Word: stroh
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Dates: during 1980-1989
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...brewer, has spent the past two months trying to merge with Olympia Brewing Co. of Washington State, while in the process having to fend off takeover attempts by the Wisconsin-based G. Heileman Brewing Co., as well as legal attacks by a dissident Pabst shareholder, Irwin Jacobs. Meanwhile, the Stroh Brewery Co. of Detroit, which acquired New York City's F. & M. Schaefer Co. in 1981, is still struggling to digest its latest takeover victim, the venerable Jos. Schlitz Brewing Co. of Milwaukee, which Stroh acquired for $497 million in June...
Schlitz's decline made it an easy target for takeover this summer by the much smaller Stroh, Detroit's family-owned regional brewery. In an audacious move to go national, Stroh borrowed $340 million, five times its net worth, to buy Schlitz...
Chairman Peter Stroh, the great-grandson of the firm's founder, saw the acquisition as a defense against the growing power of Busch and Miller. Says he: "Expanding was immensely important to our survival...
Carefully watching the developments around Schlitz was Peter W. Stroh, 54, president of the Stroh Brewery Co. of Detroit, founded by his great-grandfather, a German immigrant, in 1850. Stroh's is the largest family-owned brewery in America and the seventh biggest in the industry. Michigan and other Midwestern college students had chugged Stroh's for generations; Detroit Tiger baseball fans lazed to commercials for Stroh's on hot summer afternoons. In the 1970s Easterners began smuggling Stroh's out of its Midwestern market, turning it into somewhat of a cult beverage. Stroh...
...Stroh calculated that buying Schlitz would be a quick way to become third in the industry. It would also be a cheaper way to grow than building new facilities. The cost of building a new factory was between $60 and $80 per bbl. of annual productive capacity, but the Schlitz plant was only $25 per bbl. Expansion by acquisition was not new to Stroh. The company bought the F. & M. Schaefer Corp. of New York in 1981, giving it a beachhead in Eastern markets. On March 29, Stroh announced its intention of buying huge chunks of Schlitz stock, seeking...