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TULTEX CORPORATION SIGNS AGREEMENT TO ACQUIRE PROFESSIONAL SPORTS HATWEAR LICENSEE

 TULTEX CORPORATION SIGNS AGREEMENT TO ACQUIRE
 PROFESSIONAL SPORTS HATWEAR LICENSEE
 MARTINSVILLE, Va., June 12 /PRNewswire/ -- Tultex Corporation (NYSE: TTX), a major vertical manufacturer of activewear and branded apparel, has signed an agreement to acquire Universal Industries, Inc., Mattapoisett, Mass., a privately-owned professional sports hatwear licensee, John M. Franck, Tultex chairman and chief executive officer, announced today.
 "The acquisition," Franck commented, "continues Tultex's penetration into the sports licensing and branded sportswear apparel market, which began with the acquisition in January of Logo 7. The marketing impact of promoting Logo 7's brands through hats will give us a distinct competitive edge.
 "The licensed sports apparel business, including athletic caps, continues to grow at an annual rate in excess of 25 percent per year, and Logo 7 and Universal are major players in this market. Licensed caps are an important addition to Logo 7's apparel lines and fit well with distribution channels already established. We expect substantial synergies as Universal is combined into the Logo 7 operation."
 The all-stock deal, valued at $11.1 million, is expected to affect positively 1992's per share earnings, Franck said. During calendar year 1991, Tultex had sales of $315.2 million, Logo 7 $90.8 million and Universal $34.6 million.
 Tultex, a vertically integrated manufacturer and marketer of activewear and licensed sports apparel, sells many of its products under the Tultex, Discus Athletic and Logo 7 brand names. The company operates manufacturing plants in Virginia, North Carolina, Indiana and Jamaica.
 -0- 6/12/92
 /CONTACT: John M. Franck, chairman and CEO of Tultex, 703-632-2961; or Tom Shine president and CEO of Logo 7, 317-545-6646/
 (TTX) CO: Tultex Corporation; Universal Industries, Inc. ST: Virginia, Massachusetts IN: TEX SU: TNM


KD-LR -- NY079 -- 9880 06/12/92 17:38 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
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