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Bent ConsoUalated Overseas - Indiana University：弯曲consoualated海外-印第安那大学.doc
Bent ConsoUalated Overseas
Kent Consolidated Overseas Manufacturing Company (KCO) was a highly integrated manufacturer of trucks for both commercial and industrial applications. More than 90 percent of its business was in the manufacture of industrial trucks, axles, transmissions, and related components. Rental of its products and sale of replacement parts were also important phases of the companys operations. KCO had some eleven manufacturing plants in the United States and manufacturing and sales subsidiaries in England, France, and Germany as well as Canada and several South American countries. Sales in 1974 were $987 million, with net income of $36.1 million. Of this, overseas sales (excluding $95 million in exports from
Copyright ? 1985, 1975 by Gunter Dufey. This case was prepared by Jeffrey R. Williams under the supervision of Professor Gunter Dufey as a basis for class discussion.
79
80 Funding and Capital Structure
the United States) were $209 million, of which $151.7 million (72.6 percent) were accounted for by subsidiaries in England, France, and Germany. KCO operations worldwide had experienced substantial growth in recent years and overall company volume had doubled since 1970. Management felt that the addition of much-needed plant and equipment was necessary for the continued success of the company; thus, production capacity was scheduled to increase by 22 percent during 1975. KCOs projected capital expenditures companywide for 1975 were $64.8 million (as compared to $51.8 million in 1974). Partially because o￡ the scale of the expansion program, KCO had recently secured additional financing: $72 million were raised through an offering of debentures and notes, and revolving credit agreements with seven major banks were increased to $109 million (up from $35 million in 1973).
Kent Consolidated also controlled Kent Credit Corporation (KCC), a wholly owned, nonconsolidated domestic finance subsidiary of the company, which financed retail time sales of Ke
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