Nike Divests Umbro Brand, Honeywell Buys Saia: Merger and Acquisitions Update
Nike (NYSE:NKE) divests its Umbro affiliate brand to Iconix Brand Group (NASDAQ:ICON) for the price of $225 million in a transaction set to close by the end of 2012. The former had announced in May that it planned to sell the brand, so the move was widely anticipated.
Shares of the plastic products producer Spartech Corporation (NYSE:SEH) are up more that 60 percent in mid-afternoon trading on the news that it has agreed to be bought by the chemical firm PolyOne Corporation (NYSE:POL) in a transaction worth $246.3 million. The buyer expects that the deal should eventually add 50 cents to its earnings per share.
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Honeywell International (NYSE:HON) will acquire Saia Burgess Control from Hong Kong-based Johnson Electric for $130 million in a deal that should close by the end of January. Saia produces touch-screen panels, programmable controllers, and other equipment for heating and air conditioning systems.