Word: diebold
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Dates: during 1960-1969
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Naturally, the competition is warming up. Last week Manhattan Management Consultant John Diebold, a leading evangelist of the computer and its potential, joined with Commercial Credit Co. and Bankers Leasing Corp., a subsidiary of the Southern Pacific railroad, to form Diebold Computer Leasing Co. The firm, which will specialize in leasing the latest third-generation computer equipment in the U.S. and Europe, starts with an impressive $85 million bankroll, of which Commercial Credit put up $75 million as a revolving loan. "We are set up to be the General Motors-in this field," says Diebold. "The whole thing is structured...
Cheaper Rates. The demand for computers in the U.S. is indeed soaring: last year computer makers installed some 13,000 systems worth some $5 billion, double their output in 1962. By the early '70s, Diebold predicts, the business will triple to $15 billion a year. Though 80% of the nation's computers are leased, most are on direct rental from manufacturers. The computer-leasing firms have been able to elbow their way in by the classic route of price cutting. They generally charge at least 10% less than the manufacturer's rental fee. In doing so, they...
Toll for the Big. The loss is affecting the strategies of big companies. More than 95 mergers have been called off this year, including Consolidated Food and United Artists; Litton Industries and Diebold, Inc.; W. R. Grace and Fanny Farmer. Mergers are usually consummated by stock swaps, and when shares fall, the deal loses its allure. The mutual funds have become so bearish that last week they dumped some stock in large blocs. They were getting rid of electronics stocks and shares of machine-tool companies and others likely to be damaged by repeal of the 7% investment-tax credit...
...Thornton anticipates a big expansion in the banking business; with Diebold locked in, a Litton salesman will be able to outfit a whole bank, from typewriter to vault. For its part, Diebold expects to use Litton's broad technology and fat treasury to expand. Under the terms of the deal, Litton will not have to dilute its common stock; it plans to exchange 1,118,000 "participating preference" shares for Diebold's 2,601,000 common shares. Though the preference shares are convertible into Litton common on a one-for-one basis, Diebold investors will be induced...
...Manhattan Management Consultant John Diebold (TIME cover...