LOGAN -- Icon Health & Fitness Inc. will soon sign a $9.5 million deal to buy and use several of bankrupt NordicTrack's key patents, trademarks and other intellectual property.
Icon spokeswoman Colleen Logan said NordicTrack filed for bankruptcy on Nov. 5. Icon's management was anxious to take advantage of the opportunity to pick up a well-recognized fitness brand name, Logan said."NordicTrack is one of the best-known brands committed to the well-being of individuals," said Icon's chief executive officer, Scott Watterson. "We are pleased to add a brand that offers products and a reputation that fits well with our company profile."
The deal was settled on Tuesday and is awaiting final signatures. Icon is unsure whether the acquisition will mean more jobs for Cache Valley.
"This will certainly strengthen Icon's ability to keep manufacturing lines fired up in Cache Valley," Logan said.
Icon has 4,800 workers and is Cache County's largest employer and manufacturer. The company sold more than $750 million in health equipment in the last fiscal year.
Icon was started in 1977 when Watterson and another Utah State University business major, Gary Stevenson, began a small import company in Cache Valley.
Their company, Weslo, then ventured into the fitness industry by manufacturing mini-trampolines before moving on to exercise bikes, vertical rowing machines and other home exercise products.