The Beverly-based Karhu, which distributes running shoes and apparel, has sold off the portion of the company that makes Craft band products to the New Wave Group, according to an article in the Wall Street Journal.
However, the current CEO of Karhu, Huub Valkenburg, will stay in the position as CEO of Craft and Craft will continue to be headquartered and operated in Beverly.
"We are very proud to have established Craft as a performance apparel brand in North America driving a profitable sustainable business and look forward to growing the brand even more in the years to come," said Valkenburg.
Karhu is located in the Cummings Center in Beverly.
Read the full article on the Wall Street Journal Online.
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