Manufacturer of suitcases Samsonite buys competitor for $1.8 billion

Manufacturer of suitcases Samsonite buys competitor for $1.8 billion

Manufacturer of suitcases Samsonite buys competitor for $1.8 billion
Manufacturer of Luggage, bags and travel accessories Samsonite International SA Tumi Holdings buys U.S. Inc., issuing excess baggage, for $1.8 billion.

As stated in the press release Samsonite, the company will pay $26,75 per share Tumi that includes a 33% premium to the value of the shares for the last closing of the market on Wednesday.

Tumi, founded in 1975, completed an IPO in 2012. The company has more than 100 of its own stores, its products are also sold in stores premium retailers.

In 2015, Tumi revenue increased 3.9% to $547,7 million, net income amounted to $63 million.

The deal will allow Samsonite to expand operations into “a very attractive segment of premium Luggage and accessories,” according to the company.

In addition, buy Tumi will provide savings on costs, particularly in logistics and marketing, noted in Samsonite.

The parties expect to close the deal in the second half of this year.

Samsonite was founded in 1910 in Denver. She is currently registered in Luxembourg, in 2011 the company completed an IPO in Hong Kong.

The company is developing its business through the purchase of assets it had previously acquired brands such as American Tourister and Lipault. In 2014, its revenues amounted to $2.4 billion.