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Smith Corona Corp

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BUSINESS
January 2, 1993 | CHRIS KRAUL
Smith Corona Corp., the nation's last typewriter manufacturer, will begin operating a huge plant on Tijuana's Otay Mesa early this year. The company said it is moving manufacturing capacity from Cortland in Upstate New York to Tijuana to take advantage of lower labor costs. A spokeswoman said that "fully burdened" labor costs, including insurance and taxes, are $18 to $20 an hour per employee in New York, contrasted with $4 an hour in Mexico.
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BUSINESS
September 29, 1998
* McDonald's Corp., the largest restaurant company, said it plans to buy back $3.5 billion of its stock, or 8.9% of shares outstanding, over the next three years to bolster its lagging stock price. The company also said it expects to meet earnings estimates for the third quarter. It's expected to earn 69 cents a share, according to analysts surveyed by First Call Corp., up from 63 cents a year earlier. Shares rose $2.63 to close at $59.88 on the NYSE. * Japan's auto exports dropped 14.
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NEWS
July 6, 1995 | DON WOUTAT, TIMES STAFF WRITER
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.
BUSINESS
October 10, 1995 | Times Staff and Wire Reports
Smith Corona Gets Buyout Offers: The typewriter maker said it is reviewing the offers as part of its reorganization while in bankruptcy. None of the offers would cover all creditors' claims, it said. Officials would not say how many offers have been received or who submitted them. Facit, a Swedish company, said Friday that it had submitted one of the proposals. New Canaan, Conn.-based Smith Corona Corp. filed for bankruptcy July 5 amid a shrinking market for typewriters.
BUSINESS
August 9, 1991 | From Times Staff and Wire Reports
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.
BUSINESS
November 7, 1990 | From Times Wire Services
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.
BUSINESS
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.
BUSINESS
October 10, 1995 | Times Staff and Wire Reports
Smith Corona Gets Buyout Offers: The typewriter maker said it is reviewing the offers as part of its reorganization while in bankruptcy. None of the offers would cover all creditors' claims, it said. Officials would not say how many offers have been received or who submitted them. Facit, a Swedish company, said Friday that it had submitted one of the proposals. New Canaan, Conn.-based Smith Corona Corp. filed for bankruptcy July 5 amid a shrinking market for typewriters.
BUSINESS
January 28, 1997 | Times Staff and Wire Reports
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.
BUSINESS
August 18, 1992 | HARRY BERNSTEIN
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.
NEWS
July 6, 1995 | DON WOUTAT, TIMES STAFF WRITER
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.
BUSINESS
January 2, 1993 | CHRIS KRAUL
Smith Corona Corp., the nation's last typewriter manufacturer, will begin operating a huge plant on Tijuana's Otay Mesa early this year. The company said it is moving manufacturing capacity from Cortland in Upstate New York to Tijuana to take advantage of lower labor costs. A spokeswoman said that "fully burdened" labor costs, including insurance and taxes, are $18 to $20 an hour per employee in New York, contrasted with $4 an hour in Mexico.
BUSINESS
August 18, 1992 | HARRY BERNSTEIN
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.
BUSINESS
August 13, 1992 | SUSAN MOFFAT, TIMES STAFF WRITER
Nearly 20 years of U.S.-Japan typewriter wars reached a head several weeks ago when America's biggest seller of consumer typewriters, Connecticut-based Smith Corona, announced that it was moving its last American factory to Mexico. Smith Corona complained that it was driven out of the United States by unfair competition from Japan-based Brother Industries, which had been found guilty by the U.S. government of dumping products at below "fair value."
BUSINESS
July 30, 1992 | SUSAN MOFFAT, TIMES STAFF WRITER
Nearly 20 years of U.S.-Japan typewriter wars reached a head last week when America's biggest seller of consumer typewriters, Connecticut-based Smith Corona, announced that it was moving its last American factory to Mexico. Smith Corona complained that it was driven out of the United States by unfair competition from Japan-based Brother Industries, which had been found guilty by the U.S. government of dumping products at below "fair value."
BUSINESS
July 22, 1992 | SUSAN MOFFAT, TIMES STAFF WRITER
Blaming inadequate U.S. government action to combat dumping by Japanese word processor makers, Smith Corona announced Tuesday that it was shutting down its last U.S. manufacturing plant and moving it to Mexico, eliminating 875 jobs in Cortland, N.Y. Smith Corona Chairman G. Lee Thompson blamed lax enforcement of U.S. trade laws for forcing the company's move to Mexico. "Foreign competition is moving in and clearing out manufacturing in the U.S.," he said in a telephone interview Tuesday.
BUSINESS
August 13, 1992 | SUSAN MOFFAT, TIMES STAFF WRITER
Nearly 20 years of U.S.-Japan typewriter wars reached a head several weeks ago when America's biggest seller of consumer typewriters, Connecticut-based Smith Corona, announced that it was moving its last American factory to Mexico. Smith Corona complained that it was driven out of the United States by unfair competition from Japan-based Brother Industries, which had been found guilty by the U.S. government of dumping products at below "fair value."
BUSINESS
August 9, 1991 | From Times Staff and Wire Reports
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.
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