Word: itt
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Dates: during 1980-1989
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...inattentive or slothlike in responding to the needs of its far-flung divisions. Some 1,100 units of U.S. companies have been acquired by their managers since 1982, and it is a blue-chip list: the Montgomery Ward department-store chain, bought by its executives from Mobil; the former ITT subsidiary that makes Scott lawn products; the onetime Unisys unit that produces Nu-kote ribbons for typewriters and computer printers. "Management buyouts create powerful incentives for entrepreneurship, risk taking and long-term planning," says Martin Dubilier, chairman of a New York City investment firm that bankrolls many executives seeking control...
...both the Mass. fund and the ITT Corporation, which are limited partners in the bid, have complained that Kohlberg, Kravis, the general partner in the arrangement, is following a hostile takeover strategy, since RJR Nabisco's board of directors has not consented to the plan...
...officials at Harvard and ITT said yesterday that it was not possible to refuse funding for a specific takeover in a limited partnership...
...spokesperson for ITT said that the original terms of the Kohlberg, Kravis partnership prohibited hostile takeovers. James T. Gallagher, ITT vice president for public relations, said that Kohlberg, Kravis claims it told all limited partners it would perform hostile takeovers if the board of thetargeted company had already tried to buy out itsown shareholders...
...they take effect, the Philip Morris and RJR Nabisco deals may prove to be textbook cases of smart corporate strategies. They could also turn out to be flops -- or so U.S. business history would suggest. In the 1960s some of America's most celebrated executives, including Harold Geneen at ITT and Charles Thornton at Litton Industries, acquired scores of companies and built huge conglomerates. Like many empires, they eventually declined. A similar fate may await some of today's dealmakers...