In June 1992, the company acquired Wite-Out Products Inc., the second-largest manufacturer of correction fluid, for $19.9 million in cash. In 1982, with revenues approaching $220 million, BIC acknowledged its expanding status as a leading maker of lighters and shavers by dropping pen from its name to become, officially, BIC Corporation. At the time, BIC controlled about 65 percent of the market for disposable lighters. Recent corporate literature has reaffirmed the companys intent to produce excellent consumable products at the lowest possible price.. BIC Corporation's policy was to litigate rather than settle all product liability claims. It is available to teachers at no charge on the program's Web site at http://www.qualitycomesinwriting.com. The patented Child Guard lighter required that a safety latch be moved to the side and up before it would light. As of 1996, the company did not operate in Europe or Asiamarkets being served by parent company Societe Bic. The correction fluid was subsequently reintroduced as BIC Wite-Out. Attorneys for the children argued that the lighter should have been more child resistant; BIC argued that the children should have been better supervised. However, that name soon became outdated as the company embarked on its first diversification. . . But, by the end of 1978, BIC had surpassed Cricket and, in 1984, Gillette acknowledged defeat. ." new york: smith barney shearson, 20 august 1993. bic corporationquality comes in writing web site, june 1998. available at http://www.qualitycomesinwriting.com. Sloan, Pat, Bic Pulls Fragrances After Flickering Sales, Advertising Age, March 12, 1990, p. 77. Having weathered fierce competitive battles for three decades, BIC faced perhaps its most serious threat in April 1987 when the New York Times reported that at least three people had died because BIC lighters had malfunctioned. Once they are filled, a robotic arm puts them in a centrifuge machine where all excess air is removed. of any new formulations for . Also in 1996, BIC rolled out its new Wite-Out Pen, a no-squeeze correction pen. on this page may not be the only place of production. In the early 1990s, BIC Corporation faced major legal challenges to its disposable lighter business in the United States. fax: (203)783-2086 cost more to make and sold for less than the companys replacement blades. King C. Gillette had invented the safety razor in 1903, and the company he founded dominated the market for the next 70 years. The lighter allegedly exploded when it was dropped while lit. Fax: (510) 832-1463 Students went ahead with the pen swap after hearing that Gillette (owned by Bic) and Pilot were both able to use older test data to get around the law requiring testing. He reportedly told his advisers, Waterman is 100 percent mine. Kalita, S. Mitra, Bic Agrees To Acquire Sheaffer in Bid, Wall Street Journal, August 1, 1997, p. A9B. BIC maintained that most of the incidents were caused by user negligence. In the 1950s, however, with the growing popularity of ballpoint pens, the company had begun to falter. Within ten years, Gillette would stop advertising its disposables to concentrate on its razor systems and replacement blades. During this time BIC attempted a further diversification by launching a line of inexpensive, pocket-sized perfume spritzers in 1989. BIC also broke out a new shaver, a twin-blade model. "BIC Corporation The case, Griggs v. BIC Corp., was remanded to a lower court that had originally dismissed the case. For example, in the early 1990s, the BIC Wavelengths line of pens and mechanical pencils was broadened to include new designs, including a heat-sensitive pen that changes color as it is held. The company's Fashion Rollers included the Bouquet brand, which appealed to young girls, while the Old World brand appealed to businessmen. (203) 783-2000Fax: (203) 783-2081, Public Subsidiary of Societe BIC, S.A. (63%) Incorporated: 1958 as Waterman-BIC Pen CorporationEmployees: 2,400Sales: $417.4 millionStock Exchanges: New YorkSICs: 3951 Pens and Mechanical Pencils; 3999 Manufacturing Industries, Nec; 3421 Cutlery. . Writing about network censors in The Best Thing on TV: Commercials, Jonathan Price remarked, They absolutely do not see sex in advertising if its blatant. The new line was designed to compete with Gillette Company's Blue II Plus. Bichs U.S. managers urged him to make a more expensive ballpoint to compete with PaperMate, but Bich resisted. BIC Corporation is the countrys leading manufacturer of disposable ballpoint pens and cigarette lighters. ." During this time Dupont explored the possibilities of marketing a disposable lighter, developing an inexpensive disposable lighter called Cricket, which it introduced in the United States in 1972. Writing about network censors in The Best Thing On TV: Commercials, Jonathan Price remarked, They absolutely do not see sex in advertising if its blatant. Attorneys for