Word: itt
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Dates: during 1980-1989
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...role. For nearly four decades following World War II, the U.S. did the buying, savoring its role as the globe's foremost exporter of capital. U.S. investment power was so great that in 1968 French Economics Journalist Jean-Jacques Servan-Schreiber predicted that American multinational companies like IBM and ITT threatened to turn Western Europe into an economic province. Concern about foreign cash flowing into the U.S. arose briefly in the 1970s, when a weak U.S. dollar and the emerging clout of OPEC prompted fear of an Arab buying spree. By and large, however, the cautious oil sheiks steered their...
...pressure builds on U.S. companies to leave South Africa, the caravan of departing corporations grows steadily longer. More than 100 U.S. firms have quit the land of apartheid during the past 2 1/2 years, and last week three big names -- Citicorp, Ford and ITT -- joined the crowd at the exits. The magnitude of the American pullout has raised some crucial and highly controversial questions: What happens to the businesses that U.S. companies abandon? Are South Africa's blacks better or worse off? Has divestiture had any impact on the country's economic and political climate...
Whatever change is taking place, it seemed to be accelerating last week. Ford, which has manufactured cars in South Africa for 63 years, hopes to donate most of its holdings to its predominantly black work force. ITT sold off its small automobile-brake plant. Citicorp, the lone American bank left in South Africa, will sell its 29-year-old subsidiary to First National, the country's largest commercial bank...
Americans are flocking back to Europe. -- Citicorp, Ford and ITT join the exodus from South Africa. -- The Toshiba scandal grows...
...regain profitability. In other cases, they have slashed costs and boosted profitability precisely to keep their stock prices above the level at which they would attract bargain-hunting takeover sharks, who are likely to chop far more brutally and indiscriminately than the present managements. No less a titan than ITT warily shook off a takeover bid by Raider Irwin Jacobs in 1985. That effort gave renewed impetus to a slimming exercise already begun by ITT Chairman Rand Araskog. Since 1980, Araskog has sold off more than 100 businesses, and last year he cut ITT's work force...