NEW YORK, Aug. 29 /PRNewswire/ -- Hanesbrands Inc. will replace Tecumseh Products Co. (NASD: TECUA) in the S&P MidCap 400 index after the close of trading on Tuesday, September 5. Hanesbrands is being spun off by S&P 500 and S&P 100 index constituent Sara Lee Corp. in a deal expected to close on or about that date, pending final approvals. At today's close of trading Tecumseh had a market capitalization of approximately $275 million, ranking 400th in the index.
Standard & Poor's will monitor this transaction, and post any relevant updates on its website: http://www.standardandpoors.com/.
Hanesbrands is a consumer goods company that designs, manufactures, sources and sells apparel essentials under brands such as Hanes, Champion, Playtex and Wonderbra. Headquartered in Winston-Salem, NC, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Apparel, Accessories & Luxury Goods Sub-Industry index.
Following is a summary of the change:
S&P MIDCAP 400 INDEX - September 5, 2006
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Hanesbrands Consumer Discretionary Apparel, Accessories
& Luxury Goods
DELETED Tecumseh Products Industrials Industrial Machinery
Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
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