Word: engelhards
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Sudden Surge. At the same time, all three companies are showing an unmistakable interest in the world platinum supply. Ford has reached an agreement with Manhattan's Engelhard Minerals & Chemicals Corp. under which Engelhard will supply "not less than 60% " of the platinum-treated converters that Ford may need in 1975, 1976 and 1977 models. Engelhard has close ties with South Africa's Rustenburg Platinum Mines, the world's largest. G.M. executives are known to have discussed platinum purchases with other South African producers, and Ford, G.M. and Chrysler have all consulted with the U.S. Commerce Department...
Last month platinum futures reached historic highs in the commodities market, putting purchases scheduled for this fall at $161 per oz. Then a Bell Laboratories report suggesting that nonplatinum catalysts are close at hand pushed prices down. Bell's research was hotly disputed by Engelhard, and the market has lately been gyrating from day to day; last week's closing price was $151. Until it has been decided in the labs, probably by the end of this year, plenty of speculators are betting that the golden age of platinum is not far away...
Various companies are trying to perfect similar devices, but with the 1975 models already on the planning boards, the auto manufacturers must already begin to line up suppliers. Ford was the first, recently making a "firm commitment" with Engelhard for half of the catalytic converters it will need in 1975. Other U.S. automakers may soon follow Ford's lead, and Rosenthal, 58, a meticulous executive who tries to keep an eye on details, is looking abroad for still more customers. Japan and Canada, he believes, will soon pass restrictive emission standards...
...Engelhard is an unusual company...
...long run by flamboyant Charles Engelhard, who before his death last year built up a billion-dollar business, mostly as an international trader and fabricator of precious metals. Engelhard does much business with Anglo-American Corp. of South Africa Ltd., which owns 30% of Engelhard's common stock and is run by Harry Oppenheimer, the South African mining magnate. But Rosenthal clearly would welcome any new business. Last year, on revenues of $1.5 billion, the company's earnings dropped from $36 million to $28 million...