JNJP stock closed down more than 6% after the company announced that it had purchased the assets of the Royal Caribbean Company, a company owned by billionaire Jeffrey Katzenberg, and the assets and rights to the rights to a vast array of Royal Caribbean cruises.
The move follows the company’s recent purchase of the American Express brand.
JNJC’s shares closed at $26.55, down 2.4%.
The acquisition, which will create a wholly owned subsidiary, will create about 1,100 jobs at the company, according to the company.
The purchase will give the company greater flexibility in how it chooses to invest in other assets.JNJC said it has been focused on capitalizing on its brand, particularly the iconic red, white and blue jacuzzi-style pool tables.
J NJJ said it expects to be profitable by 2021, which is an ambitious goal for any company, but the acquisition will give it an edge in the rapidly growing pool tables business.
J NJ stock has fallen more than 20% since the start of the year, and has been on a tear over the past two weeks.
The company is the latest in a string of distressed companies that have been rocked by bad news.
The latest was the $5 billion merger of J.
Crew and Urban Outfitters, which was halted by antitrust regulators last month.