Word: 3m
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DIED. William L. McKnight, 90, pioneer advocate of industrial research and development who built and diversified a debt-ridden sandpaper concern into the $4 billion 3M Co.; in Miami Beach. McKnight left his family's South Dakota farm at 18 to become a bookkeeper's assistant in the Minnesota Mining & Manufacturing Co. at $11.55 a week. He rose quietly to become president of the company at 41, then chairman of the board until he retired...
...that he would call corporate and labor leaders together to work out voluntary guidelines for pay and price boosts. But businessmen have not forgotten that early in the campaign Carter spoke of requesting stand-by authority to impose wage-price controls, which executives abhor. Says Raymond Herzog, president of 3M: "The mere mention of federal intervention causes companies to raise their prices in anticipation. Inflation would spiral. Carter should go on the record to stop these rumors...
...parlor in Astoria, Queens, by a penurious patent attorney named Chester F. Carlson. Xerox Corp. had revenues of $4.05 billion last year, and today accounts for more than half of all photocopier sales and leases in the U.S. (The chief producers of copying machines after Xerox are IBM and 3M...
Gulf Oil, for example, used a Bahamas subsidiary to "launder" $12.3 million used for political purposes. The 3M Co. set up a Swiss bank account for the same purpose. Nor were the big multinationals the only influence seekers. Sanitas Service Corp., a Connecticut-based firm with 1975 sales of $83 million, passed $1.2 million to local politicians through a dummy concern founded by a former officer...
...securities laws by concealing illegal contributions in their reports to the SEC and the public. Most companies let the matter drop at that point. Some exceptions: Ashland Oil chose to make Chairman Orin Atkins and two other executives pay the company $325,000 from their own pockets, and 3M got several officers, including former Chairmen Bert Cross and Harry Heltzer, to give back $480,000. Thomas V. Jones resigned as chairman of Northrop and is supposed to be replaced as president no later than June 16; after that, he may-or may not-stay on as chief executive. Gulf fired...