Tumi Holdings, Inc. completed the acquisition of the remaining 50% stake in Tumi Japan from Ace Co.,Ltd. and ITOCHU Corporation.
January 06, 2016
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Tumi Holdings, Inc. (NYSE:TUMI) entered into an agreement to acquire the remaining 50% stake in Tumi Japan from Ace Co.,Ltd. and ITOCHU Corporation (TSE:8001) for approximately ¥520 million on November 4, 2015. The transaction is expected to close in the first quarter of 2016 subject to the satisfaction of customary closing conditions. Tumi Holdings expects the acquisition to be earnings neutral to its consolidated financial results in the first year and accretive to earnings thereafter. Jean Fontana, Joseph Teklits, Alecia Pulman and Brittany Fraser of ICR, Inc. acted as PR advisor in the transaction.
Tumi Holdings, Inc. (NYSE:TUMI) completed the acquisition of the remaining 50% stake in Tumi Japan from Ace Co.,Ltd. and ITOCHU Corporation (TSE:8001) on January 6, 2016.
Itochu Corporation is a diversified group organized around 8 areas of activity:
- distribution of food products (34.9% of net sales): frozen food, vegetable oil, sweeteners, sugars, etc.;
- distribution of hydrocarbons (23.3%): hydrocarbons (natural gas, oil products, bioethanol, etc.). The group also develops manufacturing of chemical products activity;
- manufacturing and sale of industrial and construction machines, vehicles and ships (9.7%);
- production of metals and coal (8.5%);
- sale of consumer products (8.4%). The group also develops forest products sale and real estate development activities;
- distribution of computing and telecommunication equipments (7%): data transmission, Internet access, media content broadcasting and mobile telephony equipments. The group also offers financial services;
- sale of textile products (3.6%);
- other (4.6%).
Net sales are distributed geographically as follows: Japan (79.5%), Singapore (5.4%), the United States (4.5%), Australia (3.1%), China (2.8%) and other (4.7%).
ITOCHU CORPORATION 
