Russell Corporation
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| Russell Corporation | |
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| Type | Subsidiary of Berkshire Hathaway |
|---|---|
| Founded | 1902 |
| Headquarters | Alexander City, Alabama |
| Industry | sporting goods |
| Products | Athletic shoes, apparel, sports equipment, accessories |
| Revenue | $1.438 billion (FY 2005) |
| Website | http://www.russellcorp.com/ |
Russell Corporation is a manufacturer of athletic shoes, apparel, and sports equipment founded by Benjanmin Russell in 1902. Russell markets its products under many brands and subsidiaries, including Russell Athletic, Spalding, Huffy, and Brooks.
Russell Corporation is a wholly owned subsidiary of Berkshire Hathaway.
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[edit] Berkshire Hathaway sale
On August 2, 2006 Russell officially announced its sale to Berkshire Hathaway. Below is the official news release[1]
- ATLANTA, Aug 02, 2006 (BUSINESS WIRE)
- Russell Corporation (NYSE:RML), a leading branded athletic and sporting goods company, announced today the successful completion of its acquisition by Fruit of the Loom, Inc., a subsidiary of Berkshire Hathaway Inc. (NYSE|BRKA) (NYSE|BRKB). Russell stockholders approved the transaction at a special stockholder's meeting on August 1, 2006.
In connection with the closing, Russell intends to notify the New York Stock Exchange that each share of Russell common stock has been converted into the right to receive $18.00 in cash, without interest, and will request that the New York Stock Exchange file with the Securities and Exchange Commission an application to strike Russell Common Stock from listing and registration on the NYSE. In addition, Russell will file with the Securities and Exchange Commission a request that Russell Common Stock be deregistered and that Russell's reporting obligations under Sections 13 and 15(d) of the Securities Exchange Act be suspended.
[edit] Corporate influences
Throughout its history, Russell Corporation has been involved in the manufacturing and selling of equipment for many professional, collegiate, and high school sports teams. Most notably of these are its stint of manufacturing uniforms for Major League Baseball, the production of official basketballs for the NBA (through its subsidiary Spalding), and the production of official footballs for the AFL (also through Spalding). Russell also makes uniforms for select high school and college baseball and football teams, which is one of the corporation's major divisions.
[edit] Timeline[2]
- 1902 - The Russell Manufacturing Company is incorporated with Benjamin Russell as president. Assets include eight knitting machines and twelve sewing machines. The first finished product is a ladies' undershirt, or summer-weight vest. The mill's beginning capacity is 150 garments daily.
- 1912 - Electricity is installed in the Russell plant.
- 1914 - Russell purchases the Marble City Mills in Sylacauga, Alabama, but a cyclone demolished the plant that was covered by every known insurance, except windstorm.
- 1925 - Long underwear, sweaters, athletic shirts and ladies' bloomers are added to the production of ladies' vests, making a more complete product line.
- 1930 - The product line is again expanded to include fleece lined sweatshirts.
- 1932 - Russell acquires Southern Manufacturing Company which gives the company access to team apparel. This is the beginning of the Russell Athletic division's cutting and sewing operations.
- 1938 - Russell begins making woven athletic garments, including basketball, baseball and football pants and jackets.
- 1945 - Benjamin C. Russell dies and is succeeded as president by his brother, Thomas D. Russell.
- 1962 - Russell Manufacturing Company's name is changed to Russell Mills, Inc.
- 1967 - Russell develops the tear-away jersey.
- 1973 - Russell Mills' name is changed to Russell Corporation.
- 1983 - A line of styled sportswear and a line of basic T-shirts bearing the JERZEES label is introduced.
- 1985 - Russell's Common Stock begins trading on New York Stock Exchange (NYSE) on December 26, 1985.
- 1989 - Russell Corporation purchases Cloathbond, Limited, a knit apparel manufacturer in Livingston, West Lothian, Scotland. The name is later changed to Russell Corporation UK Limited.
- 1991 - Russell Corporation introduces NuBlend, a revolutionary poly/cotton fabric that virtually eliminates pilling. Russell also embarks on a massive recycling program with facilities located in Alexander City.
- 1994 - Russell Corporation acquires DeSoto Mills of Fort Payne, AL.
- 1995 - Sales reach $1 billion.
- 1997 - Russell is ranked 5th amongst apparel companies by Fortune Magazine in total return to investors over the 10 year period from 1986 to 1996.
- 1998 - John F. Ward is named Chairman, President, CEO of Russell Corporation.
- 1999 - Offices in Atlanta, GA are opened establishing dual headquarters with Alexander City.
- 2000 - Russell Corporation signs agreement to acquire the apparel operations of Haas Outdoors, Inc. and will create the Mossy Oak Apparel Company.
- 2002 - Russell acquires Moving Comfort
- 2004 - Acquires AAI (American Athletic), Huffy Sports and Brooks Sports
- 2006 - On April 17, Berkshire Hathaway has agreed to purchase 100% of Russell in order to take the company private.
- 2006 - On August 2, Berkshire Hathaway officially purchased 100% of Russell Corporation.[1]
- 2006 - On August 3, Chairman and CEO John F. Ward resigned.
[edit] References
- ^ a b Business Wire (2006-08-02). Acquisition of Russell Corporation Complete. Press release. Retrieved on 2006-08-07.
- ^ Russell Corporation Timeline. Russell Corporation. Retrieved on 2006-08-07.
