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Article: Crystal Brands to buy Palm Beach. (apparel manufacturers)
- Article from:
- WWD
- Article date:
- November 1, 1988
- Author:
CopyrightCOPYRIGHT 1988 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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CRYSTAL BRANDS TO BUY PALM BEACH
NEW YORK (FNS) -- Crystal Brands, Inc., will acquire Palm Beach, Inc., for about $95,500,000 in cash, the companies announced Monday.
Alfred P. Fuoco, president and chief executive officer of Palm Beach, will be leaving after the two firms merge.
The transaction will also result in the refinancing of about $195 million of long-term debt of Palm Beach. The merger is expected to be completed in December. A Crystal Brands spokesman said that the companies have been talking "for some time."
Crystal Brands' 1987 sales came to $359,814,000 and Palm Beach posted sales totaling $404,500,000. Net income of ...