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Fri Jun 24, 2005
Singer sells JA operation
Singer International has sold its Jamaican operation.
However General Manager of Singer Jamaica, Sharon Spence, says this will not impact on the jobs of the hundreds of persons Singer now employs.
Ms. Spence says the new owners are upbeat about Jamaica and interested in building on the present operation.
A release out of the Netherlands Antilles on Friday said the Singer Retail business in Jamaica had been sold to AON International for approximately US $8.5 million.
AON paid Singer three million dollars in cash and half-a-million dollars in an interest bearing, secured promissory note. The rest of the money is to be used to cover payables.
Singer said it would lose $1.6 million on the sale.
Singer Jamaica operates 18 retail stores across the island which sell a broad range of consumer products.
AON International is a privately owned wholesale distributor of consumer goods throughout the Caribbean.
It had previously acquired Singer's Retail business in Guyana.
The sale of the Jamaican company represents the final divestment in Singer’s restructuring program.
Last year Singer announced the divestment of its worldwide sewing business and the ownership of its trademark with the exception of its operations in Jamaica and Asia.
At that time the company claimed that it would use a portion of the money from the divestment to strengthen its Jamaican operation.
Singer sells JA operation
Singer sells JA operation
Singer International has sold its Jamaican operation.
However General Manager of Singer Jamaica, Sharon Spence, says this will not impact on the jobs of the hundreds of persons Singer now employs.
Ms. Spence says the new owners are upbeat about Jamaica and interested in building on the present operation.
A release out of the Netherlands Antilles on Friday said the Singer Retail business in Jamaica had been sold to AON International for approximately US $8.5 million.
AON paid Singer three million dollars in cash and half-a-million dollars in an interest bearing, secured promissory note. The rest of the money is to be used to cover payables.
Singer said it would lose $1.6 million on the sale.
Singer Jamaica operates 18 retail stores across the island which sell a broad range of consumer products.
AON International is a privately owned wholesale distributor of consumer goods throughout the Caribbean.
It had previously acquired Singer's Retail business in Guyana.
The sale of the Jamaican company represents the final divestment in Singer’s restructuring program.
Last year Singer announced the divestment of its worldwide sewing business and the ownership of its trademark with the exception of its operations in Jamaica and Asia.
At that time the company claimed that it would use a portion of the money from the divestment to strengthen its Jamaican operation.
Singer sells JA operation