Word: levi
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Descendants of Levi Strauss, the California gold-rush jeansmaker who founded the world's largest apparel manufacturer, announced in San Francisco last week that they are "exploring" a move to recapture full family ownership of the company, by taking it private in a $1 billion-plus leveraged buyout. The move is led by Robert D. Haas, 43, the Levi Strauss president and a great-great-grandnephew of the firm's founder. Haas claims the backing of other family members who own some 40% of the outstanding Levi common stock. They wish to purchase the rest, which has been issued since...
Industry analysts believe the buyout makes sound business sense. Faced with a slump in jeans sales in recent years, Levi in the past 20 months has ruthlessly slashed costs, closing 14 domestic plants and an additional nine abroad while laying off some 5,500 workers. Net profits are up for the leaner Levi, and prospects are improving. Meanwhile, lower interest rates make it cheaper for the family to borrow money to finance the buyout. LEGISLATION Taking On Takeovers...
Doing business in Burma has often cost American companies p.r. points: Pepsi, Apple Computer and Levi Strauss are just a few of the U.S. firms that pulled out of the military-ruled state after being pressured by human-rights groups. Now, however, doing business with regimes like the one in Rangoon may cost American companies cash as well as goodwill. Last week, California-based oil giant Unocal chose to settle a landmark lawsuit launched by 14 Burmese refugees who alleged that the company was responsible for human-rights abuses by Burmese soldiers working on the $1.2 billion Yadana gas pipeline...
...America, while 10% make the same link with Kleenex. So 33% of respondents say they will avoid Barbie, but only 10% won't touch the tissues. (Worldwide Barbie-doll sales fell 13% in the third quarter of 2004.) The study found that U.S. brands with few substitutes such as Levi's and Microsoft should go unscathed. But 43% of consumers overseas say they won't smoke Marlboro cigarettes. "I don't think foreign policy is going to drive down quarterly revenues right away," says GMI chief operating officer Mitchell Eggers, who spearheaded the study. "But over time, given the sharp...
...Bishops are among the world's best wool craftspeople, outfitting legions of Americans since 1863 with signature products like plaid lumberjack shirts and brightly colored blankets. And that isn't likely to change, despite stiff competition from China, where textile quotas are about to be lifted. Although Levi's 501s, Fruit of the Loom briefs and Pillowtex pillows are no longer "Made in America," this Pacific Northwest apparel maker has found a way to continue weaving woolens here at home. Knowing it can't compete against overseas firms on low cost or mass scale, the private company has kept...