#provocativestatements “Is China looking more like many General Electric or private equity firms or is the US becoming more like China?” – JD Morris P220419
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“I do not like to cross my Ts or dot my Is, but I do like to debate!” – JD Morris
CASE STUDY HOW HELLY HANSEN BECAME PART OF SOCIALIST CAPITALISM (or is it like a division of General Electric)
FACT: Helly Hansen is a Norwegian manufacturer and retailer of clothing and sports equipment and a subsidiary of the Canadian retail chain Canadian Tire. Currently headquartered in Oslo, it was previously headquartered in Moss, Norway from its founding in 1877 until October 2009.
HISTORY: Helly Juell Hansen had been at sea since the age of 14 and in 1877, at the age of 35, he and his wife Maren Margarethe produced their first oilskin jackets, trousers, sou’westers and tarpaulins, made from coarse linen soaked in linseed oil. Over the first five years they sold around 10,000 pieces. In 1878 the company won a diploma for excellence at the Paris Expo, and began exporting its products. After Helly Juell Hansen’s death in 1914, company leadership passed on to his son Leiv Helly-Hansen, an experienced merchant.
In 2015 the Ontario Teachers’ Pension Plan increased its position, acquiring Altor’s remaining stock in the business.
In May 2018, the pension plan sold the company to Canadian Tire, a retailer, for CA$985 million