Business & Finance
P&O Princess Cruises PLC is merging with Miami-based Royal Caribbean Ltd., creating the world's largest cruise ship company in an industry hurt by the Sept. 11 attacks. London-based Princess said the combined company would be worth about $6 billion in the stock market. It would be based in Miami and have 41 ships and 75,000 berths, topping Miami-based Carnival Cruise Lines. Princess will own 50.7 percent of the new group, with Royal Caribbean taking 49.3 percent. The deal would be completed in the second quarter of 2002.
Mohawk Industries Inc. will acquire Dal-Tile International Inc. for more than $1.4 billion, the companies said. The merger also includes the assumption of $261.7 million in Dal-Tile debt. Calhoun, Ga.-based Mohawk is a leading producer of woven and tufted broadloom carpets and rugs. Dallas-based Dal-Tile is the largest manufacturer, distributor, and marketer of ceramic tile in the US.
Consumer goods giant Sara Lee Corp. said it will cut 1,000 more jobs than earlier disclosed, raising the number being eliminated to 14,263 employees, or 9 percent of last year's workforce. Most of the new cuts will be made in the company's intimates and underwear business, where sales have declined. Chicago-based Sara Lee makes products including Chock full o'Nuts coffee, Hanes underwear, and Hillshire Farm sausages.
Japan's No. 1 maker of bearings, NSK Ltd., will cut 2,500 jobs, most of them overseas, as part of restructuring efforts. The firm plans to sell or shut down four of its nine European plants, paring its European workforce by 1,500, or 20 percent. It also will cut US and Japanese payrolls by 500 each, more than a 10 percent reduction.