July 6, 1995 |
The 113-year-old Smith Corona Corp. filed for bankruptcy protection Wednesday, offering an advance look at the epitaph for the typewriter. Smith Corona, a once-dominant typewriter-maker that has fallen victim to the spectacular rise of the personal computer and tough Japanese competition, said it needed protection from creditors while it scrambles to come up with new financing.
August 9, 1991 |
Japan Found Guilty of 'Dumping' Word Processors: The International Trade Commission ruled that low-priced Japanese personal word processors were injuring American manufacturers, and that high anti-dumping duties should be imposed. The ITC's final ruling was on a complaint by Smith Corona Corp. that word processors were being "dumped" on the U.S. market at below fair prices. The Commerce Department will now impose duties on the smaller processors, an ITC official said.
November 7, 1990 |
Smith Corona Corp. said today it has filed an anti-dumping petition seeking relief from unfairly low-priced imports of personal word processors from Japan. In its petition, filed late Tuesday with the U.S. Department of Commerce, Smith Corona estimated that major Japanese producers including Brother and Panasonic have been selling their products at more than 30% below their fair market price over the last year.
June 6, 1989
Hanson Selling Smith Corona Shares: Hanson PLC, which took over Smith Corona Corp. in 1986, announced that it plans a public offering of up to 15.75 million shares of its subsidiary. Hanson, which said it had filed with the Securities and Exchange Commission for approval of the offering, said it expected the shares to sell for between $23 and $25 each. The proceeds of the offering will go to Hanson, the company said in a statement. If all of the 15.75 million shares are sold, Hanson will retain approximately 46.3% of the stock in typewriter maker Smith Corona.
January 28, 1997 |
Revco D.S. Inc., the second-largest U.S. drugstore chain, is in talks to be acquired by CVS Corp., which ranks fifth, the companies said. The companies did not elaborate on any potential deal. . . . New York filed suit against the nation's tobacco giants, becoming the 20th state to try to recover money spent for health care from the industry. . . . Smith Corona Corp.'s Chapter 11 reorganization plan was confirmed by a U.S. Bankruptcy Court judge. . . . Prudential Securities Inc.
August 18, 1992 |
By moving to Mexico and abandoning 875 workers in the small town of Cortland, N.Y., the Smith Corona Corp. is no more "anti-American" than most other U.S.-based corporations moving abroad in search of cheap labor. But it is hard to argue that the rush of so many of our companies to low-wage countries is helping America or the majority of its workers.