Word: goodyears
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...amounted to more than $520 million. Only two oil companies, Caltex (owned by Texaco and Standard Oil of California) and Stanvac (owned by Jersey Standard and Mobil), managed to keep operating. Other companies lost longtime investments: U.S. Rubber had to give up 54,000 acres of rubber plantation, and Goodyear Tire & Rubber lost two plantations and a tire plant at Bogor, near the capital. Though ridiculously low repayments were negotiated, no money has yet changed hands; a first order for the Sultan of Jogjakarta, the triumvirate member charged with economic development, is to work out settlements...
Lured by such overtures, old Indonesia hands are filtering back. U.S. Rubber has replaced its former Indonesian output through other plantations in Liberia and Malaysia, but it will likely buy Indonesian rubber. Goodyear is negotiating to return. Its first task if it does: to restore efficiency at the Bogor plant, where tire output is off two-thirds since U.S. managers were kicked out. Union Carbide hopes to reclaim its battery plant, may also start tungsten mining. Caltex, which recently signed a five-year $50 million contract to supply the Indonesian government with lubricating oils and grease, has set aside...
...activity. After General Mills decided to open a plant in Lancaster, Ohio, the Governor characteristically called up the company, says Vice President William Haun, "and assured us the state would do anything it could to help us handle any problems." By lining up local financing, he got Akron-based Goodyear Tire & Rubber to put a new plant in Logan, Ohio, instead of in Michigan. Similarly, when Radio Corporation of America decided to close down its Cambridge, Ohio plant, Rhodes and his development team got an inkling of interest from Dayton-based National Cash Register. "Within hours," recalls the company...
That practice may now be ended. The NLRB has just won a highly significant victory against the United Rubber Workers of America's Local 12, which speaks for all workers at the Goodyear Tire & Rubber plant in East Gadsden, Ala. In 1960, Goodyear laid off eight Negroes who had more seniority than white workers who kept their jobs. The union, which agreed to separate seniority lists for each race, refused to help its Negro members. Even the union's international president, George Burdon, could not dissuade Local 12. Though federal negotiators got the Negroes reinstated...
Russell DeYoung, Chairman, Goodyear Tire & Rubber...