Word: geneen
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Even in this hungry age of corporate mergers, Chairman-President Harold S. Geneen of International Telephone & Telegraph Corp. is remarkable for his appetite. Since 1959, when he took charge of ITT with the intent of making it "one of the most important companies of the next decade," Geneen has swallowed up 44 smaller firms; they stretch across such diverse fields as auto rental (Avis), mutual-fund management (Hamilton), consumer finance (Aetna), book publishing (Bobbs-Merrill) and even airport parking. Though blocked so far by Justice Department antitrust litigation in his most ambitious effort-to acquire American Broadcasting Cos. -Geneen...
Last week, in one of the year's more unusual mergers, Geneen agreed to buy Levitt & Sons, Inc., the world's largest home builder, for $92 million worth of ITT stock. The building company, which showed a whole industry how to change the face of postwar suburbia, would operate as an autonomous subsidiary under President William J. Levitt...
Such changes already sweeping the industry must have been in Geneen's mind last week when he called Levitt & Sons "the ideal vehicle for ITT to participate in the U.S. and abroad in the revolution in housing in the next decade." Levitt fits into ITT's spreading empire (204,000 employees, 400 offices and plants in 57 countries) in other ways as well...
...International Telephone and Telegraph Corp. shareholders heartily approved a proposed acquisition of the American Broadcasting Company, which has annual sales of $400 million; the move would raise ITT from 31st largest U.S. corporation to a rank, according to Chairman Harold S. Geneen, "within...
...turn his fancy into fact, Geneen chopped down a somnolent executive hierarchy and tightened Manhattan-headquarters control over I. T. & T.'s global spread (195,000 employees, 27s factories and offices in 52 countries). He also became one of the corporate world's most expansion-minded executives. He has made 35 acquisitions, including an auto-rental company (Avis) and a mutual-fund management company (Hamilton), has moved into heating and ventilating equipment, consumer finance and life insurance. One result: the doubling of both I. T. & T.'s sales and its profits ($63 million...