Kellwood Company announced today that it has reached an agreement to sell its Auburn Hosiery Division and European operations to Delta Galil Industries, according to Robert C. Skinner, Jr., corporate vice president of Kellwood Company.
(Logo: http://www.newscom.com/cgi-bin/prnh/20011220/CGTH038LOGO )
Auburn Hosiery was acquired through Kellwood's purchase of Gerber Childrenswear in 2002. The hosiery market has not been a primary focus of Kellwood's portfolio and the decision to sell Auburn Hosiery will allow the Company to concentrate on its core business strategies. The sale will be completed in November 2003.
"We have enjoyed working with the management team at Auburn Hosiery and believe that Delta Galil will be able to focus on the growth potential of the Auburn Hosiery brands," commented Skinner.
Arnon Tiberg, Chief Executive Officer of Delta Galil, said, "We believe that, once the transaction is completed, Delta will enjoy a favorable addition to our socks business by adding well-known brand names to our existing lines, penetrating the U.S. mass market in the socks category and enhancing Delta's marketing capabilities in the United States. The acquisition will follow and complement the successful acquisition by Delta of the Canadian socks manufacturer and marketer, Dominion Hosiery Mills, in early 2000."
Kellwood is a marketer of apparel and recreational camping products. The Company specializes in branded as well as private label products, and markets to all channels of distribution with product specific to a particular channel. Kellwood brands include Sag Harbor(R), Koret(R), Jax(R), David Dart(R), Democracy(R), David Meister(TM), Dorby(TM), My Michelle(R), Briggs New gerbe hosiery York(R), Northern Isles(R), David Brooks(R), Kelty(R), and Sierra Designs(R). Run Athletics(TM), Def Jam University(TM), Calvin Klein(R), XOXO(R), IZOD(R), Dockers(R), Gerber(R), EMME(R), Slates(R) and Bill Burns(R) are produced under licensing agreements. For more information, visit http://www.kellwood.com/ .
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of the safe harbor provisions of the federal securities laws. Actual results may differ materially due to risks and uncertainties that are described in the Company's Form 10-K and other filing with the SEC.
CONTACT: Corina Taylor of Kellwood Company, +1-314-576-3391, fax, +1-314-576-3434, corina.taylor@kellwood.com ; Aviram Lahav of Delta Galil Industries Ltd., 972-3-519-3744; or Rachel Levine of The Anne McBride Company, +1-212-983-1702, ext. 207
Web site: http://www.kellwood.com/
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