K2 Inc. has completed another milestone in its mission to develop the worlds preeminent sporting goods company, after completing the acquisition of Worth, Inc. KTO expects the deal to be accretive to its earnings per share in the first 12 months after closing.
For the year ended June 30, 2002, Worth generated total sales of $57.8 million.
Worth, Inc. will be folded into the Rawlings Sporting Goods company and Robert Parish, CEO of Worth, has assumed the helm at the combined entity. Parish will serve as president of Rawlings Sporting Goods, a wholly-owned subsidiary of K2, Inc. and will report to Richard Heckmann, CEO of KTO.
Parish had been with Worth, a privately held company founded in 1912, since 1990.
The new company will see Rawlings focused on Baseball, Worth primarily focused on Softball and the deBeer brand servicing the Lacrosse market.
Former Rawlings CEO Steve O'Hara has landed as president and CEO of Angelica Corp., a Missouri provider of linen services and uniforms for the health-care industry.
O'Hara replaces Don W. Hubble, the chairman, president and chief executive of Angelica. Hubble will keep his position as chairman of Angelica's board.
O'Hara, who been on Angelica's board since 2000, was CEO of Rawlings for five years, but decided to look for new opportunities after K2, Inc. acquired Rawlings in March.
In a published report, O'Hara described his departure from Rawlings as amiable, saying he wanted a new opportunity. “It was time for me to move on.”
In other K2 news, the company said Friday that the Dow Jones News Service inaccurately reported that Robert Parish, the new president of Rawlings Sporting Goods, sold approximately 700,000 shares of company stock. KTO clarified that the stock sale was in fact executed by John Parish, the founder of Worth Inc. who retired in 1996.
