US-based branded athletic and sporting goods company Russell Corporation is to be acquired by holding company Berkshire Hathaway. The acquisition, which is subject to stockholder and regulatory approval, is expected to close in the third quarter of 2006.

Jack Ward, chairman and chief executive officer, of Russell Athletic stated that the merger agreement will place Russell in a stronger financial position.

The company has also announced that Julio Barea,  senior vice president and president/chief executive officer of Russelll Athletic’s Activewear division will retire with effect May 15.

Other restructuring has also taken place. Tony Lannuzzi, who has been in Russell's artwear business for 17 years, has been promoted to general manager of Artwear/Careerwear and Al Lopez, who joined Activewear as vice president of Activewear's mass retail channel in 2004, has been promoted to general manager for the mass retail business including the Jerzees brand, Mossy Oak and all Activewear operations in Mexico. Furthermore, Dean Riggs will return to the company on April 18 as corporate vice president of operations.