Word: absorbers
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...history of mergers is Uttered with both celebrated successes and famous failures. Large companies have often offered special expertise to smaller firms that they absorb. When United Technologies bought Otis Elevator for $500 million in 1976, the parent company's skilled technicians significantly improved the design and manufacture of its newly acquired products. Other mergers have been much less successful. LTV Corp. was one of the highest flying firms of the 1960s, but its forays into businesses as wide-ranging as prescription drugs and sporting goods drove it to the edge of bankruptcy. The company's turn-around...
...since President Reagan took office. When the new Attorney General, William French Smith, asserted that "bigness is not necessarily badness," merger makers saw his words as a green light to corporate takeovers. If the present torrid pace of acquisitions continues, U.S. companies could spend $70 billion this year to absorb more than 2,000 other firms. Says Robert Lekachman, professor of economics at New York's Lehman College: "The Reagan Administration has unleashed the wildest collection of mergers and takeover events since Napoleon conquered most of Europe...
Clausen insists that the U.S. should continue to support the World Bank, if only out of self-interest. Says he: "The stronger those Third World countries become, the more they can absorb our products, and that means jobs at home." About 12% of the U.S. gross national product already depends upon foreign trade, and the figure seems certain to grow still higher by the end of the 1980s...
...problem is now becoming acute because storage space, which the Agriculture Department leases from private companies, is growing scarce. Moreover, once acquired by the Government, the surplus food becomes exceedingly difficult to get rid of. Social welfare programs such as subsidized school lunches and foreign aid absorb only a small fraction of what the U.S. buys each day. The U.S. could easily sell some of the rest abroad, but only at a discount. The 95? per lb. that the Government pays for dry milk, for example, is almost 70? higher than the price on world markets. Moreover, any markdown could...
Byrne's newest crisis is the virtual bankruptcy of the Regional Transportation Authority, which runs the Chicago-area bus and rail system. Byrne needs help from the state government, but she is not being conciliatory. If necessary, she says, the city is prepared to absorb the R.T.A. "as another branch of city government." A similarly defiant attitude during a transit crisis two years ago cost the system its state operating subsidy and the legal principle of equal treatment with state highways. The resulting deficit was met via a 20% increase in the city sales...