Stone Corporation

In: Business and Management

Submitted By ippo123
Words 628
Pages 3
Latar Belakang Masalah
J.H. Stone & Sons, Produsen kardus, kertas karton dan produk kertas didirikan oleh Joseph Stone pada tahun 1926 dan setelah perang dunia II dirubah menjadi perusahaan dengan nama Stone Container Corporation. Pada awal pendiriannya Stone berkembang pesat dengan cara mengakuisisi perusahaan-perusahaan lain. Perusahaan tersebut mempunyai kebijakan membayar akuisisi tersebut dengan kas atau meminjam dana dengan pelunasan sesegera mungkin. Seiring dengan perkembangan perusahaan Stone , perusahaan memutuskan menjual sahamnya kepada publik dengan menerbitkan 250,000 lembar saham perdana pada tahun 1947. Dengan dilakukannya IPO, Stone dapat memperluas strateginya. Perusahaan tersebut mulai mengakuisi lebiha banyak dari sebelumnya dengan tujuan mendiversifikasi produknya yang bergerak dalam industri kertas. Sehingga pada tahun 1987 Stone berhasil meningkatkan kapasitas produksinya hingga empat kali lipat , namun hal tersebut diiringi oleh pinjaman yang sangat besar. Stone Forest Industries, anak perusahaan dari Stone Container, dibentuk dalam rangka untuk meringankan sebagian besar hutang Stone, sehingga pada akhirnya Stone Container berhasil untuk menghilangkan hutang tersebut.
Pada Tahun 1989 Stone kembali melakukan strategi akuisisi kali ini dengan mengakuisisi Consolidated-Bathurst Inc perusahaan produsen pulp dan kertas terbesar ke lima di Canada, dengan harga $2.7 milyar , yang membuat Stone menjadi perusahaan kedua terbesar didunia dalam industry pulp,kertas dan karton, namun dalam pembiayaan akuisisi ini Stone melakukannya dengan meminjam $3.3 milyar kepada bank. Masalah muncul ketika Strategi Stone dalam melakukan pendanaan terhadap akuisisinya dengan mengeluarkan obligasi dengan yield tinggi (junk bond) menjadi gagal karena adanya aturan dari regulator yang mengharuskan bank untuk menghilangkan junk bonds…...

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