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John Labatt Ltd., "already reeling from disruptions in professional sports and stalled in its plans to sell off its entertainment assets," has taken a C$90M hit to its Femza holding with the recent 15% devaluation of the Mexican Peso. Last July, Labatt purchased 22% of brewer. On Tuesday, the Mexican government lowered the limits on how low the peso trades with the U.S. dollar, which in turn led to the peso's devaluing by 15%. If this situation persists, Labatt may have to reduce the value of the Femza asset by about C$90M. Earlier this month, Labatt reported a C$13M loss from the baseball strike (Paul Brent, FINANCIAL POST, 12/22).
USA Hockey has announced that it has renewed and enhanced its partnership with Karhu USA, Inc. as an Official Sponsor and Supplier. Karhu will also become the Official Sponsor of USA Hockey InLine, a new program established to meet the needs of in- line hockey enthusiasts. Karhu, under the brand names of Jofa, Koho, Titan, Canadien and Heaton, is a designer and manufacturer of in-line and ice hockey sticks and equipment. Each agreement represents a two-year commitment on behalf of Karhu. Through its sponsorship of USA Hockey InLine, Karhu will assist in the development of instructional programs for in-line hockey players, coaches, and referees. Dave Smallwood, Karhu Hockey Division VP: "We are proud to continue our long-standing relationship with USA Hockey and look forward to providing further support for the development of local and national-level ice hockey and in-line hockey programs" (USA Hockey).