The world's largest travel suitcase manufacturer, Samsonite, is about to acquire its American competitor Tumi, according to business paper The Wall Street Journal.
2 billion dollar deal
Inside sources say Samsonite may announce the Tumi acquisition this week, which means the luxury suitcase, trolley, tablet cover and wallet manufacturer would become part of Samsonite's ranks. Apparently, the deal would be worth 2 billion dollars, about 1.83 billion euro.
Tumi, founded in 1975, went public on the NYSE in 2012 and is currently worth 1.4 billion dollars. Samsonite is listed in Hong Kong and has a 4 billion dollar value. Even if you look at turnover, Samsonite is way bigger than its target: 2.4 billion (up 17 % compared to last year) compared to 548 million dollars (+ 3.9 % compared to last year).
Samsonite, with its registered office in Luxembourg, has its European headquarters and research center in Belgian Oudenaarde, where more than 600 people work.