Russell Corp acquires Huffy's basketball division

The owner of Russell Athletics acquired the assets of Huffy Sports Company, a division of Huffy Corporation, the US bicycle supplier, for $30m
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Russell anticipates the Huffy Sports acquisition will be accretive in 2005, but is forecasted to be 4 cents to 5 cents per share dilutive for the second half of 2004. The projected dilution will be offset by the profits from the recently announced sale of its investment interest in Marmot Mountain, Ltd. As announced last week, Russell has an 8.5 cents per share one-time gain in the second quarter from the sale t

Huffy Sports employs approximately 200 people in its office and assembly operations in Sussex, WI. It sells products through a variety of channels, including specialty sporting goods retailers, toy stores and mass merchandisers in addition to institutional sales.

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