An Urban Jacksonville Legend: Swisher International
(http://photos.metrojacksonville.com/photos/1005281103_7v33j-M.jpg)
New Springfield's Swisher International's 86-year-old cigar factory is the largest in the world, in terms of size and production, covering nearly 700,000 square feet, employing 1,100 and producing as much as 8.5 million cigars a day.
Full Article
http://www.metrojacksonville.com/article/2010-sep-an-urban-jacksonville-legend-swisher-international
This is fascinating to me as my father Tim Mann was President of Swisher for many years and I grew up visiting that factory all the time. I was especially surprised when my wife and i lived in London (for graduate school ) by the popularity of King Edward cigar brand overseas. Thank you for spotlighting this company that has played and continues to play such a vital role in Jacksonville's overall economic status not only as a manufacturer but an employer of so many.
Another interesting thing to note would be the tremendous impact of the Swisher family on Jacksonville University. Several buildings there are named after them; Swisher Gym, Library, Hall etc... and I am proud to say that the newest residence hall ( actually they are really nice apartment like buildings) was named in honor of my father - Mann Hall.
Quote from: devlinmann on September 17, 2010, 08:25:28 AM
Another interesting thing to note would be the tremendous impact of the Swisher family on Jacksonville University. Several buildings there are named after them; Swisher Gym, Library, Hall etc... and I am proud to say that the newest residence hall ( actually they are really nice apartment like buildings) was named in honor of my father - Mann Hall.
Wow, that was your dad???
Those 'apartments' are hella nice!
Swisher also donated the money for the block benches next to the Tillie Fowler Memorial along with riverwalk.... the type of corporate involvement Jax should do a lot more of for its massive park system.
Anyone know the status of Swisher family/descendants in modern Jax? I don't recall note of them in recent times if they are here. Under another name?
It appears the company itself is in the hands of a private investor:QuoteAn investment firm once controlled by the late William Ziegler III took Swisher private in 1999.
So if this is a major player how come its never mentioned with Winn Dixie,CSX & Fidelity??? Is it not a fortune 500 co?
I am also surprised they dont have have a cigar named after Jacksonville. Its always good to read about power houses in Jax...but I dont think its officially headquarted in Jax..I may be wrong.
My Mom quit school when she was 16 to go to work at swishers. But then it was the depression so every dime counted. great article
Quote from: Coolyfett on September 17, 2010, 01:36:12 PM
So if this is a major player how come its never mentioned with Winn Dixie,CSX & Fidelity??? Is it not a fortune 500 co?
Swisher is a privately held firm, thereby not eligible to be included in any Fortune 500/1000 listings. It would be interesting to know what their sales are like now.
A few years ago, I vividly remember rumors that RJ Reynolds was looking to acquire Swisher in a deal worth around $5 billion, which probably would have meant that Swisher's sales(had it been a public company) would put it perhaps either slightly inside or slightly outside the Fortune 500. When the credit markets froze, the talk of an RJ Reynolds acquisition froze as well.
Quote from: civil42806 on September 17, 2010, 02:18:12 PM
My Mom quit school when she was 16 to go to work at swishers. But then it was the depression so every dime counted. great article
Yep my grandmother worked at King Edwars cigars during the mid 1940's until right before I was born in 1978. Apparently I attended a big retirement party for her at the factory while in utero (probably explains alot eh?) Eitherway, it's pretty cool to see her history remembered in this article.
Who are some of their main competitors domestically?
Great story! Best yet!
It's true about the international brand recoginition. We had just got into a cab in London and the driver asked where we were from, we sais Jacksonville. He replied "oh thats where King Edward Cigars come from".
that's...actually pretty awesome. i don't smoke the things myself, but it's nifty to know that people, even across the pond, have heard ov us for reasons other than the sinkhole that laughingly refers to itself as the jaguars.
Quote from: fieldafm on September 17, 2010, 03:01:45 PM
A few years ago, I vividly remember rumors that RJ Reynolds was looking to acquire Swisher in a deal worth around $5 billion, which probably would have meant that Swisher's sales(had it been a public company) would put it perhaps either slightly inside or slightly outside the Fortune 500. When the credit markets froze, the talk of an RJ Reynolds acquisition froze as well.
Field, the Fortune 500 is based on sales and a purchase price is based on current and future profit potential. Fortune Number 500 is currently Blockbuser Video at a bit over $4.1 billion in sales. A $5 billion purchase price sounds a bit rich for Swisher but given the privacy of the company it is impossible to tell for sure. I also would doubt their sales would put them in the Fortune 500 or even the Fortune 1000 based on connecting the dots available but, again, without better info, it is hard to reach a final conclusion. By the way, per the Florida Secretary of State, the company's legal HQ's appear to be in Darien, Connecticut, not Jax:QuoteForeign Profit Corporation
SWISHER INTERNATIONAL, INC.
