Word: armours
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Dates: during 1960-1969
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...1950?and most were conglomerate mergers. Hardly any corporation, no matter how large, seems wholly safe from the grasp of conglomerates. During the past two years, conglomerates have absorbed or gained control of such big and basic enterprises as Jones & Laughlin Steel, Lorillard, Wilson, United Fruit and Armour. Lately, relative newcomers to the corporate scene have attempted to take over Sinclair Oil, B. F. Goodrich, Allis Chalmers and mammoth A & P. Even Pan American World Airways, long considered to be practically an unofficial agency of the U.S. Government, feels threatened by Resorts International, a onetime paintmaking company whose primary asset...
After Gulf & Western was blocked by the Justice Department from taking over Armour & Co., Charlie Bluhdorn attempted to resell his 750,000 shares to the meat packer for about $60 per share. He thought he had a deal?and an $18 million profit?but Armour Chairman William Wood Prince tried a squeeze play to drive the price down to $50. His method was ingenious. Armour made a public offer to repurchase 20% of its own outstanding shares at $50 each. If successful, the move would have increased Bluhdorn's stake in Armour from 9.8% to 12½%, thus making Gulf & Western...
...avoid becoming an insider, Bluhdorn would have been forced to sell part of his Armour holding?at Prince's price. Angered, Bluhdorn quickly arranged to unload 150,000 Armour shares at $56 to Richard Pistell's General Host Corp., a Manhattan baking and food-freezing firm. Pistell took an option on Bluhdorn's remaining 600,000 Armour shares at $60. Thus Bluhdorn escaped the patrician Prince's trap. With great help from Bluhdorn's stock, Pistell last month captured control of Armour, despite Prince's frantic efforts to resist...
...Pappas is in the midst of launching new Greek projects worth more than $75 million, including vegetable canning and Coca-Cola bottling plants. Last week Pappas and Chicago's Armour and Co. jointly proposed to the government an ambitious cattle-raising venture that would eventually make Greece self-sufficient in meat. He aims to import 75,000 head of cattle and set up plants for processing meat and producing powdered milk, butter and cheese...
...Armour & Co., the second biggest packer, was the first to recognize the need for change, and is spending $250 million on new facilities. Now Swift, the biggest of all, has joined the renaissance. It is closing 250 antiquated plants, and will spend $143 million on new, decentralized packing and slaughtering houses. They will replace cumbersome, multistory buildings in such places as Kansas City and Omaha. Says Vice President Paul Steinbrink: "We are moving closer to the sources of supply, where the animals...