Word: akron
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Dates: during 1980-1989
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...build better tires, cheaper, and sell them harder," but it diversified into oil and gas, started building an expensive pipeline, dropped $214 million and was losing tire sales to the South Koreans. Goodyear survived only with the help of favorable legislation, and when the battle was over Akron's mayor expressed the local sentiments by saying, "We kicked that slimy bastard out." But Goldsmith ended with a profit of $93 million, and Goodyear adopted many of his ideas for a return to profitability...
...decision is a dramatic rebuke and potential financial disaster for RKO's parent company, Akron-based GenCorp (formerly General Tire and Rubber). Unless the ruling is overturned on appeal, the value of RKO assets -- now estimated to be worth $750 million or more -- could plummet by 90%. Reason: most of the value of a broadcasting station resides in its license. Nonetheless, GenCorp may be able to salvage some of its RKO investment. The company has agreed to sell its highly regarded KHJ-TV to the Walt Disney Co. for $217 million and three radio stations to other buyers...
Since 1900 the names Akron and Firestone have gone together like a matched set of steel-belted radials. Back then, Harvey Firestone chose the Ohio city as home for what is now the nation's No. 2 tiremaker. But Firestone Chairman John Nevin is treading on tradition with his plan to move the head office to Chicago later this year. Nevin's explanation: the Windy City is a financial, retailing and transportation hub. It is also near Winnetka, Ill., where Nevin's family lives in a house he visits monthly...
...Akron is stunned at the loss of about 450 jobs. Mayor Don Plusquellic tried to dissuade Nevin from making the move, but found him "adamant." Two shareholder lawsuits seek to block the relocation. They charge that it would waste money and that Firestone directors did not let shareholders in on the decision...
When Nevin arrived at the company in late 1979 from the chairman's job at Zenith, Akron-based Firestone was reeling under more than $1 billion in debt and an image problem in its most basic business. The company had been forced to recall some 9 million of its 500-model steel-belted radial tires because of alleged widespread defects. Nevin's strategy was to return Firestone's focus to tiremaking by spinning off distracting subsidiaries. He sold eleven businesses that manufactured dozens of items, from seat belts to beer kegs. Such products now constitute only 9% of the company...