20 THORNAL CIRCLE
DARIEN CT 06820
Quote from: stjr on September 18, 2010, 03:42:25 PM
Field, the Fortune 500 is based on sales and a purchase price is based on current and future profit potential. Fortune Number 500 is currently Blockbuser Video at a bit over $4.1 billion in sales. A $5 billion purchase price sounds a bit rich for Swisher but given the privacy of the company it is impossible to tell for sure. I also would doubt their sales would put them in the Fortune 500 or even the Fortune 1000 based on connecting the dots available but, again, without better info, it is hard to reach a final conclusion. By the way, per the Florida Secretary of State, the company's legal HQ's appear to be in Darien, Connecticut, not Jax:
LOL thank you for telling me the definition of the Fortune 500 ::)
My comments were based on my opinion given an understanding of the information available in the last public disclosures before the company went private... in which sales were in the mid 3 billions and net income slightly over 40 million. Unless they acquired substantially more assets since the new millenium(highly unlikely, they also owned two offshore production facilities in addition to Jax) it would be reasonable to expect sales have not plummeted from their pre-privitation levels(industrywide net income has experienced downward pressure from that time due to litigation costs but sales are surging, so there has to be a decent offset from sales to warrant that rumored purchase price, coupled with the fact that their core age group of customers now comprises a higher percentage of the general population)... thereby it would be safe to assume, again using information available from the time they went private and making reasonable assumptions based on a rumored purchase price of around 5 billion, that their current
sales would put the company probably slightly outside the F500 IMO. Certainly WELL within the Fortune 1000 :)
That was a very long and confusing run-on sentence so I apologize... FSU and JU football are both looking decent today, so you'll have to excuse my lapse of concentration on clarity :)
You are correct, the corp hq is in CT. Jax is the operational HQ
QuoteWho are some of their main competitors domestically?
JTI, Altria, and RJ are their principal competitors domestically
I remember my Uncle giving me old King Edward boxes as a kid to put all my crayons and pencils and what not in. When he ran the Five Points Deli, he'd quite often make trips to pick up food in bulk from warehouses, and a few times he took me by the factory to see where the cigars were made. I never knew the history though, so this article was very cool indeed!
What people don't know is, when John buys out brother Harry there was a bitter feud over a mansion that John built and Harry wanted the blue prints of. When John refused to hand over those blue prints Harry built an almost exact replica of Johns house. John was so angry he donated his home or as the story goes, sold it to the Elks Club in 1924, bought out Harry and that is why he moved to Jacksonville. http://www.newarkadvocate.com/apps/pbcs.dll/article?AID=/20080630/NEWS01/806300302/1002 Little more about The Swisher's Ohio Roots. Fascinating Story of sibling rivalry, between John and Harry.
The head line reads, "Cigar giant's beginnings rooted in Licking County".
I find that humorous since the last step of a hand wrapped cigar is to lick the wrapper leaf. Which makes the US method of machine wrapping more desirabe to us. Unless you are in some of the South American locations.
My inside information is a little dated, my friend retired and moved. But it was my understanding that most of the cigars now come from overseas and the Jacksonville plant mostly handles smokeless products.
Quote from: fieldafm on September 17, 2010, 03:01:45 PM
Swisher is a privately held firm, thereby not eligible to be included in any Fortune 500/1000 listings. It would be interesting to know what their sales are like now.
A few years ago, I vividly remember rumors that RJ Reynolds was looking to acquire Swisher in a deal worth around $5 billion, which probably would have meant that Swisher's sales(had it been a public company) would put it perhaps either slightly inside or slightly outside the Fortune 500. When the credit markets froze, the talk of an RJ Reynolds acquisition froze as well.
Quote from: fieldafm on September 18, 2010, 08:38:14 PM
LOL thank you for telling me the definition of the Fortune 500 ::)
My comments were based on my opinion given an understanding of the information available in the last public disclosures before the company went private... in which sales were in the mid 3 billions and net income slightly over 40 million. Unless they acquired substantially more assets since the new millenium(highly unlikely, they also owned two offshore production facilities in addition to Jax) it would be reasonable to expect sales have not plummeted from their pre-privitation levels(industrywide net income has experienced downward pressure from that time due to litigation costs but sales are surging, so there has to be a decent offset from sales to warrant that rumored purchase price, coupled with the fact that their core age group of customers now comprises a higher percentage of the general population)... thereby it would be safe to assume, again using information available from the time they went private and making reasonable assumptions based on a rumored purchase price of around 5 billion, that their current sales would put the company probably slightly outside the F500 IMO. Certainly WELL within the Fortune 1000 :)
That was a very long and confusing run-on sentence so I apologize... FSU and JU football are both looking decent today, so you'll have to excuse my lapse of concentration on clarity :)
You are correct, the corp hq is in CT. Jax is the operational HQ
I'm a little scared to correct you now, haha, but I do remember the one time we met you were definitely a nice guy. So...technically, a private corp can be included in the Fortune 500. Publix is the notable (and only) example that I know of.
http://money.cnn.com/magazines/fortune/fortune500/2011/faq/
QuoteIncluded in the survey are companies that are incorporated in the U.S. and operate in the U.S., and file financial statements with a government agency. This includes private companies and cooperatives that file a 10-K or a comparable financial statement with a government agency, and mutual insurance companies that file with state regulators. It also includes companies that file with a government agency but are owned by private companies, domestic or foreign, that do not file such financial statements.
Forbes does their own (albeit dubious) ranking of private companies. I am wary of this list because they utilize published figures, self-reporting, AND estimates based on their own research...
nevertheless, here is their list, which includes just 223 companies as they cut off at a minimum of $2 billion revenue. Alas, Swisher is not on the list. :(
http://www.forbes.com/2010/11/01/largest-private-companies-business-private-companies-10-intro.html
I am not a cigar connoisseur, but my friends who do smoke a lot don't like the Swisher products. This has always saddened me cause I want to brag that those are made in Jax haha