Unclear items can be covered in the class discussion.
He started as a jobber of corrugated boxes, and based the business strategy on quality service and a reasonable price. During the Great Depression the company moved from being jobbers to manufactures as a result to stay in business amid economic policy changes. The company grew significantly by acquisition and, through the experiences of the Great Depression, had the policy of not sustaining debt for long periods of time.
The company incorporated after World War II and continued to grow by acquisitions. This allowed the company to diversify itself and reduce production by purchasing mills and plants that produced materials needed for corrugated containers.
Roger Stone became CEO of the company in He did not have the same feelings toward long standing debt and moved away from the foundational premise of retaining debt. These acquisitions were financed by highly leveraging the company and selling off company stock. So much debt was obtained during these acquisitions, that Stone created the subsidiary Stone Forest Industries to help relieve enough debt where Stone Container to diminish the remainder of the debt.
They had the expectation to refinance the loans by issuing high-yield bonds, however a downturn in the high-yield debt market led to liquidity problems that did not allow the company to refinance the short term loans.
The decrease in industry profit and unfortunate down turn in high-yield debts has made the future for Stone Container uncertain. Stone Container was unable to afford their growth strategy and the purchase of CBI was a major push in this negative direction. Stone Container is on the losing end of the heavy financial leveraging, and the losses are magnified as the return of assets have been negative since and magnified the loss on return of equities, as it has decreased from.
The turnover and DSOs have shown low percent of change over the last three years. This offers some stability in knowing as long as the company is able to make products, they will be sold and paid off relatively quickly.
The accounts receivables are not very high at It could be assumed that given the inventory turnover will stay above 5 as long as Stone Container does not sell off assets that are involved in the manufacturing, milling or distributing of the goods.
It is no surprise that Stone Corporation is well below the 1 to 1 cash ratio desire, as they have invested by heavily leveraging.Wriston Manufacturing Case Solution. Xerox And Fuji Xerox Case Solution. Xerox Corporation Case Solution. Illustrious Corporation Case Study Solution.
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