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WOLVERINE WORLD WIDE EXECUTES LETTER OF INTENT TO SELL BROOKS ATHLETIC SHOE BUSINESS

 WOLVERINE WORLD WIDE EXECUTES LETTER OF INTENT
 TO SELL BROOKS ATHLETIC SHOE BUSINESS
 ROCKFORD, Mich., Sept. 25 /PRNewswire/ -- Wolverine World Wide, Inc. (NYSE: WWW) today announced that it has signed a letter of intent to sell its Brooks athletic shoe business to the sporting goods division of the Seattle-based Rokke Group, an American-Norwegian industrial group. Brooks' revenues reflected in Wolverine's financial statements for 1992 are expected to be in excess of U.S. $60 million.
 "The sale of the Brooks athletic shoe business will enable Wolverine to concentrate on its core Hush Puppies and Wolverine business," said Thomas D. Gleason, Wolverine World Wide chairman and CEO. "The contemplated sale is to a company familiar with Brooks' products and the global potential for this brand. One of the Rokke Group's companies is presently a distributor of Brooks shoes in Norway. We believe the Rokke Group is well situated to capitalize on the recent expansion of the international Brooks marketing effort to more than 50 countries."
 The closing of the transaction is subject to a number of conditions, including an acceptable due diligence investigation by the buyer, and the negotiation and execution of a definitive agreement. The final purchase price will be based in part on the closing date level of the assets associated with the Brooks business and upon an audited closing balance sheet.
 As a part of the transaction, Wolverine has an option to sell its wholly owned Brooks operations in the United Kingdom, France and Germany to the Rokke Group.
 "While we expect the sale, including sale of the UK, French and German operations, will result in a charge to Wolverine's earnings in the third quarter, the transaction will provide positive cash flow which the company will use to pay down debt," said Gleason.
 The Brooks athletic shoe heritage traces back to 1914 and is today viewed as a premier running brand with a strong record of technical innovation. Brooks' technological breakthroughs that have become industry standards include EVA midsole cushioning material, reflective strips, and the diagonal rollbar. Recent patented innovations include the HydroFlow cushioning system that absorbs shock in a superior manner and the Propulsion Plate System(R) that features a carbon-fiber plate to add stability and "spring" to Brooks shoes.
 The sporting goods division of the Rokke Group includes the largest sporting goods company in Norway, founded in 1901, as well as international leisure and athletic clothes manufacturing and shoe distribution. The American-Norwegian Rokke Group also includes major companies in the shipbuilding, furniture and fisheries industries. Focusing on the production, sale and distribution of branded products worldwide, the Rokke Group's global gross revenues for 1992 are projected to exceed U.S. $600 million.
 "The acquisition of Brooks reflects our long-term commitment to the international sporting goods industry," said Johnny Austad, president of the Rokke Group's sporting goods division.
 The investment banking firm of Hayes & Griffith, Chicago, and Orkla Finans International, Oslo, have been retained to assist in the transaction.
 Wolverine World Wide, Inc. manufactures and markets a wide variety of branded footwear and pigskin leather. In addition to Brooks, major branded products of the company include: Hush Puppies(R) shoes, Wolverine(R) work and sport footwear, Wolverine Wilderness(R) footgear, apparel and accessories, Coleman(R) footgear, Harbor Town by Hush Puppies(R) footwear, Bates(R) uniform footwear and Bates Floaters(R), Tru-Stitch(R) slippers, Sioux-Mox(R) moccasins, Wimzees(R) casual footwear, Town & Country(R) women's shoes, Kroupana sueded pigskin and Breathin' Brushed Pigskin(R) leather.
 -0- 9/25/92
 /CONTACT: Jim Lovejoy of Wolverine World Wide, 616-866-5539 or (fax) 616-866-0257/
 (WWW) CO: Wolverine World Wide, Inc.; Rokke Group ST: Michigan, Washington IN: REA SU: TNM


SM-JM -- DE016 -- 3559 09/25/92 14:20 EDT
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Date:Sep 25, 1992
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