Oakley to Distribute Goods Down Under

Foothill Ranch sunglass maker Oakley Inc. said Tuesday it has agreed to assume control of product distribution in Australia from Sundaze Australia Pty Ltd., its distributor there since 1986.

Financial terms of the agreement, which became effective Nov. 1, weren’t disclosed.

Oakley said the deal gives it the opportunity to capitalize on marketing opportunities available with the upcoming 2000 Summer Olympics in Sydney.

Australian sales of Oakley products, including footwear, apparel and watches, is the highest of any country outside the United States, the company said. Sundaze generated wholesale revenue of more than $15 million from the sale of Oakley products in its most recent fiscal year, which ended June 1.

Oakley expects that assuming control will add to earnings. Last year, the company earned $24.1 million, or 34 cents a diluted share, on sales of $231.9 million.

The company’s stock closed at $6 a share, unchanged from Monday’s close.