Word: itt
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Dates: during 1970-1979
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...equipment and holdings in foreign companies. The true resale value of those properties today is probably twice as much. IBM dominates the foreign computer field; Ford, General Motors and Chrysler ride high in the foreign auto industry; one-third of Italy's oil-refining business is U.S.-controlled; ITT's phone-making subsidiary has a monopoly in Belgium. From 1950 to 1970, American companies brought home from abroad $84 billion in profits...
...show cancellation, the management of Columbia Broadcasting System, Inc., last week reached over the heads of at least two front-running executives to choose a president from outside. The new man is Charles T. Ireland Jr., 50, a Yale-trained lawyer and a senior vice president of ITT, the multibillion-dollar conglomerate. Ireland will rank third at CBS, after Chairman William S. Paley and Frank Stanton, who shifts from president to vice chairman. Stanton will retire in 1973, when Ireland will presumably move...
...Harold S. Geneen, chairman and president of International Telephone & Telegraph Corp., gather in his Manhattan headquarters for one of the best-known staff meetings in the business world. In the near future, however, there could be a significant drop-off in attendance. At the behest of the Justice Department, ITT has agreed to divest itself of six important companies...
Subject to court approval, the parts to be severed are the Canteen Corp., Grinell Corp.'s fire protection division, Avis (Rent a Car) Inc., ITT-Levitt home builders, and the Hamilton and ITT life insurance companies. Geneen will have two years to dispose of the first two firms, three years for the rest. The divestiture, which ends three Justice Department lawsuits against ITT, is one of the largest trust-bustings in American corporate history. The subcompanies ITT will lose account for about $1 billion in annual sales, or about one-seventh of the conglomerate's total...
Vertical Hold. The ITT action leaves unresolved one of the most crucial ambiguities in antitrust law: Does the Clayton Act, a keystone of the nation's antitrust policy for more than five decades, apply to conglomerates? The act clearly bans major acquisitions that "substantially lessen competition." It has been applied to horizontal mergers of directly competing firms and to vertical mergers of companies that have customer-supplier relationships. But it does not specifically forbid the kind of mergers that form conglomerates: those involving firms offering apparently unrelated goods or services. The Justice Department's three suits against ITT...