Samsonite completes Tumi acquisition

Luggage manufacturer and retailer Samsonite International S.A. announced on Monday that its purchase of America-based Tumi Holdings Inc. has been completed.
The company first announced in March that it would buy the New Jersey-based suitcase manufacturer for a total consideration of US$1.82 billion (MOP14.6 billion) and plans to expand Tumi’s business in Asia and Europe in addition to strengthening its presence in North America.
‘The Board is pleased to announce that all of the conditions to closing under the merger Agreement have been satisfied, and closing took place [on Monday]. Upon Closing, Tumi became an indirect wholly-owned subsidiary of the Company,’ it wrote in Monday’s filing.
Currently, Samsonite operates two retail stores in the SAR, located in The Venetian and in Galaxy Phase II in Cotai. There are also two Tumi stores in the city, located in The Venetian and in the DSF Galleria City of City of Dreams.
For the 2015 fiscal year Samsonite posted an increase of 6.1 per cent in its net profit attributable to shareholders, amounting to US$197.6 million vis-à-vis the US$186.3 million seen one year ago.