July 21, 1999
OroAmerica Seeks To Acquire Competitors
OroAmerica Inc., a major gold and silver jewelry manufacturer in Burbank, CA, is holding preliminary negotiations to acquire two close competitors, according to Bloomberg News Service.
"We're looking at people in the same business as us, but probably smaller," Guy Benhamou, CEO of OroAmerica, told Bloomberg. OroAmerica is in talks with one company that has $60 million in sales and another with $40 million, he said, but he refused to name the companies.
In February, OroAmerica attempted unsuccessfully to acquire Michael Anthony Jewelers, a gold jewelry manufacturer in Mt. Vernon, NY, for $6 a share. Michael Anthony's board of directors decided the proposal was "inadequate." (Read related story.)
- by Stacey King