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Article: Phillips-Van Heusen Corporation to Acquire Assets of Superba, Inc.
- Article from:
- Business Wire
- Article date:
- October 11, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Phillips-Van Heusen Corporation [NYSE:PVH] announced today that it has entered into a definitive agreement to acquire substantially all of the assets of privately-held Superba, Inc., a leading manufacturer and distributor of neckwear in the United States and Canada, for $110 million, subject to adjustment, plus an earn-out over a three-year period based on the earnings of the acquired business for each of the first three years after the closing, with a maximum value of $70 million. Superba's current year net sales are estimated to be approximately $140 million. The all-cash transaction is subject to customary conditions and governmental approvals and is ...