the children argued that the lighter should have been more child resistant; BIC argued that the children should have been better supervised. Gillette Challenges Bic To Verify Its Ad Claims, Business Week, March 19, 1979, p. 32. "There is no ongoing testing," the statement says, contrary to PETA's claims. When the true financial condition of the company became known, Bich was able to acquire the remaining 40 percent for nothing. The Pennsylvania case was the first involving BIC to go to trial, and the Times reported that although claims began to trickle in soon after Bic introduced its throwaway lighters in 1972 the company has until recently been able to keep the cases quiet by settling them out of court. The newspaper stated that BIC had settled more than 20 cases for amounts ranging from $5,000 to almost $500,000. "bic launch sets off razor wars." Langway, Lynn, Razor Fighting, Newsweek, November 22, 1976, p. 103. The latch slid back into place automatically after each use. For the fourth quarter of 1995, BIC announced a 22 percent increase in profits and a 17 percent increase in sales. After the merger, business did not change substantially at BIC Corporation. Therefore, its best to use Encyclopedia.com citations as a starting point before checking the style against your school or publications requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html, 86% Owned Subsidiary of Socit BIC, SA.Incorporated: 1958 as Waterman-BIC Pen CorporationEmployees: 2,700Sales: $1.2 billion (1996)SICs: 3951 Pens & Mechanical Pencils; 3999 Manufacturing Industries, Not Elsewhere Classified; 3421 Cutlery. . Moskowitz, Daniel, Courts Tackle Safety Liability in Product Design, Washington Post, February 8, 1993, p. WB11. It was the fifth-largest pen manufacturer in the world, and this acquisition added premium writing instruments to Bic's line of product offerings. They founded the company that would later become Bic. King, Resa W., Will $4 Perfume Do the Trick for Bic? Business Week, June 20, 1988, p. 89. https://www.encyclopedia.com/economics/economics-magazines/bic-corporation, "BIC Corporation 28 Jul. In the mid-1990s, the Wavelengths line in North America was broadened with new designs and the introduction of a series of Fashion Rollers. ." This process takes more than 60 machine hours, and the balls are then visually inspected using a special screen. greensboro, nc 27408 phone: (336)547-6000 fax: (336)547-7630 toll free: (888)836-3971 url: http://www.vfc.co, founded: 1908 The machines shape the outside of the pens. In another effort to establish a market in the United States, Waterman-BIC distributed its pens for sale in grocery stores and small shops near schools where students congregated, rather than in the department stores that carried more expensive pens. As of 1998, the company manufactured about 3.0 million ballpoint pens, 2.5 million shavers, and 1.0 million lighters per day. However, in 1985 the company was forced to stop selling the sailboard in the United States when a U.S. District Court ruled that BIC had infringed on a patent owned by Windsurfing International. the companys sales. , $22M Campaign Urges: Spritz Your Bic, Advertising Age, February 20, 1989, p. 3. The company was a Wall Street favorite. Since requirements for designing a child-safe lighter were difficult to meet, Bicwith its patented designhad a competitive advantage over other producers. Socit BIC now owned 86 percent of its U.S. subsidiary. The correction fluid subsequently was reintroduced as BIC Wite-Out. In one of those, however, a jury in Creek County, Oklahoma found BIC responsible for injuries to three children severely burned while playing with a lighter, awarding $22 million in actual and punitive damages. At the time lighters accounted for about 40 percent of BICs revenues, and the day the story appeared, BIC stock fell 25 percent, from $32 to $24 per share. In one series of commercials, people were blindfolded and shaved by professional barbers, using either the BIC Shaver or Gillettes nondisposable Trac II razor. always possible. In 1972, Time reported that Baron Bich has done for ballpoints what Henry Ford did for cars: he has produced a cheap but serviceable model. In 1974, a reporter for Forbes wrote, From the start, Bich concentrated on the cheap end of the marketbut with a difference. