February 27, 1987
In order to slash operating costs by $32 million annually, Toledo, Ohio-based Owens-Illinois Inc. is offering all 2,000 of its salaried administrative employees incentives to quit. The severance offer includes early retirement for workers 55 and older and those aged 50 and over with more than 30 years of service. "If not enough people accept the offer, then there will be involuntary cutbacks," company spokesman Sam Allen said.
April 20, 1989 |
RJR Nabisco Inc. today reported its first-quarter income tumbled 62% because of costs associated with its takeover by Kohlberg Kravis Roberts Inc. and the failure of its smokeless cigarette. The Atlanta-based consumer products company said its after-tax earnings amounted to $103 million, down from $273 million a year earlier. Earnings per share were 44 cents vs. $1.09 in the first quarter of 1988. Sales in this year's first quarter totaled $4 billion, up 5% from $3.8 billion in 1988.
April 21, 1989 |
RJR Nabisco Inc. reported a 62% drop in first-quarter net income Thursday, blaming the decline on the costs of its takeover by Kohlberg Kravis Roberts Inc. and the failure of its smokeless cigarette. The company reported net income of $103 million, down from $273 million in the same quarter a year ago, and earnings per share of 44 cents, down from $1.09 in the first quarter of 1988. Sales in the quarter were up 5%, to $4 billion from $3.8 billion in 1988. Without the merger-related costs and a charge for the discontinued test of its Premier smokeless cigarette, earnings per share would have been $1.41 and net income would have been up 17% to $320 million in the first quarter, RJR Nabisco said.
October 5, 2000 |
Hicks Muse Tate & Furst Inc. and Kohlberg Kravis Roberts Inc. are discussing whether to cut their losses on a $1-billion bet on Regal Cinemas Inc. or up the ante by buying the theater chain's troubled rivals. With Regal bonds selling for 12 cents on the dollar and lenders pushing to get repaid, Hicks Muse co-founder Thomas Hicks said the two buyout firms, among the world's biggest, have deep enough pockets to help revive the business.
August 11, 1991 |
If the 1980s buyout boom was a binge for takeover strategists and corporate raiders, the 1990s are turning out to be a sober morning-after for some. Ronald Perelman has been forced to sell assets and restructure finances at Revlon Inc. Carl Icahn and T. Boone Pickens, who also made acquisitions that burdened their companies with debt, have had to take similar steps. Some observers say these notorious deal-makers may not have cut such good deals after all.