The multinational sportswear company signs a deal worth $10 million to sponsor a bike sharing system in Portland.
Nike, Inc. and the Portland Bureau of Transportation, worth $10 million, have signed a 5-year partnership. This is a sponsorship for the latest bike sharing system established by the city, which is expected to launch in July 2016.
The program was to be launched with 600 bikes for the sharing system, but thanks to Nike, 400 more bikes will be added to the program that would bring the total number of bikes to 1000 along with over 100 bike stations. Through the partnership with the sportswear apparel manufacturer, more Portlanders will be able to avail the service all over the city. It is likely to be carried through winter and spring.
The vice president of global community impact at Nike, Jorge Casimiro, said that at the company, the management believes that (any) sport has the power to move the world and ‘unleash the human potential’. He added, “It’s who we are, it’s been in our DNA from day one, and we share the city’s commitment to a vibrant, active and innovative community.”
However, the Bureau of Transportation stated that this new program is super easy and fun to use – it is an excellent way of attracting new visitors and tourists, simply to get around the city. It also says that this package will shed some light on the city itself.
The pricing put on the package is $2.50 for the first hour and then it varies with the increase in the number of hours. These bikes have GPS installed in them in case someone tries to steal them. Furthermore, it puts a hold on the customers’ credit card when they use it. The multinational sports apparel giant also plans to introduce limited edition bike designs, which will be made available later, according to PBOT officials.
In other news, Nike stock has been down by 2.67% as the market declined on Thursday. The shares are being traded at a stock price of $59.85, while the current market capitalization of the multinational development corporation is 104.80 billion. At the trading session on Thursday, the stock was seen hitting a high of $61.26 and a low of $59.78; it was seen fluctuating between these two prices.
The one-year high and low of share price of the business was seen at $68.19 and $45.35 per share respectively. The earnings per share reported were 1.84 with the price to earnings ratio of 32.61. Institutional investors own over 167% of the shares.
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