Longs Drugs

Infobox_Company
company_name = Longs Drugs
company_
company_type = Public (NYSE: [http://finance.yahoo.com/q?s=ldg LDG] )
company_slogan = |Live healthy. Live happy. Live Longs.
foundation = 1938 (Oakland, California)
location = Walnut Creek, California, USA
key_people = Warren Bryant, President, Chairman & CEO
num_employees = approx. 22,000
industry = Pharmacy
products = Retail-Pharmacy-Photo
revenue =profit $4.62 billion USD (FY 2006)
homepage = [http://www.longs.com/ longs.com]

Longs Drugs (nyse|LDG) is a pharmacy chain store located on the West Coast of the United States. It was founded in 1938 by brothers Thomas and Joseph Long (son-in-law of Marion Barton Skaggs, co-founder of Safeway Inc.), with their first store in Oakland, California. Longs Drugs currently has over 500 stores located in California, Nevada, and Hawaii; and is headquartered in Walnut Creek, California. On August 12, 2008, CVS Caremark announced that it would acquire Longs Drugs for $2.9 billion. The transaction is expected to be completed by year's end.

Longs in popular culture

Although a California-based company, Longs has maintained stores in Hawaii long enough to become a local establishment. Its first Hawaii store, in downtown Honolulu, opened March 29, 1954. [http://investor.shareholder.com/longs/chronology.cfm?id=1] In 2005, Honolulu Advertiser columnist Lee Cataluna published a short-story collection, "Folks You Meet in Longs, and Other Stories" [http://www.booklineshawaii.com/book/bah/04371X.html] It is based on Cataluna's eponymous play which premiered August 2003 at Kumu Kahua Theater [http://www.kumukahua.org/plays33rd.html] .

Acquisition

On August 12, 2008 Longs Drugs announced that they were being acquired by CVS Caremark, the operator of the national CVS/pharmacy chain of drugstores. CVS is buying the 521 Longs locations to expand its presence on the West Coast, primarily in California. The acquisition also includes access to the Hawaii market. CVS made its first major entry into California with its 2006 acquisition of Southern California based Sav-On Drugs. CVS Caremark will pay a total of $2.54 billion to acquire all outstanding shares of Longs Drugs, and hopes to save upwards of $100 million a year in expenses from synergies attained from the business combination.Fact|date=August 2008On September 12, 2008 the Walgreen Co. stepped in with an offer representing a $ 3.50 per share premium over the cash purchase price offered by CVS. [http://online.wsj.com/article/SB122126726883530769.html?mod=hpp_us_whats_news]

References

External links

* [http://www.longs.com/ Longs Drugs web site]
* [http://www.longs.com/StoreLocator/locate.jsp Longs Drugs - Store Locator]
* [http://www.cvscaremark.com/newsroom/press-releases/cvs-caremark-corporation-acquire-longs-drug-stores-corporation]