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). Not all our sources are equally reliable. Place of production of some other products can be changed. BIC maintained that most of the incidents were caused by user negligence. Armstrong, Jeffrey D., BIC Corp.: The Stock Will Strengthen as the Issue of Lighter Safety Fades, Barrons, October 12, 1987, p. 69. BIC products include pens, pencils, lighters, and disposable razors. Cite this article Pick a style below, and copy the text for your bibliography. According to the ads, 58 percent of the participants claimed that there was no difference between the BIC shave and the Gillette shave. "BIC Corporation The Consumer Product Safety Commission also adopted a child-resistant standard for disposable lighters that became effective in July 1994. BICs lighters also continued to sell well, enhanced with the new child-resistant features. In 1972 Time reported, Baron Bich has done for ballpoints what Henry Ford did for cars: he has produced a cheap but serviceable model. In 1974 a reporter for Forbes wrote, From the start, Bich concentrated on the cheap end of the marketbut with a difference. In 1992, BIC purchased Wite-Out Products, Inc., the second largest maker of correction fluids for office use in the United States. In 1970 Gillette purchased the S. T. Dupont Company, a prestigious French manufacturer whose principal product was luxury cigarette lighters that sold for hundreds of dollars. In January 1997, BIC released a line of decorator pens featuring a wraparound PVC shrinkband printed with a universal product code (UPC) that allowed consumers to purchase the pens individually or in packs. According to BIC, the company has defended itself in more than 50 lawsuits involving lighters between 1988 and 1993, losing only three. In the early 1960s Waterman-BIC launched an aggressive television advertising campaign that boasted that BIC pens would write First Time, Every Time. To prove that a 29 cent BIC pen would perform as well as pens costing several times "BIC Corporation The ruling involved a case in which a three-year-old child took a BIC lighter from his fathers pants pocket and set fire to an infants bedclothes. ." Anticipating that BIC would next bring out the shaver in the United States, Gillette quickly introduced its own disposable razor dubbed Good News! in 1976, a full year before the BIC shaver made its American debut. Ingrassia, Lawrence, Gillette Holds Its Edge By Endlessly Searching For a Better Shave, Wall Street Journal, December 10, 1992, p. Al. But let somebody say, Flick my Bic,this is beautifully obsceneeveryone nods their heads and lets that go, because well, we know you cant possibly mean that, that would be obscene.. The lighter allegedly exploded when it was dropped while lit. Fax: (616) 9235486 Incorporated:, Biblioteca Nueva de Madrid (Freud, S., Obras Completas), Bibliographisches Institut & F.A. Caps and barrels start out as plastic pellets and are placed inside machines that run at temperatures of 400 Fahrenheit degrees. Public Company At one time Waterman Pen was the worlds leading maker of fountain pens. Are the Talents Transferable?, Forbes, April 1, 1974, p. 62. Gillette seriously underestimated the demand for disposable razors, however. However, as a result of our longstanding philosophy to vigorously defend these claims, and our success in doing so, the number of lawsuits continues to decline. The first adverse decision resulted in a $1,000 verdict, and the second verdict that went against BIC has been reversed and remanded for a new trial following BICs successful appeal. By 1967, the company was turning out nearly 500 million pens annually, accounting for nearly 60 percent of the U.S. market. (510) 271-7000 International Directory of Company Histories. By then BIC had also taken a tentative step into sports equipment. As a result of BIC managements candor, the companys stock began to regain value. Eventually, the company changed its tactics and revealed that there were 42 lawsuits then pending. Anticipating that BIC next would bring out the shaver in the United States, Gillette quickly introduced its own disposable razor dubbed Good News! in 1976, a full year before the BIC shaver made its U.S. debut. According to BIC, the company defended itself in more than 50 lawsuits involving lighters between 1988 and 1993, losing only three. some were manually collected from manufacturer or dealer websites, some were programmatically collected Soon after founding the business, Bich began to explore the idea of a reliable, low-cost ballpoint pen. Encyclopedia.com. The company reported strong sales of its twin blade products in 1996. BIC alleged that imports from China and Thailand were being sold at below market value, with lighters going for as little as six cents each wholesale, and the numbers of such cheap lighters were increasing yearly. The company's 1997 acquisition of Schaeffer also helped increase Bic's market share by adding premium writing instruments to its product offerings. . Later that year Time reported that BIC was test marketing a disposable lighter that could provide 3,000 lights before wearing out. Another division, BIC Sports, was started up in 1981 to market sailboards; by 1996 BIC Sports was the world's leading sailboard company. Bruno Bich, Marcels son, who became president of the U.S. subsidiary in 1982, later told Investor Relations that, With hindsight we should have given out more information and done it faster to avoid the inaccuracies and exaggerations that appeared in the press.. