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The Lowen Group, Inc., and its hundreds of affiliated entities operates the second-largest number of funeral homes and cemeteries in North America
(Service Corporation International is number-one). In addition to providing services at the time of need, the Company also makes funeral, cemetery and cremation arrangements on a pre-need basis. Today, the Company operates
1,116 funeral homes and 429 cemeteries throughout North America. During
1997, the Company expanded into the United Kingdom and now operates 32 funeral homes there. As of March 31, 1999, the Company also operated three insurance subsidiaries that principally sell a variety of life insurance products to fund funeral services purchased through a pre-need arrangement.
The Loewen Group, Inc., serves as the holding company for all operations of the Company, which are contained in subsidiary and associated companies.
Loewen was incorporated under the Company Act of British Columbia on October
30, 1985.
GROWTH BY ACQUISITION. Loewen pursued an aggressive growth strategy based primarily upon acquisitions. In the past three years the Company's growth strategy emphasized cemetery acquisitions, as compared to the historical emphasis on funeral home acquisitions. Since 1995, the Company has grown by
651 locations to 1,701 at December 31, 1998, including 348 additional cemeteries. RECENT DIFFICULTIES. Loewen's recent financial results have been disappointing. Beginning in the second half of 1998, as part of its strategy to improve its results, liquidity and financial condition the
Company virtually eliminated its acquisition program in order to concentrate on improving existing operations. This strategy focuses upon emphasizing cash flow from operations and, in particular, cash flow from cemetery operations. Also, efforts to reduce costs have been made, including the closure of the Company's Cincinnati and Trevose offices and consolidation of substantially all management
(Service Corporation International is number-one). In addition to providing services at the time of need, the Company also makes funeral, cemetery and cremation arrangements on a pre-need basis. Today, the Company operates
1,116 funeral homes and 429 cemeteries throughout North America. During
1997, the Company expanded into the United Kingdom and now operates 32 funeral homes there. As of March 31, 1999, the Company also operated three insurance subsidiaries that principally sell a variety of life insurance products to fund funeral services purchased through a pre-need arrangement.
The Loewen Group, Inc., serves as the holding company for all operations of the Company, which are contained in subsidiary and associated companies.
Loewen was incorporated under the Company Act of British Columbia on October
30, 1985.
GROWTH BY ACQUISITION. Loewen pursued an aggressive growth strategy based primarily upon acquisitions. In the past three years the Company's growth strategy emphasized cemetery acquisitions, as compared to the historical emphasis on funeral home acquisitions. Since 1995, the Company has grown by
651 locations to 1,701 at December 31, 1998, including 348 additional cemeteries. RECENT DIFFICULTIES. Loewen's recent financial results have been disappointing. Beginning in the second half of 1998, as part of its strategy to improve its results, liquidity and financial condition the
Company virtually eliminated its acquisition program in order to concentrate on improving existing operations. This strategy focuses upon emphasizing cash flow from operations and, in particular, cash flow from cemetery operations. Also, efforts to reduce costs have been made, including the closure of the Company's Cincinnati and Trevose offices and consolidation of substantially all management