And For Which Countries Benefit? EconomyInCrisis.org recently released our August 2007 Foreign Acquisition Report, which documented the amount of foreign takeovers of American companies through the current fiscal year. The numbers in the report are shocking; foreign owned businesses are purchasing U.S. businesses at a pace quicker than any time since 2000 (view the entire report here). These sales represent an unsustainable reality facing the U.S. economy: domestic profits and opportunity are being sent abroad. If we do not raise awareness about these issues to our friends, family and politicians, than our children will never forgive us for leaving them a future ridden with debt and fewer American owned companies to employ them.
U.S. Companies Acquired By Foreign Ownership: 1997-2007 | ||
Year | Acquisitions through August | Acquisition Amount (Billions) |
2007 | 785 | $129 |
2006 | 780 | $58 |
2005 | 578 | $55 |
2004 | 491 | $54 |
2003 | 376 | $45 |
2002 | 452 | $42 |
2001 | 667 | $101 |
2000 | 839 | $153 |
Largest August 2007 Acquisitions: | |||
U.S. Company | Foreign Acquirer | Nation | Amount |
GE Plastics | SABIC | Saudi Arabia | $11.6 billion |
Putnam Investments | Great-West Lifeco Inc. | Canada | $3.9 billion |
Spirit Finance Corp. | Redford Holdco LLC | Australia | $3.5 billion |
Ol Plastic Products FTS Inc. | Rexam PLC | United Kingdom | $1.8 billion |
Color Kinetics Inc. | Koninklijke Philips Electronic | Netherlands | $815 million |