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TULTEX COMPLETES ACQUISITION OF SPORTS APPAREL SCREENPRINTER

    TULTEX COMPLETES ACQUISITION OF SPORTS APPAREL SCREENPRINTER
    MARTINSVILLE, Va., Feb. 3 /PRNewswire/ -- Tultex Corporation (NYSE: TTX), one of the nation's largest producers and marketers of activewear apparel, has completed the acquisition of Logo 7, Inc., an Indianapolis-based screenprinter of sports apparel, John Franck, chairman and chief executive officer, announced today.
    Terms of the purchase were $15 million of a new series of Tultex cumulative convertible preferred stock and $45 million in cash.  The new preferred stock has a par value of $100 and will be convertible into approximately 1.5 million shares of Tultex common stock at $10.02 per share.  The preferred stock will have an annual dividend of 7.5 percent and will vote with common stock on all matters, with each preferred share having one vote.
    Organized in 1971, Logo 7 has become a leader in producing and marketing professional sports licensed apparel.  The company is a licensee of the National Football League, Major League Baseball, the National Hockey League, the National Basketball Association, and other sports organizations for imprinting sports apparel with team logos and designs.  Logo 7 acquires blank garments from a number of sources, and screenprints and embroiders a variety of logos and designs on those garments for sale through mass merchandisers, team shops, sporting goods stores and chain stores.  Most of the company's products are sold under the "Logo 7" brand name.  Logo 7 projects sales in excess of $85 million in 1991 and has a strong record of sales growth and profitability.
    Tultex Corporation is a leading vertically integrated manufacturer, marketer and distributor of fleecewear and T-shirts.  It operates yarn and apparel manufacturing facilities in Virginia, North Carolina and Jamaica.  Its activewear line includes sweatshirts, jogging suits, track suits and other garments sold under the Discus Athletic and Tultex brand names.  Tultex also manufactures a significant volume of apparel under private label arrangements with wholesale and retail customers.  It recently announced a licensing agreement with Levi Strauss Associates to make and market fleecewear under the Britannia brand name.
    For the year ended Dec. 29, 1990, Tultex had sales of $355,117,000 and net income of $23,470,000.  For the nine months ended Sept. 29, 1991, net sales were $193,914,000 and net income was $12,000, compared with sales of $247,347,000 and net income of $12,757,000 for the same period in 1990.
    -0-       2/3/92
    /CONTACT: Don P. Shook, VP-finance and administration of Tultex, 703-632-2961, ext. 2304/
    (TTX) CO:  Tultex Corporation; Logo 7 Inc. ST:  Virginia, Indiana IN:  REA SU:  TNM CK-TM -- NY066 -- 6206 02/03/92 12:41 EST
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Publication:PR Newswire
Date:Feb 3, 1992
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