December 5, 1997 |
American sewing machine and consumer products maker Singer Co. announced a sweeping restructuring plan, including massive job cuts and the naming of a new president and chief executive. Singer brought back its former treasurer, Stephen Goodman, from a stint at Bankers Trust to be its new president and CEO. He replaces Iftikhar Ahmed as president, who had been with the company for 31 years. The company said Ahmed will remain on its board of directors and serve as a consultant.
January 25, 1997 |
Monsanto Co. said Friday that its fourth-quarter earnings rose 1.1%, in line with expectations, to cap a year in which the company moved to shed its remaining chemicals business and establish itself as a dominant force in agricultural biotechnology. Profit from operations rose to $90 million, or 15 cents a share, from $89 million, also 15 cents a share, in the year-earlier period. The results were just short of the 16-cents-a-share forecast by analysts. St.
January 26, 1995 |
Singer Buying Back Russian Plant: Parent company Semi-Tech Corp. of Canada has acquired a 70% stake in the huge sewing machine factory about 35 miles south of Moscow. The plant, taken over from Singer by the Bolsheviks eight decades ago, is the only manufacturer of sewing machines in the former Soviet Union, said the English-language Moscow Times. Since the company's 1991 privatization, it has eliminated 4,500 of its 12,500 jobs, factory President Grigory Komarenko said.
August 1, 1991 |
Singer to Go Public: The company that makes Singer sewing machines is going public again, two years after International Semi-Tech Microelectronics Inc. of Toronto bought it. About 15.5 million shares in SSMC Inc. will be sold at a price of $14 to $16 a share. Proceeds will be used to retire debt incurred in the 1989 buyout.
June 10, 1989 |
Paul A. Bilzerian, who rose from humble origins to become a corporate raider and chairman of Singer Co., was convicted Friday on nine counts of securities fraud and tax fraud. The case, which charged that Bilzerian's takeover attempts relied in part on fraud, gave federal prosecutors their first guilty verdict in the chain of big Wall Street securities fraud and insider trading cases sparked by information from former stock speculator Ivan F. Boesky. The others have resulted in guilty pleas or mistrials or are pending.