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On July 31, 1997, Société Bic S.A., known for its Bic pens and lighters, agreed to buy Sheaffer for less than $50 million. Bic, of France, bought Sheaffer from Gefinor S.A., a Geneva-based investment bank, according to Thierry Michels, communications director at Bic. Michels said Bic paid less than the $50 million that Sheaffer had achieved in current annual sales. At the time of the Bic purchase, Sheaffer had 550 employees, 450 of whom were based in North America.
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