Under Armour, MLB ink supplier deal

Under Armour has quickly risen from an upstart sporting apparel company to one of the biggest and most recognizable brands in the competitive field. Under Armour chief executive Kevin Plank announced Monday the company will become the official performance footwear supplier for Major League Baseball for the 2011 season.

Though the financial terms of the deal were not disclosed, the sponsorship deal between Under Armour - which logged $1 billion in revenue last year - and the MLB is a huge win for the Maryland-based sporting goods supplier as it competes for market share against such industry players as Nike, Adidas and Reebok.

However, the deal is not a binding deal for all players: Plank told reporters that MLB players will still be able to wear any brand of cleats they want. Nonetheless, the deal should give a sales boost to Under Armour's footwear division that currently accounts for roughly 16 percent of its sales.

Under Armour expects the added press and media attention to boost sales in its shoes department, which has seen a jump in sales in recent months since both New England Patriots quarterback Tom Brady and University of Auburn Heisman Trophy winner Cam Newton have worn Under Armour shoes exclusively.