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Knitting / Apparel

Berkshire To Acquire Fruit Of The Loom39 S Apparel Business

New FOL Inc., a subsidiary of Omaha, Neb.-based Berkshire Hathaway Inc., will acquire Bowling Green, Ky.-based Fruit of the Loom Ltd.s basic apparel business operations for a purchase price of $835 million.Weve agreed to buy Fruit of the Loom for two major reasons: the strength of the brand and the managerial talent of John B. Holland, said Warren E. Buffett, chairman, Berkshire Hathaway. Holland is COO of Fruit of the Loom.New FOL will assume post-petition liabilities and certain specified pre-petition liabilities of the business.Fruit of the Loom is currently operating as a debtor-in-possession pursuant to its Chapter 11 bankruptcy filing pending before the United States Bankruptcy Court for the District of Delaware. Proceeds from the sale will be distributed to creditors pursuant to Fruit of the Looms plan of reorganization.Berkshires acquisition will complete the companys tremendous operational turnaround and pave the way for emergence from Chapter 11, said Holland.The companies expect to close the transaction in the first quarter of 2002.

December 2001