Printer Friendly

NIKE TO ACQUIRE SPORTS SPECIALTIES CORP., WORLD'S LARGEST LICENSED SPORT CAP COMPANY

 NIKE TO ACQUIRE SPORTS SPECIALTIES CORP.,
 WORLD'S LARGEST LICENSED SPORT CAP COMPANY
 BEAVERTON, Ore., June 18 /PRNewswire/ -- Nike Inc. (NYSE: NKE; PSE) announced today that it had entered into an agreement to acquire, for an undisclosed sum, 100 percent of Sports Specialties Corp., the largest marketer and distributor of licensed headwear in the world. The Irvine, Calif.-based Sports Specialties was established in 1928 and pioneered the business of licensed sports products. Sales for the current year are expected to be $70 million.
 Nike has signed a letter of intent with the Oppenheimer-Palmieri Fund L.P., owners of all Sports Specialties Corp. stock. 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. The acquisition is subject to certain contingencies which are not expected to delay the closing. Nike expects the transaction to be concluded within 60 days.
 "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 management has scheduled a conference call for 5 p.m. EDT today to discuss the acquisition. Interested investors may participate by calling 800-788-1664.
 Nike Inc., based in Beaverton, Ore., 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 Feb. 29, 1992, were $3.2 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., Side 1, a brand of fitness shoes for women, and i.e.., a brand of casual shoes for women, both based in Portland.
 -0- 6/18/92
 /CONTACT: Liz Dolan (press), 503-671-3509, or Ron Parham (analysts), 503-671-3079, both of Nike/ CO: Nike Inc.; Sports Specialties Corp. ST: Oregon, California IN: HOU SU: TNM


SC -- SE010 -- 1645 06/18/92 16:22 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 18, 1992
Words:388
Previous Article:BON-TON TO OPEN STORE IN WATERTOWN, NEW YORK
Next Article:SOUTHWEST AIRLINES' RAT RACE PARODIES ADVENTURES OF CORPORATE LIFE DURING FREEDOM FESTIVAL ACTIVITIES
Topics:


Related Articles
NIKE COMPLETES ACQUISITION OF SPORTS SPECIALTIES CORP., WORLD'S LARGEST LICENSED SPORT CAP COMPANY
NIKE DECIDES NOT TO BID ON MADISON SQUARE GARDEN PROPERTIES
NIKE AND UNIVERSITY OF MICHIGAN ANNOUNCE RELATIONSHIP
NIKE ANNOUNCES PLANS TO ACQUIRE OUTSTANDING SHARES OF CANSTAR SPORTS INC.
CANADIAN BUREAU OF COMPETITION POLICY APPROVES NIKE'S PROPOSED ACQUISITION OF CANSTAR
NIKE'S OFFER FOR CANSTAR IS APPROVED BY REGULATORS
NIKE REPORTS RECORD REVENUES AND EARNINGS FOR FOURTH QUARTER AND FISCAL 1996; FULL-YEAR REVENUES TOP $6 BILLION
NIKE JOINS PRESIDENT CLINTON'S FAIR LABOR COALITION
NikeTown New York City Two Buildings in One: Old New York Meets the Future
VF's Vanity Fair Intimates and Nike Sign License Agreement.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters