The Puma shoe company said Friday that it plans to buy back some of its stock, including some from its flagship sports apparel brand, with plans to use proceeds to reinvest in its U.S. operations.
The company said it plans a $2.6 billion cash infusion and will be reaping the benefits of the $1.5 billion investment by late 2018.
The acquisition would allow Puma to increase its focus on the U.K., where its shoes are sold, and will add about 1,000 jobs to its workforce, said Tim O’Neill, a Puma executive vice president.
Puma said it will use the proceeds to invest in U.R.A.S., its footwear distribution and distribution center, which sells to more than 10,000 retailers in the U and Europe.
Puma has about 200 stores in the United States.
Pemex said it would also increase its investment in the company’s U.M. operations, which sell shoes to more that 400 retailers.
It has about 3,400 stores in Europe and about 5,400 in the Americas.
“The combined company will continue to focus on expanding its U.” and global brands, and continue to take advantage of opportunities in the fast-growing retail sector,” Pemex CEO John S. Hunt said in a statement.
Pamela Foslien is a national correspondent for Fox News Channel.