Word: ge
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Dates: during 1970-1979
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...lost about $60 million since 1970. Singer thus joins a large number of corporations that have dropped out of the costly, brutally competitive computer business: notably, RCA, which took a pretax write-off of $490 million in 1971; Xerox Corp., which wrote off $84.4 million last year; and GE, which...
...largest electrical-equipment manufacturer, joined the trend. G.E. announced that it plans to acquire Utah International Inc., a large but little-known San Francisco-based mining company (1974 sales: $500 million) that has extensive reserves of coal, uranium and other natural resources in the U.S. and abroad. GE plans to pay about $ 1.9 billion in stock for Utah International...
...driving force behind the merger was Fred Borch's successor as GE chairman, Reginald Jones, 58. Jones has had to deal with a profit slump at GE. The company's net earnings fell 14% in the first nine months of this year after reaching a record $608 million in 1974. One reason is that GE has been losing money on fixed-price orders for atomic power plants; lead times on such projects are long and cost overruns can be breathtakingly high. Jones says that GE sees Utah as "an important opportunity in the natural-resources industry." Some Wall...
...Wall Street, shares of both GE and Utah scarcely moved following the merger announcement, mainly because investment professionals doubt that the deal will go through. Government trustbusters are almost certain to study the merger plan carefully to see if it might give GE an unfair advantage over other domestic manufacturers of power plant equipment. If the Justice Department or the Federal Trade Commission decides to challenge the merger, it would underscore a long-building conflict between the nation's antitrust policy and its international economic interests. Reason: a thoroughly integrated energy giant may well be exactly what...
...near Utica and Rome. West toward Syracuse, still boring, which is hard to understand when ten and twenty miles to the south the apple orchards and Finger Lakes and Ithaca and now, a lot of condiminiums are incredibly more interesting. Past Electronics Park at Syracuse, which is a behemoth, GE's big plant, along with Schenectady, and also a Chrysler factory, and thousands of cluttered plots of working homes. Farm country from there to Rochester, and with luck it's dark by then, and you don't have to see the farm on the right where the huge painted yellow...