Word: borch
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Dates: during 1960-1969
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...impact of strikes. Partly for that reason, the Administration is determined to stay out of labor disputes. Labor Secretary George Shultz emphasized its stand a week before the strike at a meeting of the Business Council, the elite group of 200 business leaders headed by G.E. Chairman Fred Borch. Briefing newsmen, Shultz predicted much labor unrest ahead, but declared that the Administration would not often intervene. Then he turned to Borch and said with a sort of locker-room bonhomie: "So, Fred, don't you come around." With a bit more edge in his voice, Borch shot back...
...intends to appeal, denying that the circumstances of the present strike are the same as those of nine years ago. Whatever happens in the current strike, however, G.E. can hardly lose. The day after the workers walked out,Chairman Borch told a stockholders' meeting that prices of many products will be raised as soon as the dispute is settled. The company can then pass the price of the wage package right on to the consumers...
...system does away with the post of president and divides responsibility largely among three vice chairmen, who report only to Chairman Fred J. Borch, the man who gave up the presidency but remains very much the chief executive. The group's main task is to squeeze more earnings out of G.E.'s steadily increasing sales. Last week in Manhattan, Borch publicly introduced his triumvirate-William Dennler, Jack S. Parker and Herman Weiss. He also reported that sales reached a record $8.4 billion in 1968-double ten years ago-but profits did not keep pace. A preliminary estimate shows...
Entrance Costs. Borch is openly dissatisfied. He says: "We have not been doing as well as we would like in increasing our earnings to match our recent sales growth." At G.E., the percentage of profits to sales ran 4.7% in 1966 and 1967, well down from 1959's recent record of 6.2%. Last year earnings would have been off even more except for a final-quarter spurt in overall sales, including those of TV sets, appliances and other consumer products, which account for some 25% of G.E.'s business...
...General Electric President Fred J. Borch, reporting an 18% drop in third-quarter earnings to $80,689,000, blamed part of the decline on higher wages, part on a general softening in the demand for the kind of consumer appliances in which General Electric dominates its markets...