Word: itt
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Dates: during 1960-1969
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...week, pending routine board approval, the redhaired, crew-cut campaigner will move one block down on Manhattan's Park Avenue to the headquarters of the International Telephone & Telegraph Corp. Though he will be only one of 24 vice presidents, Ireland will play a familiar role as special assistant to ITT Chairman and President Harold S. Geneen...
Jersey has a lot of big company on the international scene, including such other U.S. firms as G.M., Ford, Chrysler, General Electric, IBM, ITT, Union Carbide, Du Pont, 3M, Kodak, Texaco, UniRoyal, Mobil, Boeing, Pfizer, Olin Mathieson and Corn Products Co. Together, they are rocking the world. Their globalization is an inevitable showdown between modern technology and old-style nationalism. Technology is an odds-on favorite...
...from a kind of superman mentality." Europeans also resent the fact that U.S. firms deal brusquely or not at all with trade unions, discontinue such traditions as the German breakfast break on company time or the Spanish siesta, and, unlike paternalistic European firms, lay off workers in recessions. When ITT recently considered buying Belgium's second best football team in order to get its stadium for employee recreation, cynical Belgians quickly predicted that ITT would undoubtedly cut the team from eleven players to nine...
...Europeans find Americans efficiently cold, Americans for their part often find Europeans dismayingly disorganized. Says ITT Executive Vice President Tim Dunleavy: "To counteract the long, lean, hungry guys coming in, a European company tries to merge with another European company. But that only adds to the difficulty. You get two overstaffed, overweight companies getting together, and you're making the problem twice as serious as it was in the first place. That sort of action makes them more prey than ever to American companies, but a lot of businessmen and politicians still don't recognize this...
...After merging the two companies into a $1.2 billion firm, Weinstock will repeat the renovation he carried out at G.E.C. He is expected to phase out unprofitable manufacture of heavy generators and transformers, concentrate on telecommunications and electronics, in which the company can compete against such foreign firms as ITT and General Telephone & Electronics Corp. of the U.S., Europe's Philips and Siemens A.G. and Japan's Nippon Electric Co. Ltd. "The future," insists the young executive, "lies with the giants." And Arnold Weinstock obviously classes himself with the giants...