Word: corp
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Dates: during 1960-1969
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President and Chairman J. Leland Atwood, 62, of North American, and Willard F. Rockwell Jr., 53, president of Pittsburgh's automotive-parts-making Rockwell-Standard Corp., announced plans to merge into a new corporation to be known as North American Rockwell Corp. With sales of some $2.6 billion a year, the combine will rank among the top 15 U.S. corporations...
Home Capital starts with a modest nest egg of $2,000,000 put up by Plywood-Champion, Andersen Corp., Armstrong Cork, Kaiser Industries, Masonite and Reynolds Metals. By borrowing as much as twelve times that amount from banks and other sources of capital-much as consumer-and auto-finance concerns do-Home Capital expects to be able to make loans on some 7,000 homes within 18 months. The money will go primarily to buyers of new, one-family homes through mortgage bankers across the U.S. With more capital and borrowing, Home Capital aims at financing 100,000 homes...
Only last December, the Federal Communications Commission agreed that a merger designed to turn Interna tional Telephone & Telegraph Corp. and American Broadcasting Co. into a $2 billion telecommunications company was a good idea. Last week the FCC changed its mind. The reason for the reversal was simple: the merger is being strongly protested by the Justice Department's antitrust division - an agen cy that easily outranks the FCC in Wash ington's hierarchy. Bowing to the anti trust division's argument that the ITT-ABC merger might impede competition and open ABC public affairs pro gramming...
...merger opportunities. Lately, the trail has led to the package store. Liggett & Myers last year took over the U.S. importer of J & B Scotch whisky. American Tobacco bought nearly all of Chicago's James B. Beam Distilling Co. last fall, and will soon purchase control of the Buckingham Corp., importer of Cutty Sark Scotch. When its turn came, P. Lorillard Co. decided to try a little tippling...
...look good on Lorillard's books. And with its marketing-minded young management, Lorillard should soon be able to return the favor for Schenley, whose 1966 sales of $478 million were only 2% greater than in 1957. Once the leading U.S. distiller, Schenley was overtaken by aggressive Distillers Corp.-Seagrams after the war. None of its leading brands (among them: Schenley Reserve blended whisky, Dewar's Scotch, I. W. Harper bourbon) are now the top sellers in their fields...