Sales of domestic companies to foreign entities has reached $121 billion so far this year and is on par to reach an all-time record. Acquisitions totaling $294.4 billion were made with foreign firms in 2007. This dollar amount was a 90 percent increase from 2006 and five times the number of U.S. sales in 2003, according to BusinessWeek.
America’s nasty habit of selling-out its key companies and generators of domestic revenue is becoming an increasingly dangerous pattern. With more than 16,613 companies sold since 1978, this trend is destroying America’s future. The U.S. will soon possess little ownership of manufacturing and industry. Firms that once produced a profit for Americans will now benefit foreigners. This practice must stop if America is to regain its independence from foreign ownership.
Source BusinessWeek:
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Among the largest foreign buyouts in the past five years:
• Genentech sold to Roche Holdings for $43.7 billion on July 21, 2008. • Lyondell Chemical sold to Bassell for $19.7 billion on July 16, 2007. • Lucent Technologies sold to Alcatel for $18.9 billion on Apr. 2, 2006. • John Hancock Financial Services sold to Manulife Financial for $13 billion on Sept. 28, 2003. In the past five years, 2,331 U.S. companies with a total value of $772.3 billion were purchased by foreign buyers, according to data provider Capital IQ. The international buying has accelerated in recent years, with $294.4 billion in deals in 2007, up 90% from 2006 and five times the size of U.S. buyouts in 2003. So far in 2008 more than $121 billion in foreign acquisitions have been announced.
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