Apparel maker Hartmarx Corp. said on Monday that it had agreed to buy Exclusively Misook Inc., a women's knit products company, for at least $30 million, boosting earnings by 12 cents to 15 cents per share in fiscal 2005.
Hartmarx, which is based in Chicago, said that Misook Doolittle, founder and designer, has signed a five-year employment agreement and will run the business as a free-standing unit. It is expected to add $35 million to sales.
Hartmarx will pay $30 million in cash at the close of the deal, subject to certain post-closing adjustments. It may make more payments over five years if certain earnings levels are achieved, it said.