Word: bluhdorns
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DIED. Charles G. Bluhdorn, 56, founder, chairman and chief executive officer of Gulf & Western Industries; of a heart attack; on a company jet en route from the Dominican Republic. Bluhdorn arrived in the U.S. from Vienna at 16 and in 1955 bought into the small Michigan Bumper Corp., which he merged and muscled into a huge conglomerate (auto parts to movies to zinc) with 1982 sales of $5.3 billion. "Sometimes I'm full of baloney," the blunt Bluhdorn once said. "But sometimes I have a good idea...
...Charles Bluhdorn, the ultimate conglomerateur who merged some 150 companies into the $5 billion-a-year Gulf & Western Industries, is a tough, autonomous type, well known for his flamboyant and freewheeling manner. Last week, in a 60-page civil suit, the Securities and Exchange Commission charged G &W, Board Chairman Bluhdorn and Executive Vice President Don F. Gaston with "fraudulent courses of conduct...
...officials offered to settle out of court, but Bluhdorn, calling the allegations "totally unwarranted and outrageous," vowed to do battle before a judge. More than honor is at stake. If the SEC prevails, it could order G & W to hire an outside auditor to fully investigate the company's affairs, recruit a more independent board of directors and adopt new management procedures...
...name from Michigan Plating & Stamping Co. It was best known for producing rear bumpers for Studebakers. The report listed sales of $15.4 million, profits of $316,000 and a work force of about 600. The firm that year had a new chairman, a young Austrian immigrant named Charles G. Bluhdorn, who launched the company on an aggressive expansionist course. Today, under Bluhdorn's direction, G&W ranks 59th on the FORTUNE 500 list, with 1978 sales of $4.3 billion, earnings of $181 million, and more than 100,000 employees. Through its subsidiaries, the New York-based conglomerate produces movies...
There was a time not too long ago when Bluhdorn, with his truculent, toothy grin, used to say, "We are not a conventional company, and we are never going to be a conventional company." Maybe. But that kind of talk is rarely heard now that some threatening storm clouds have begun to gather over Bluhdorn's outfit...