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Article: Fossil wants to buy 75% of Fostim.(Brief Article)
- Article from:
- WWD
- Article date:
- January 16, 1996
CopyrightCOPYRIGHT 1996 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Fossil Inc. has signed a letter of intent to purchase from Seiko Corp. a majority interest in the distributor of Fossil products in Japan.
The Japanese distributor, Fostim, is currently a wholly owned subsidiary of Seiko. The price would be about $700,000 for more than 75 percent of the company, Fossil said, and the deal is expected to be completed in April.
However, Fossil, based in Richardson, Tex., noted that the terms of the acquisition are still subject to the negotiation of a definitive agreement and said there can be no assurances that the purchase will be completed. Fossil said that in April 1994, it signed a five-year agreement giving ...