Word: amexco
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...Amexco has also bought a 15% share of Club Mediterrannée, a chain of sea and ski resorts for the budget-minded, and it hopes to acquire a larger interest...
Teacher and Publisher. Almost half of the earnings came from casualty, life and property insurance, mostly sold by companies that Amexco had recently acquired. Amexco has become a force in the mutual-fund business. Last year it took over the Commonwealth Group of four funds, and this spring it started two more, including an "offshore" fund for foreigners. The acquisition of W. H. Morton & Co. and Equitable Securities has given Amexco a strong position in stock and bond underwriting. The company is a major factor in international currency transactions. Every working day the American Express International Banking Corp. buys...
...tour business, Clark admits, still earns only enough to pay for the upkeep of the American Express offices abroad. But it has won customers for such other ventures as the teaching of foreign languages and the publication of Travel & Camera magazine, which Amexco established by purchasing and redesigning U.S. Camera and Travel magazine. In June, the company began a computerized service that can provide almost instantaneous reservations at some 250,000 hotel and motel rooms between Boston and Honolulu...
Unlike some executives who take a paternal pride in diversification moves. Clark has not hesitated to shed businesses as well-including some that made money but not as much as he would have liked. Amexco acquired the Uni-card credit business in 1965 and expanded it, but sold it last January-for a $16.6 million profit. Early last month, it agreed to sell its freight operations to Pacific Intermountain Express...
...other hand, Clark has been willing to suffer through initial disappointment with a business that gives signs of eventually becoming a major profit maker. He nursed the American Express credit-card operation through years of losses while Amexco was spending heavily to promote it. The company now has 3,000,000 cardholders, who charge purchases of $1.3 billion a year, and is by far the biggest factor in the field, though it is being increasingly challenged by the many cards issued by banks...