Word: heineman
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Northwest President Ben Heineman appears to be a businessman at bay. Only hours before his conglomerate's annual meeting began in Chicago last week, the Justice Department announced that it would seek to block Northwest's bid for Goodrich. A stockholder at the meeting asked, why not just drop the whole thing? Nothing doing, replied Heineman. "I don't think I have ever been known as a summer soldier...
Venerable and Vulnerable. Heineman, 55, is the self-assured attorney who took over the wheezing Chicago and North Western Railway in 1956 and surprised skeptical industry veterans by turning the company into a moneymaker. Only four years ago, he began spreading into steel, clothing and chemicals, and later formed Northwest Industries, a holding company. Its sales rose impressively from $260 million in 1965 to $701 million...
...word that not only was Northwest attempting to swallow a much larger company, but it had also reported a first-quarter loss of $3.9 million. Recent ads pointed out that Northwest's stock had dropped from $140 in January, to 81¾ last week, with the result that Heineman's generous original package offer for one share of Goodrich was now worth about $10 less. (Goodrich stock closed last week...
...increase its number of shares outstanding and thus raise the total that Heineman would have to win, Goodrich made a deal with Gulf Oil Co. Last February, Goodrich issued 700,000 new shares worth about $32 million to buy up Gulf's half-interest in Goodrich-Gulf, a money-losing subsidiary. The price was steep, but the deal put 5% of Goodrich's stock into the friendly hands of Gulf's management...
...social problems. But he has run into opposition to his plans for offering tax incentives to businessmen who sponsor job retraining and black-capitalism projects. Congressional Democrats consider the idea a "backdoor raid" on the Treasury, a disguised form of Government spending. Some businessmen also fault the incentives. Ben Heineman, president of Northwest Industries and a Democrat, fears that if business were to receive tax subsidies but fail to root out social problems, it "could be set up as the goat of the next ten years." That is precisely the risk that businessmen run when working in Washington. The greater...