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VALLEY AND VENTURA COUNTY | REGIONAL ROUNDUP

OroAmerica Buys Jene Gold Jewelry Business

October 06, 1998

OroAmerica, the Burbank-based jewelry manufacturer and distributor, has completed its purchase of the Jene karat-gold jewelry business for an undisclosed amount.

The purchase fits in with the company's strategy of increasing market share through acquisitions. The Minneapolis-based Jene generated about $10 million in sales in 1997.

OroAmerica President and Chief Executive Officer Guy Benhamou said the purchase would expand the company's reach "in the mass merchandise retail store channel."

Shiu Shao, OroAmerica's chief financial officer, noted that his company was buying the products and customer base from one Jene division, not acquiring the company or any of its employees. He said he did not know if the purchase would result in layoffs at Jene.

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