Sumitomo Corporation of America Acquires Hartz Mountain Corp.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Sumitomo Corporation Sumitomo Corporation (住友商事, Sumitomo Shōji) TYO: 8053 is a highly built worldwide trading company (Sogo shosha), and is a diversified corporation based in Tokyo, Japan. It is a member company of the Sumitomo Group. of America (SCOA SCOA Standard Chart Of Accounts SCOA Societe Commerciale de l'Ouest Africain (Paris, France) SCOA South Carolina Orthopaedic Association SCOA South Carolina Optometric Association SCOA Spinone Clubs of America ), together with its parent, Sumitomo Corporation, Japan (SC), an integrated global trading company, purchased JWC JWC Joint Warfare Center JWC Joint Water Committee JWC Joint Warfighting Center JWC Jewish World Congress JWC Junior Bassmaster World Championship JWC Journal Watch Cardiology Hartz Holdings, Inc., the holding company of The Hartz Mountain Corporation, the leading U.S. pet supplies company, from J.W. Childs Equity Partners II, L.P., for $388 million. The announcement was made today by Atsushi Nishijo, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Sumitomo Corporation of America, and Robert Devine, President and CEO of The Hartz Mountain Corporation. Hartz Mountain was founded in 1926 and assumed its name after importing canaries from the Harz Mountains in Germany. Hartz is the leading pet care brand name in the U.S. and Canada, offering more than 1,500 different products through more than 40,000 retail outlets and is dedicated to the health and well-being of companion animals. The company is based in Secaucus, NJ, and will continue to function as an independent business under the current leadership team headed by President and CEO Robert Devine. "The change in ownership is a very positive development for our business," said Robert Devine. "Hartz will continue the effort to reposition the brand and drive growth with new products and technologies. We also envision a number of valuable synergies emerging from this new relationship, not the least of which is a chance for us to expand our reach into markets and channels with a high degree of sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. and a history of pet ownership. The new Hartz Mountain will be stronger and more global." For over 78 years, Hartz Mountain has been committed to providing pet lovers across America with the most innovative products and technological solutions that will ensure their pets lead longer, happier and healthier lives. Hartz Mountain also actively contributes to the pet care community and is committed to protecting and enhancing animal welfare. The SCOA acquisition will allow Hartz the opportunity to undertake a number of new business initiatives, such as enhanced cross border sourcing and development of new markets and distribution channels in Asia and Europe. "Hartz Mountain is a brand name with a very strong history and great credibility," said Atsushi Nishijo, President and CEO of SCOA. "This is a significant acquisition for SCOA and for SC, and we are very pleased that the Hartz management team will be part of the SCOA family." J.W. Childs Associates is a leading private equity investment firm based in Boston. J.W. Childs specializes in leveraged buyouts and recapitalizations of middle-market growth companies and currently manages $3.4 billion of equity capital. J.W. Childs purchased Hartz Mountain in 2000 from the founding family. Tri-Artisan Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a New York-based merchant bank, advised Sumitomo Corporation of America on the transaction. Sumitomo Corporation of America was established in 1952 and is the largest wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Sumitomo Corporation. SCOA has offices in ten major cities and over 30 subsidiaries in the United States. An integrated global trading company with diversified investments and trading businesses, SCOA works closely with its parent as an organizer of multinational projects and a financier. SCOA is an investor in several venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: and participates as a strategic Japanese partner with companies in the biotech and life sciences communities. Based in Tokyo, Sumitomo Corporation is one of the world's leading traders and distributors of commodities, industrial and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and . Besides its role as a trading organization, Sumitomo Corporation is an investor in a wide array of businesses that position the company in markets with long-term potential. Sumitomo Corporation has offices in 73 countries and a consolidated staff of 31,589. |
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