ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, October 10, 1995                   TAG: 9510100065
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: 
DATELINE: NEW CANAAN, CONN.                                LENGTH: Short

BIDS FOR SMITH CORONA

Typewriter maker Smith Corona has received several buyout offers and is reviewing them as part of its reorganization while in bankruptcy, the company said Monday.

None of the offers would cover all creditors' claims, the company said.

``The board is still reviewing all of the proposals. If they find one that is very appealing, they will try to go forward with that one,'' said spokesman Richard Wool.

A Swedish company, Facit, announced Friday that it had submitted one of the buyout proposals.

Officials at Smith Corona would not say how many offers it has received, or who submitted the proposals.

Smith Corona filed for bankruptcy July 5 amid a shrinking market for typewriters.

Its sales volume dropped after its main competitor, Brother Industries Ltd., cut prices on many of its models that Smith Corona was not able to match.

In May, the company said it planned to cut 26 percent of its work force - about 750 jobs worldwide - as part of a restructuring. The company said the job cuts, to be completed over the next year, would save the company about $21 million a year after 1996.

- Associated Press 


 by CNB