Word: copperweld
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...Copperweld Corp., a Pittsburgh-based producer of specialty steels, fought hard to stave off a takeover by Societe Imetal, a French concern controlled by the Rothschilds. Copperweld executives opposed the bid in court; employees staged placard-waving demonstrations pleading that the company stay American-owned. Stockholders, however, were more impressed by Imetal's offer to pay $42.40 each for shares that sold for $34.50 just before the fight, and last week Imetal announced it had bought 61% of Copperweld's outstanding stock...
During the past year or so, such well-known U.S. firms as Bantam Books, ESB, Inc., formerly Electric Storage Battery, and Magnavox have been bought out by foreign companies. But the juiciest attraction could be Copperweld. Largely because of successful management efforts to diversify its line of alloyed steels and specialty tubing used in construction, the company has been consistently profitable. Despite the recession, Copperweld sales in the first half of 1975 climbed to $162.5 million from $150.6 million a year earlier. Profits jumped from $6.2 million to a record $8 million. Copperweld is particularly vulnerable to raiders because...
...efforts to thwart Imetal, Copperweld has rallied impressive support-with the help of its image maker, Ketchum, MacLeod & Grove, Pittsburgh's biggest public relations firm. Hundreds of Copperweld's 4,300 employees have ridden buses into Washington and Manhattan to picket against the takeover, urged on by United Steelworkers President I.W. Abel. Republican Senators Hugh Scott of Pennsylvania and Robert Taft of Ohio, where Copperweld operates two plants, have issued statements supporting the Pittsburgh firm. Pennsylvania Governor Milton J. Shapp sent a wire to Smith stating his belief that Imetal wants Copperweld "as a source of cash only...
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