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Article: Crystal Brands set to acquire Palm Beach. (clothing manufacturers)
- Article from:
- Daily News Record
- 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 Set to Acquire Palm Beach SOUTHPORT, Conn. (FNS) -- Crystal Brands, Inc., owner of the Izod Lacoste brand name, will acquire Palm Beach, Inc., for about $95.5 million in cash, the companies said 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' stock closed Monday at 22 1/4, down 3/4 on the New York Stock ...