Word: alcoa
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Dates: during 1960-1969
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...governed since 1957 by a close-knit fraternity of men who grew up in the shadow of the late Arthur Vining Davis, for half a century the domineering chief of the world's largest aluminum company. In those eight years, in a series of frequent but gradual transitions, Alcoa's chairmen have three times passed on their duties as chief executive shortly before retirement. Last week, nearing 65, Chairman Lawrence Litchfield Jr. relinquished his duties as chief executive officer, a position he has held for only three years, to President John Dickson Harper, 55, Alcoa's first...
Instant Catnaps. Like the rest of Alcoa's recent top management, Harper has never worked for another company. Born in Louisville, Tenn., he found a $12-a-week summer job at the company's nearby plant in Alcoa, Tenn., while a high school student of 15, alternated three-month stints of work and study to graduate as an electrical engineer from the University of Tennessee. For the next 18 years, Harper moved slowly up through the ranks; then his strong performance as works manager of an aluminum smelter at Rockdale, Texas, propelled him to Alcoa's Pittsburgh...
Even more than other big aluminum makers, Alcoa needs new customers. Confronted since 1957 by industry overexpansion, sagging prices for ingots and cutthroat competition in the less profitable fabricating field, it has lost part of its share of the market to new companies, has also been through a profit wringer. From a peak of $89.6 million in 1956, Alcoa's net income slid to $40 million in 1960. It has not yet fully recovered, though last year's earnings of $60.8 million (on a record $1 billion in sales) were the best since 1957, and first-quarter sales...
Many American companies have revised their investment plans to include new facilities in Latin America, including Dow Chemical, General Motors and Chrysler, all of which are building large new plants. U.S. Steel, Union Carbide and Alcoa are considering multimillion-dollar expansions there. Chile's government has persuaded its U.S. copper companies-Cerro de Pasco, Kennecott and Anaconda-to invest $410 million by 1970. Venezuela has done such an effective job of mopping up its Communists that Jersey Standard's Creole and other oil companies, which transferred more than $100 million out of the country...
...ALCOA PREVIEW (ABC, 7:30-8:30 p.m.). Behind the scenes with Virna Lisi as she made How to Murder Your Wife, and with Tommy Steele as he prepares for his Broadway debut in the musical Half a Sixpence...