American Industries to acquire shares in Sirena Apparel Group, Inc.
PORTLAND, Ore.--(BUSINESS WIRE)--May 5, 1997--AmericanIndustries, Inc., announced today that will it's got reached agreement toacquire coming from Signal Richesse Corporation approximately 1,096,000 shares(approximately 24%) of the common Stock regarding The Particular Sirena Apparel Group,Inc. (NASDAQ:SIRN).
American Industries currently holds 412,000 shares (approximately 9%) associated with Sirena's common Stock. Your purchase, which can be expected to be consummated prior towards the finish regarding May, will carry the actual holdings of American Industries in order to approximately 1,500,000 shares or even 32.4% involving the outstanding stock, creating American Industries Sirena's largest single shareholder.
The Sirena Apparel Group, Inc. designs, companies along with markets branded private-label swimwear and resortwear pertaining to each principal segment of your women's market. Sirena's branded products contain the Anne Klein collection associated with designer swimwear, the actual Sirena collection of better misses swimwear, your hot Water collection of much better juniors swimwear, the actual Rose Marie Reid collection of traditional misses' swimwear, the actual WearAbouts collection of resortwear and the Sirena Kids collections regarding branded girls swimwear.
In addition, Sirena's plr division provides value -- priced swimwear and also resortwear to become able to national chain department stores as well as mass merchandisers under a variety of labels. Within April, 1997, Sirena entered into an agreement along with Liz Claiborne, Inc. in order to design, manufacture as well as industry LIZ CLAIBORNE and ELIZABETH branded swimwear. Sirena's goods are targeted in women, young adults as well as girls, with a youthful attitude regardless of age.
Howard Hedinger, Chairman in the Board as well as President regarding American Industries said: "I am delighted to possess an chance to participate in the company using the thrilling prospects involving Sirena Apparel. With its widely acknowledged brands and fashionable styling, I believe that Sirena is actually well positioned to girls swimwear turn out to be a substantial aspect in the market for women's along with girls' swimwear along with resortwear.
"I am really impressed making use associated with their operating people. That They have an superb management team with numerous many years of experience inside the apparel industry." Hedinger asserted your agreement contemplates that three Sirena directors will resign as well as that will American Industries expects to seek representation in Sirena's board involving directors.
Douglas Arbetman, president as well as slix australia chief executive officer of Sirena said: "We welcome the actual extra investment by simply American Industries and its vote associated with confidence pertaining to our vision associated with Sirena's future."
American Industries is a privately held, Portland-based company engaged throughout investments, specifically within the metal support center business as well as in real estate acquisition and development, furthermore slix australia to other interests. Until 1995, the business operated American Steel service centers within Oregon, Washington, Northern California as well as Canada.
In 1995 American Industries formed the joint venture using Los Angeles-based Reliance Steel & Aluminum company to become able to operate the American Steel services centers. American Industries remains a 50% owner in the actual joint venture.
CONTACT: American Industries Inc.
Howard Hedinger, 503/222-0060