US: Berkshire Hathaway completes acquisition of Russell Corp
Under the terms of the deal, Berkshire Hathaway has paid US$18 a share for the apparel and sporting goods maker, in a transaction valued at $597m. However, it will also assume an estimated $400m-500m in debts.
The sale should put Russell Corp in a stronger financial position and help improve its competitiveness in the apparel, sports equipment and athletic shoes sectors.
Russell Corp, which makes the Jerzees, Spalding and Russell Athletic sportswear brands, embarked on a restructuring and cost-cutting exercise in January that saw the loss of around 2,300 jobs, mainly in the US.
The acquisition will also expand Berkshire Hathaway's apparel holdings, which includes the Fruit of the Loom, Garan and Fechheimer brands.
As reported on just-style.com yesterday, Russell's chairman and CEO John F Ward is to step down after more than eight years.
Apparel exports to the US from Egyptian qualified industrial zones are soaring, manufacturing investments are on the up, and retailers and importers are putting more business into the country. Jozef D...
VF Corp has added another trophy to its outdoor mantel. The Greensboro, North Carolina-based jeans and sportswear maker said Monday (29 January) that it had completed its acquisition of adventure trav...
Apparel maker VF Corp is to sell its intimate apparel business for US$350m to Berkshire Hathaway unit Fruit of the Loom as part of its strategy to streamline its operations....
Outdoor goods chain Blacks Leisure has issued its third profit warning in six months after sales plunged during the Christmas period....
John Zawacki, president and chief executive officer of direct marketer Blair Corp, will retire from the company and its board on 1 April 2007....
Blacks Leisure's CEO is staying quiet on rumours the struggling business could be the bid interest of business mogul Mike Ashley, the man behind the Sports World International and Lillywhites names....
Sports goods firm Russell Athletic has appointed Doug Kelly as company president....
US: Former Fruit of the Loom executive facing fraud charges...
- 2014: Year in review - Sourcing winners and losers
- COMMENT: The decline of the buying office
- 2014: Year in review - Brand winners and losers
- 2014: Year in review - Retail winners and losers
- Bangladesh: The business benefits of compliance
- Report urges overhaul of Cambodia factory safety
- North Face debuts locally-grown "backyard" hoodie
- Bangladesh knitting worker killed by faulty lift
- Apparel manufacturing leads US reshoring trend
- Triumph recalls 22,000 bras for underwire fault