Word: cyanamid
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...mutual funds is not Price's biggest business. The firm manages almost twice as much money -about $3 billion-in private portfolios. Until recently these belonged to individuals rich enough to make a $1,000,000 minimum investment, or to the pension funds of such corporations as American Cyanamid, Bristol-Myers, Duke Power and Ford Motor...
...that the company wanted to be closer to its Connecticut laboratories and factory. Chesebrough-Pond's is only one of several large firms to move all or part of their central offices out of New York in the past five years. Among the others: American Can, American Cyanamid, Borden, Uniroyal, PepsiCo, Corn Products, Shell Oil, Continental Oil, M.W. Kellogg, Lone Star Cement, Olin Corp., Stauffer Chemical...
Five leading drugmakers swallowed a bitter pill last week. In a surprise move, they offered to pay $120 million to settle treble-damage claims against them for allegedly rigging the price of a widely used antibiotic, tetracycline. While proposing the settlement, the five companies-American Cyanamid, Chas. Pfizer, Bristol-Myers, Upjohn and Squibb Beech-Nut-asserted that they "have not violated the antitrust laws...
...federal jury convicted Cyanamid, Pfizer and Bristol-Myers of plotting to fix the price of tetracycline-and the companies are still appealing the verdict. Upjohn and Squibb were named co-conspirators but not defendants. Encouraged by the verdict, 39 states, ten cities and counties, 15 private hospitals and 17 miscellaneous groups claimed damages for overcharges on the drug, which has been sold since 1953. Sales amounted to well over $100 million annually. The Justice Department charged that the capsules cost an average 1.60 to produce, but sold for as much as 510. Whatever the merits of the damage claims...
...influx of U.S. companies has been tapering off since last year, when American Cyanamid discovered it was simpler to raise money through a Delaware holding company, which does not have to withhold tax if 80% of its business is done outside the U.S. But European firms are more than taking up the slack. Germany's AEG, Thyssen, Siemens and Hoechst, for example, have moved in to escape the 25% withholding tax at home on interest paid to foreign holders of German bonds. The roster has grown to 32 companies, almost all in the big leagues...