Word: ctip
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Dates: during 1960-1969
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...pocketbooks.Still, there are few precedents for the problems faced by Arthur G. McKee & Co., a Cleveland engineering firm that does a $154 million-a-year business designing and building industrial plants around the world. Independence-minded employees of the company's subsidiary in Rome, Compagnia Tecnica Industrie Petroli (CTIP), are staging an outright corporate rebellion...
Where the Brains Are. CTIP is McKee's European foothold and a sizable operator in its own right. The firm has orders on its books for refineries and petrochemical plants worth $100 million. Last March, only one month after McKee appointed him joint managing director, CTIP's Gian Vittono Cavanna started secret negotiations with Technip, a French government-owned engineering firm. Without telling McKee, Cavanna signed a general agreement calling for a reshuffling of CTIP ownership among Technip, McKee and Italian companies. The idea was that divided leadership would enable CTIP employees to run their company themselves, rather...
McKee's executives were flabbergasted. When the company bought a 94% interest in CTIP three years ago-for $1.5 million in stock and cash-the Italian firm was in shaky condition as a result of an unprofitable project in Egypt. Since then CTIP's net worth has risen 450%, to $5,000,000. It has won important new business in Latin America, Spain and Scandinavia, and added Gulf and British Petroleum as major clients...
Among other things, CTIP strikers demand Italian (or at least European) managerial control, a 30% salary increase, employee profit-sharing and employee participation in company decisions. They have brought in CISL, Italy's powerful Christian Democratic trade union, to represent them, while McKee has the backing of Italy's Confederation of Italian Industry. Somehow, McKee President Merrill Cox must figure out how to regain control of a firm whose employees are its only real assets...
...matter could be resolved through compromise, or the workers could make good their threat to form their own company and leave CTIP a shell. In any case, the Italians would like to make one thing clear: "We are not anti-American," says Guglielmo Betto, a rebel employee leader. "Some of our best clients are American companies...
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