Word: alcoa
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...same office was the scene of a crushing defeat for British Aluminium in one of the biggest financial fights in the City's history. The victors: Britain's aggressive Tube Investments, Ltd., and Reynolds Metals, No. 2 U.S. aluminum company. Down with the British Aluminium management went Alcoa, No. 1 U.S. producer, which had hoped to get an important foothold in Europe's aluminum market by buying one-third interest in British Aluminium. Also among the casualties: the prestige of Britain's old-school-tie financial community...
...concern would buy control, Aluminium's chairman, Viscount Portal of Hungerford. got stockholder approval to boost the firm's shares from 9,000,000 to 13,500,000, sell the extra shares for expansion capital. Portal decided that the U.S. company he wanted as a partner was Alcoa. Last October Alcoa offered $8.40 a share (the market price) for the 4,500,000 new shares. Total: $37.8 million...
...with Tube, a moneymaker with interests ranging from bicycles to nucleonics, agreed to set up a new company to buy Aluminium. Tube would hold a 51% interest, so keep the new company nominally British; Reynolds would hold the other 49%. Tube-Reynolds asked Lord Portal to hold up the Alcoa deal, promised to pay his shareholders an "attractive" price, even promised to retain the Portal management...
...Aluminum, which dropped 8% in 1958. will increase shipments by about 20% to 2,100,000 tons next year, says Alcoa Market Researcher E. M. Strauss Jr., who foresees expanding markets in the auto industry, containers and construction. ¶ Appliances will have a banner year, with sales up 5% to more than 15 million units, says President Judson Sayre of Borg-Warner's Norge Division. The industry will sell 16% more automatic washers, 8.3% more clothes dryers, 3.6% more refrigerators...
...Aluminum roof sheets, made by Alcoa, which need no replacing, help keep the house cool. The aluminum roof, laid over plywood sheathing, is highly resistant to hurricane winds, and strong enough to support a 50ft. deep load of dry snow...