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S&P: Kellwood unchanged
Standard & Poor's said that its rating and outlook on Kellwood Co. (BB/negative) would not be affected by the company's announcement that it will acquire Hanna Andersson for $175 million.
The agency said that Kellwood intends to fund the entire purchase with cash on hand, which amounted to $321 million at May 5.
Hanna Andersson had annual sales of $100 million in 2006, S&P said, adding that this transaction expands Kellwood's presence in the children's market, as the company already owns Gerber Childrenswear.
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