distributions declared after the date of registration of
the new shares with the Finnish Trade Register.

The Extraordinary General Meeting of shareholders is scheduled to be
held on September 23, 2009 at Amer Sports Headquarters in Helsinki.
The notice for the Extraordinary General Meeting of shareholders was
published in a separate press release today. The proposal from the
Board of Directors regarding the authorization for the Rights
Offering and other information relating to the proposal will be made
available on Amer Sports' website www.amersports.com.

Preliminary Timetable for the Rights Offering
The timing of events is indicative. All dates refer to 2009.


- September 23  Extraordinary General Meeting of shareholders to
                authorize the Board of Directors to undertake the
                Rights Offering
- September 24  Board of Directors to resolve on the more detailed
                terms of the Rights Offering, including the number of
                shares to be issued and the subscription price to be
                paid for the new shares
- September 25  First day of trading in the Amer Sports shares after
                detachment of subscription rights
- September 28  Publication of a prospectus relating to the Rights
                Offering
- September 29  Record day for participating in the Rights Offering
- October 5-19  Subscription period
- October 20    Announcement of preliminary outcome of the Rights
                Offering
- October 23    Announcement of the final outcome of the Rights
                Offering


International Telephone Conference for Investors, Analysts and the
Press
An English-language telephone conference call will be held September
1, 2009 at 1:00 p.m. Finnish time (11:00 a.m. UK-time). To
participate in the conference call, please dial-in a few minutes
prior to the start +358 2069 9120, meeting code 950406#.

Helsinki, September 1, 2009

AMER SPORTS CORPORATION
Board of Directors

For more information, please contact:
Tommy Ilmoni, Vice President, IR and Corporate Communications,
Tel. +358 9 7257 8233, tommy.ilmoni@amersports.com
www.amersports.com


DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS CORPORATION
Amer Sports (www.amersports.com) is one of world's leading sports
equipment company with internationally recognized brands, including
Salomon, Wilson, Precor, Atomic, Suunto, Mavic and Arc'teryx. All
Amer Sports companies develop and manufacture technically advanced
products that improve the performance of active sports participants.
The Group's business is balanced by its broad portfolio of sports and
presence in all major markets.

DISCLAIMER:
J.P. Morgan and Pohjola are acting exclusively for Amer Sports and no
one else in connection with the Rights Offering. They will not regard
any other person (whether or not a recipient of this release) as
their respective clients in relation to the Rights Offering and will
not be responsible to anyone other than Amer Sports for providing the
protections afforded to their respective clients, nor for giving
advice in relation to the Rights Offering or any transaction or
arrangement referred to herein. No representation or warranty,
express or implied, is made by J.P. Morgan or Pohjola as to the
accuracy, completeness or verification of the information set forth
in this release, and nothing contained in this release is, or shall
be relied upon as, a promise or representation in this respect,
whether as to the past or the future. J.P. Morgan and Pohjola assume
no responsibility for its accuracy, completeness or verification and,
accordingly, disclaim, to the fullest extent permitted by applicable
law, any and all liability which they may otherwise be found to have
in respect of this release. This document is an advertisement for the
purposes of applicable measures implementing Directive 2003/71/EC
(such Directive, together with any applicable implementing measures
in the relevant home Member State under such Directive, the"Prospectus Directive"). A prospectus prepared pursuant to the
Prospectus Directive will be published in connection with any
offering of securities, and will be available at subscription
locations in Finland.

The information contained herein is not for release, publication or
distribution, directly or indirectly, in whole or in part, in or into
Australia, Canada, Hong Kong, Japan, South Africa or the United
States. The information contained herein does not constitute an offer
of securities for sale in the United States, nor may the securities
be offered or sold in the United States absent registration or an
exemption from registration as provided in the United States
Securities Act of 1933, as amended, and the rules and regulations
thereunder. There is no intention to register any portion of the
offering in the United States or to conduct a public offering of any
securities in the United States.

The information contained herein shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be any
sale of the securities referred to herein in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration, exemption from registration or qualification under the
securities laws of any such jurisdiction.

This communication does not constitute an offer of securities to the
public in the United Kingdom. No prospectus has been or will be
approved in the United Kingdom in respect of the securities.
Consequently, this communication is directed only at (i) persons who
are outside the United Kingdom, (ii) persons who have professional
experience in matters relating to investments falling within Article
19(1) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the "FP Order") and (iii) high net worth
entities falling within Article 49(2) of the FP Order, and other
persons to whom it may lawfully be communicated, (all such persons
together being referred to as "relevant persons"). Any investment
activity to which this communication relates will only be available
to, and will only be engaged with, relevant persons. Any person who
is not a relevant person should not act or rely on this document or
any of its contents.

Any offer of securities to the public that may be deemed to be made
pursuant to this communication in any EEA Member State that has
implemented the Prospectus Directive is only addressed to qualified
investors in that Member State within the meaning of the Prospectus
Directive.

Copies of this announcement are not being made and may not be
distributed or sent into Australia, Canada, Hong Kong, Japan, South
Africa or the United States.

Attachments:

Amer Sports announces a EUR 150 million Rights Offering.pdf