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Samsonite Corp

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BUSINESS
February 23, 2001 | Reuters
Samsonite Corp., the world's largest luggage maker, said it will cease manufacturing in the United States for the first time in its 91-year history, citing higher labor costs and an underutilized plant. Samsonite said it will lay off 340 employees, or 4% of its work force, and close a plant in Denver that was operating at less than 10% of its capacity. Samsonite said demand for hard-cased luggage, the kind made at its Denver plant, has fallen sharply in recent years.
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BUSINESS
February 23, 2001 | Reuters
Samsonite Corp., the world's largest luggage maker, said it will cease manufacturing in the United States for the first time in its 91-year history, citing higher labor costs and an underutilized plant. Samsonite said it will lay off 340 employees, or 4% of its work force, and close a plant in Denver that was operating at less than 10% of its capacity. Samsonite said demand for hard-cased luggage, the kind made at its Denver plant, has fallen sharply in recent years.
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BUSINESS
May 14, 1998 | Bloomberg News
Samsonite Corp. said it will buy back as much as 59% of its shares for $40 each, or about $480 million, dropping an earlier plan to sell 50% of the company to an investor group and pay shareholders a special dividend. The maker of Samsonite and American Tourister luggage also said it set up a "poison pill" plan to thwart unsolicited takeover offers. The buyback price represents a 38% premium to Samsonite's closing price Tuesday.
BUSINESS
May 14, 1998 | Bloomberg News
Samsonite Corp. said it will buy back as much as 59% of its shares for $40 each, or about $480 million, dropping an earlier plan to sell 50% of the company to an investor group and pay shareholders a special dividend. The maker of Samsonite and American Tourister luggage also said it set up a "poison pill" plan to thwart unsolicited takeover offers. The buyback price represents a 38% premium to Samsonite's closing price Tuesday.
BUSINESS
March 24, 1998
* Samsonite Corp. said it is in talks to sell a 50% stake in the troubled company to unnamed parties and would use the proceeds to pay a $30-a-share dividend to stockholders. The luggage maker also plans a restructuring that will cut 111 jobs and will take a charge of about $2.6 million in its first fiscal quarter. * Maytag Corp. said it expects its first-quarter earnings to be "much better" than the 61 cents a share estimated by analysts, thanks to strong sales of new appliances.
BUSINESS
February 7, 1996 | Times Staff and Wire Reports
Higher postal rates helped boost the U.S. Postal Service's net income for its first fiscal quarter to a record $1.2 billion from $228 million during the same period a year earlier. . . . Samsonite Corp. said it will consolidate some of its U.S. manufacturing facilities, fire 137 workers and take a $2.4-million charge in its fiscal fourth quarter.
BUSINESS
July 11, 1994 | Associated Press
Frustrated with cellular phones and laptops that run out of power? Samsonite Corp. and Besicorp Group Inc. have teamed up to produce a briefcase equipped with a solar panel that can collect solar energy for such electronic goods. The luggage manufacturer and the alternative-energy company announced a joint venture in which Sun Wize Energy Systems Inc., a subsidiary of Besicorp., will manufacture the battery panels and Samsonite will install them in its briefcases.
BUSINESS
June 20, 1998 | From Bloomberg News
Interpool Inc. and Leon Black's Apollo Management agreed to buy Xtra Corp., which leases trailers and freight containers, for $1.9 billion in stock and assumed debt. Apollo and Princeton, N.J.-based Interpool, which also leases cargo containers, will pay $65 a share in cash, or about $976 million, for 90% of Boston-based Xtra. News of the deal boosted Xtra shares up $14.94 to close at $61 on the New York Stock Exchange. Interpool rose $1.06 to close at $15.75, also on the NYSE.
BUSINESS
December 8, 1990 | From Times Staff and Wire Reports
With his company attempting to restructure a massive debt load, Meshulam Riklis resigned as chairman and chief executive of E-II Holdings Inc., along with the other members of the board. Samsonite Corp. President Steven J. Green will take over as chief executive from Riklis--the Turkish-born husband of entertainer Pia Zadora who has been a fixture on the corporate scene for three decades and has bought and sold a wide variety of holdings.
BUSINESS
August 3, 2005 | Josh Friedman
Ares Management, a Los Angeles-based investment management firm, announced two deals Tuesday, agreeing to buy the maker of Serta mattresses and taking a "significant" minority stake in the owner of Anchor Blue and Most casual clothing chains. Ares Capital Opportunities, the firm's private equity fund, and the private equity arm of the Ontario, Canada Teachers' Pension Plan said they would pay an undisclosed sum for Chicago-based National Bedding Co.
BUSINESS
March 24, 1998
* Samsonite Corp. said it is in talks to sell a 50% stake in the troubled company to unnamed parties and would use the proceeds to pay a $30-a-share dividend to stockholders. The luggage maker also plans a restructuring that will cut 111 jobs and will take a charge of about $2.6 million in its first fiscal quarter. * Maytag Corp. said it expects its first-quarter earnings to be "much better" than the 61 cents a share estimated by analysts, thanks to strong sales of new appliances.
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