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Crocs acquires Jibbitz for $10 million

NIWOT (AP) - The Niwot-based maker of colorful footwear known as Crocs says it plans to acquire a Boulder firm that makes accessories for the shoes.

Crocs Incorporated says it'll pay $10 million to buy the family-run business Jibbitz LLC. Crocs will also pay Jibbitz an additional $10 million if it meets earnings goals. The acquisition is expected to close in December. Jibbitz would then begin operating as a wholly-owned subsidiary of Crocs. Crocs president and Chief Executive Officer Ron Snyder says the company is excited to join forces with Jibbitz because it's created a special niche in the footwear accessories industry. Shares of Crocs are up 19 cents in early trading on the Nasdaq Stock Market.

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