Word: antitrusters
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...spiriting to Denver of ITT Lobbyist Dita Beard, whose memo had linked a lenient antitrust settlement by the Justice Department against ITT with an ITT pledge to provide funds for the Republican National Convention...
...faces pressures at home as well as abroad. Last week the Justice Department asked a federal judge to hold the company in contempt of court un less it produces some 1,200 internal documents that the Government says it needs for a longstanding antitrust suit. The EEC too would like to see Snow White split up into several parts, even though that, admits Christopher Layton, the Common Market Commission's director for advanced technology industries, "wouldn't solve the competition problem." The solution will require an intensive sales program to convince European buyers that home-grown computers...
Among at least three pending antitrust suits filed by competitors against Eastman Kodak Co. is one brought by Berkey Photo, Inc., charging Kodak with "attempts to monopolize"-and all manner of other bad deeds. When it comes to introducing new products, however, Berkey officials apparently think that Rochester's jolly yellow giant knows best. Berkey's Keystone camera division has captured about 15% of the instant-loading market by frankly imitating Kodak's hugely successful Instamatic. Last week, some 15 months after pocket Instamatics were introduced by Kodak, Berkey unveiled its sincere form of flattery: the Pocket...
...hotels, baking Wonder Bread and operating the U.S.-Soviet hot line. Even unfavorable Government action has turned to ITT's benefit. In the first quarter, profits from sale of stock in Canteen Corp. and Avis rent-a-car, which ITT must gradually get rid of to satisfy an antitrust decree, boosted total net a towering 45% over the 1972 period, to $142.6 million...
Since ITT frequently uses its stock to acquire new companies, low share prices also have the effect of forcing the company to shop with devalued dollars. ITT's buying opportunities in the U.S. already are restricted by an antitrust settlement that limits the size of new acquisitions, but the stock slide is restricting them further. Last week, indeed, ITT was rebuffed by a company that had previously agreed to let itself be bought. Directors of G.P. Putnam's Sons, the publishing house, asked ITT to postpone the takeover indefinitely. Since they had agreed...