Word: congoleum
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Dates: during 1980-1989
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...late 1960s, BIW began running into two enemies that were worse than anything its warships had encountered on the open seas: poor management and inflation. A holding company called Bath Industries was formed, and in 196 it merged with Congoleum-Nairn, a firm that makes tiles, wall decorations an other surface coverings. Inflation began taking a severe toll in the recession year of 1974. BIW's fixed-price contracts did not allow for rapidly rising costs, and losses mounted sharply. On top of a $10 mllion run of red ink, BIW lost major defense contracts in the early 1970s...
...team moved swiftly The Bath Industries name waw changed to Congoleum, reflecting that company's contribution to its survival. Smaller, unprofitable companies like Coronet Manufacturing Co. and Howard Parlor Furniture Co. that had been acquired by Bath Industries were sold off. BIW aggressively went after and won a big chunk of the Navy's guided-missile frigate program, and began writing contracts with markups for increased costs...
With its cash position improved and its stock underpriced, Congoleum decided to invest in itself. In early 1980, the conglomerate, with several blue-chip insurance companies, bought up all its outstanding publicly held stock for $450 million and went private. Prudential now has 29% of the company, with smaller pieces held by Aetna, Travelers and Connecticut General. In addition, Eddy G. Nicholson, chief operating officer of Congoleum, and Byron C. Radaker, its chairman, are shareholders...
...plans to build another yard at Portland, about 40 miles down the Maine coast. With its frigate project 99 weeks ahead of schedule and $44 million under budget, the Iron Works is eyeing the Navy's new destroyer program. That could be its biggest contract ever. Congoleum, the proud parent company, has now moved its headquarters from Milwaukee to nearby Portsmouth, N.H. Construction of its new building, though, is slightly over budge and three months behind schedule. Maybe Congoleum should have had the Bath Iron Works build it. -By John S. DeMott Reported by Barry Hillenbrand/Bath