P.M. BRIEFING : Japanese Firm to Buy Thermos
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PROSPECT HEIGHTS, Ill. — The Thermos Co. whose vacuum bottles and lunchboxes are an American institution from kindergartens to construction sites, is being bought by Japanese manufacturer Nippon Sanso K.K. for an undisclosed sum.
Thermos’ parent firm Household International Inc. said in a news release that it expects to complete the cash transaction by the end of August.
Thermos, based in Freeport, Ill., is the largest of six manufacturing subsidiaries that Household is selling as part of its decision to focus on the financial services businesses, which include Household Finance Corp.
Thermos, established in 1907, is a leader in the design, manufacturing and marketing of outdoor leisure products in North America and Europe. It is best known for commercialization of the glass vacuum bottle. The company also makes lunch boxes and recreational products.
The company employs about 1,900 people in the United States, Canada and England. It had sales of about $194 million in 1988.
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