Word: carborundum
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...drypoint--are mostly large (approximately 40" by 28") and all expensive (ranging between $5000 and $7500). The techniques used in the creation of the pictures belie the apparent simplicity of some of the design. Miro adds further texture and richness to the design by using drypoint engraving, embossing and carborundum, a graining stone that makes heavy furry lines...
Curtiss-Wright told Kennecott's shareholders that it would raise most of the money by having Kennecott sell Carborundum, for $567 million or a bit less. Berner would make up the rest by dipping into Kennecott's $140 million in cash and securities, and perhaps by having Kennecott borrow against a $400 million promissory note...
...Robert Meyner, 69, former Governor of New Jersey; George Bunker, 70, former chairman of Martin Marietta; and Fred Kirby II, 58, chairman of Alleghany Corp. and Investors Diversified Services, the mutual fund concern. Curtiss-Wright said its nominees "believe that Kennecott management, instead of paying $567 million to buy Carborundum Co., should have used that cash directly for the benefit of Kennecott stockholders." If the dissident slate is elected, it is committed to make the proceeds of a Carborundum sale available to Kennecott stockholders...
...divest itself of Peabody Coal by Government edict last June, savvy Wall Street analysts speculated that some or all of the $1.2 billion Kennecott received would be paid in the form of a special dividend. Instead, Chairman Milliken, apparently fearing an unfriendly takeover attempt, paid $66 a share for Carborundum. The rationale: the bigger the company, the more difficult it is to finance a raid. By paying more than twice the book value for a ho-hum company, Milliken let himself in for savage criticism of his business judgment. John Bogert, a former Kennecott employee who is a copper analyst...
...Berner succeeds and severs Carborundum, what is left of Kennecott will be anything but a prize property. One of the world's highest-cost copper producers, Kennecott thrives only when prices of its metal are handsome. Last year profits were a pittance of $300,000 on sales of $977 million. Copper inventories of more than 2 million tons are now overhanging the market, forcing the U.S. spot price down to about 620 per lb., below Kennecott's average cost. Some analysts, however, believe that copper might go as high...