Esselte unit agrees to acquire Leitz

Article Abstract:

Esselte Office Products Inc., an office-supply company based in Sweden, announced that it agreed to purchase L. Leitz International GmbH, for DM600 million, or $337.7 million, in cash and debt. The Esselte-Leitz deal will form a firm with approximately $1.5 billion in combined yearly sales worldwide. The planned purchase of Leitz by Esselte will bolster the latter's platform in Europe, mainly in Germany. Leitz, which is the biggest office-supply equipment group in Germany, employs 2,400 people and has subsidiaries in the UK, Turkey, France, the Netherlands, Austria and Switzerland.

Comment:

Agrees to purchase L. Leitz International GmbH of Germany for DM600 mil, or $337.7 mil, in cash and debt

Asset sales & divestitures, Acquisitions & mergers, Germany, Stationery & Office Suppl Stores, Office Supplies and Stationery Stores, Office supply stores, L. Leitz International GmbH, Esselte Office Products Inc.

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Volvo unveils first of new cars designed to broaden its base

Article Abstract:

Volvo has introduced Volvo S80, its first model of luxury sedans, to improve its base of products and provide the avenue for its plan to create larger Volvos including station wagons, coupes and possibly a minivan. The introduction of the new model is also a means to avoid Volvo customers defecting to competitors such as BMW and Mercedes, since they can provide the changing vehicle needs of customers. The new model, priced at around $45,000, will be available in the market by the end of 1998.

Comment:

Has introduced Volvo S80, its first model of luxury sedans, to improve base of products

Product introduction, Automobile Manufacturing, Sedans, AB Volvo

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