Word: firming
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Dates: during 1950-1959
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...million will be honored." Five years later, with Trumbull and other small companies as a base, he founded Republic Steel Corp. as the nation's third biggest producer. That year he also won control of Goodyear Tire & Rubber Co. Operating from his Cleveland-based Otis & Co., a securities firm, and a maze of holding companies, Eaton's deals were faster than the eye -or most financial experts-could follow. He helped topple Utilityman Samuel Insull by outfoxing him in a deal that cost Insull companies $56 million...
...reputation for quality, plus substantial assets and a promising moneymaker in its new smelter at Baie Comeau, Canada. Last April, apparently afraid that Reynolds or some other aggressive U.S. concern would buy control, Aluminium's chairman, Viscount Portal of Hungerford. got stockholder approval to boost the firm's shares from 9,000,000 to 13,500,000, sell the extra shares for expansion capital. Portal decided that the U.S. company he wanted as a partner was Alcoa. Last October Alcoa offered $8.40 a share (the market price) for the 4,500,000 new shares. Total: $37.8 million...
...Alfried Krupp (TIME Cover, Aug. 19, 1957) of his pledge to the Allies to sell the coal and steel companies in his industrial empire. Last week, instead of selling, Alfried Krupp got permission from the High Authority of the European Coal and Steel Community to buy another steelmaker. The firm: Bochumer Verein, Germany's biggest producer of special steel. The purchase would give Krupp the biggest steelmaking capacity (4,000,000 tons) in Europe...
...Germany's third biggest steel producer. The move would create a giant even bigger than Krupp-Bochumer Verein, with a 6,000,000-ton capacity and nearly $1 billion in sales. Mannesmann, the No. 4 steel producer, recently eliminated several of its subsidiaries, absorbed them into the main firm. The trend to growth extends beyond iron and coal. Friedrich Flick, a prewar steel baron who was forced to sell off many of his holdings after he was sent to prison as a war criminal, has built a new empire in autos. He got control of Daimler-Benz, joined...
Frank R. Armour Jr., 50, was elected president of H. J. Heinz Co., the first non-Heinz to hold the job since the firm started as a horse-radish distributor in 1869. He succeeds H. J. Heinz II, who became chairman of the board. Armour (no kin to Chicago's meat-packing Armours), went to work at Heinz in 1927 as a visitors' guide, held 57 varieties of jobs within the company. He worked in sales and advertising, became general manager of manufacturing in 1946, a vice president in 1949, executive vice president in 1957. Armour will...