Word: itt
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Dates: during 1960-1969
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Having written a thesis on "How to Start a Small Business" while enrolled at the University of Virginia, Randell persuaded himself to follow his own prescription while he was working as a marketing manager for ITT in Chicago. The idea jelled during a debutante party in Newport. As he sailed up to the dock in his college roommate's yacht, he recalls, "I decided I was getting behind." In his spare time, he wrote a guide to collegiate summer jobs, then at a cost of $150 printed up posters advertising "high-paying, fun-filled positions" and distributed them...
Chairman Harold S. Geneen describes his $2.8-billion International Telephone & Telegraph Corp. as a "unified-management, multiproduct company." On that principle, in 48 major acquisitions in the last nine years, ITT has acquired a hotel chain (Sheraton), a car-rental company (Avis), a book publisher (Bobbs-Merrill), a home-builder (Levitt & Sons, Inc.), a paper and chemical company (Rayonier, Inc.) and assorted other ventures. Something Geneen still does not have is a consumer foods company. Last week he moved to remedy that deficiency by announcing that ITT, in an exchange of stock valued at $280 million, will soon acquire Continental...
...ITT, this would be a yeasty investment. Continental's bread, led by Wonder, is sold in 46 states and in Mexico, Jamaica and the Bahamas. Continental, which also makes Hostess cakes and Morton frozen foods, had total sales of $621 million last year. Its management, headed by Chairman and Chief Executive R. Newton Laughlin, will continue to operate Continental. The parent company will act as "a repository of technical knowledge for Continental," says ITT Executive Vice President Hart Perry, who supervised the month-long negotiations...
Such major-league conglomerates as ITT, Litton and Textron are veterans on the playing fields of corporate acquisition. But last week's biggest merger news came from a relative rookie...
...invest up to $100 million to exploit it. International Nickel just got the go-ahead to start a $1,500,000 survey of nickel deposits on the island of Sulawesi (Celebes), and may invest $100 million. Bethlehem Steel has expressed interest in tin deposits, Boise Cascade in logging concessions. ITT agreed to build a satellite relay station near Djakarta at a cost...