Russell Corporation on Friday announced that it has completed the acquisition of the brands, inventory, contracts and related assets of the sporting goods business of Spalding Sports Worldwide, Inc.
As announced in April, Russell is acquiring the assets for $65 million and the agreement includes the SPALDING brand name as well as DUDLEY, a leading brand of softballs, and Sherrin, a leading brand of Australian rules football equipment. Sales for the Spalding sports goods business in 2002 were $90 million, including $10 million in royalties from license agreements.
“Spalding is another milestone in our expansion strategy as we develop a stronger focus on the athletic and outdoor markets,” said Jack Ward, chairman and CEO. “Like Russell, Spalding has a truly authentic athletic heritage. Today, it is one of the leading sporting goods companies and the Spalding brand name also is licensed around the world for products such as apparel, shoes, sporting goods and related products.”
