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NIKE COMPLETES ACQUISITION OF SPORTS SPECIALTIES CORP., WORLD'S LARGEST LICENSED SPORT CAP COMPANY

 BEAVERTON, Ore., Jan. 14 /PRNewswire/ -- NIKE Inc. (NYSE: NKE; PSE) announced today that it had successfully completed its acquisition of 100 percent of Sports Specialties Corp., the largest marketer and distributor of licensed headwear in the world. The acquisition had been in progress since June 1992, when NIKE announced the signing of a letter of intent.
 Irvine, Calif.-based Sports Specialties was established in 1928 and pioneered the business of licensed sports products. Nike purchased the company from the Oppenheimer-Palmieri Workout Fund L.P., owners of all Sports Specialties Corp. stock. Terms of the acquisition were not disclosed. Robert and James Warsaw, the current chief executive officer and president, respectively, will remain with the company, as will all other management. The company will be operated as a subsidiary of Nike Inc., with its operating results consolidated under the purchase method beginning immediately. Sports Specialties' 1992 revenues totaled approximately $65 million.
 "The accessories business is one of the fastest-growing areas of the sports and fitness industry in the United States and around the world. Headwear alone is a $1.5-billion retail segment in the U.S. and holds great potential for rapid growth internationally," said Nike Chief Executive Officer Philip H. Knight. "Sports Specialties' high-quality products and expertise fit naturally with Nike's global marketing capabilities and leadership position in the sports and fitness industry."
 Nike Inc., based in Beaverton, is the world's leading designer and marketer of authentic athletic footwear, apparel and accessories for sports and fitness activities. Worldwide revenues for the 12 months ending Nov. 30, 1992, were $3.7 billion. The company's other subsidiaries and brands are Cole-Haan, a dress and casual shoe company in Yarmouth, Maine, Tetra Plastics, a manufacturer of specialized plastic films in Chesterfield, Mo., and i.e., a brand of casual shoes for women.
 -0- 1/14/93
 /CONTACT: Press: Liz Dolan, 503-671-3509, or Analysts: Ron Parham, 503-671-3079, both of Nike/
 (NKE)


CO: Nike Inc.; Sports Specialties Corp.; Oppenheimer-Palmieri Workout
 Fund L.P. ST: Oregon, California IN: TEX SU: TNM


SW-JH -- SE008 -- 4933 01/14/93 13:53 EST
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Publication:PR Newswire
Date:Jan 14, 1993
Words:344
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