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. During the trial, design engineers testified that BIC lighters occasionally leaked, and debris could cause the shut-off valve to fail. Part of our data can be outdated. Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for That name soon became outdated, however, as the company embarked on its first diversification. The Waterman Pen Company in Seymour, Connecticut, was founded by Lewis E. Waterman, an American insurance salesperson and part-time inventor, who developed the first practical fountain pen in 1884. Incorporated: 1929 as Nineteen Hundred Corpora, founded: 1910 that change in a timely manner. distribution journal, 15 april 1996. societe bic 1996 annual report. The company also changed the name of its Writing Instruments division to Stationery Products, indicating an intention to market an expanded line of stationery related products, while continuing to expand its successful lines of pens, lighters, and shavers. In the disposable razor market, BIC Corporation continued to seek new markets by expanding its product line in the early to mid-1990s. From there they are shipped out all over the world. Sales of the fragrances lasted longer in Europe, but were eventually dropped overseas as well in 1991. purposes only. When the true financial condition of the company became known, Bich was able to acquire the remaining 40 percent for nothing. Producing inexpensive, quality products promoted through aggressive advertising campaigns, BIC has steadily increased its marketshare in the United States, maintaining 60 percent of the ballpoint pen market and 45 percent of the disposable shaver market in 1992. Then, copy and paste the text into your bibliography or works cited list. (July 28, 2022). & COO. It is also an industry leader in the production of disposable shavers. BIC made modifications in the productincluding formula improvements and changing the name of the brand to BIC Wite-Outand was able to increase its market share in the category. In the early to mid-1990s, BIC Corporation was also able to revitalize its writing instrument sales by applying the same line extension strategy used for its lighter products (the application of decorative wraps). The company reported its highest ever sales and earnings in 1992, and moved its trading from the American Stock Exchange to the New York Stock Exchange. The latch slid back into place automatically after each use. Oakland, California 94612 In all, 17 quality checks are made during the ball-grinding and point-making process. The offer came at a time when there was some speculation that rising plastic prices might cut into BIC Corporations profit margins. They can find sex in a garage mechanic talking about shock absorbers. However, Gillette seriously underestimated the demand for disposable razors. By the time his competitors figured out how to build an equally good pen for the price, Bich had a lock on the market.. For a week the company stonewalled, refusing to provide information or answer questions about the allegations amid rumors that thousands of lawsuits had been brought against the company and that a New Jersey congressman was threatening to hold hearings on the safety of BIC lighters. BIC sells over 14 billion pens in 150 different countries every day. headquarters: 100 crystal a dr. The program contains four Activity Masters, which can be copied so students can use them as worksheets; a Teacher's Guide that includes a list of the program's objectives, suggestions for introducing activities, and follow-up activities; a poster of writing hints for classroom display; and 30 take-home booklets to promote parental involvement in the writing process outside the classroom. Company Profiles for Students. sites to earn advertising fees by advertising and linking to amazon.com. Marketed under the name Parfum BIC, the fragrances were first introduced by Societe BIC, S.A., in Europe, where they were sold alongside other BIC products. disposable lighter that could provide 3,000 lights before wearing out. Also that year, BIC introduced a lighter with a child resistant catch, reportedly the result of a seven-year, $21 million development program. We only present information we were able to find Sheaffer pens retailed from $25 to as much as $5,000 each, in stark contrast to BICs line, all of which sold for less than a couple of dollars. Analysts were skeptical whether U.S. consumers would accept an inexpensive French perfume since part of the appeal of French perfumes lay in their image as luxurious and expensive. The company developed and patented a child-resistant lighter design said to be superior to those of competitors' products. cost more to make and sold for less than the companys replacement blades. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. . 2022
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