Word: itt
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Constantly Monitoring. Because ITT makes and markets so many products in so many countries, its managers get early warnings of economic trends, which they share with one another at the meetings. This year, for example, many electronics manufacturers found themselves with rising inventories as demand fell. ITT boasts that, by constantly monitoring national economies and the trend of sales, it was able to react so quickly to the slowdown that its inventories hardly rose...
...meetings cope with matters both pressing and routine. Last month's emergency was a fire that burned out a plant near Paris. Plans were made to have prefabricated buildings put up in the destroyed plant's parking lot, and rush in telephone exchange equipment components from other ITT factories so that the assembling work could continue. As a result, deliveries would be delayed by no more than two weeks...
...routine problems if things are going very wrong, ITT senior managers will suggest corrective action. If that does not work-and work fast-the company will be invaded by a team of ITT experts. 'We run the world's largest management consultancy,' says one top executive. The difference is that our clients have to do what we tell them -or leave...
...decision-making powers. Last week he was reviewing reports on the German economy. His assessment: "We expect some growth next year, but not much. If things get really bad, we shall cut back on automotive products, but may actually pick up in telecommunications." The fact that so much of ITT's volume is in telecommunications equipment should be a continuing help. Demand remains strong in both good times and bad, as Europeans clamor for telephones and state-owned operating companies rush to increase the supply. In France next year, Bergerac expects a 36% rise in sales of telecommunications products...
Thus the U.S. Justice Department's action in barring ITT's moves at home and forcing it to expand abroad could prove to be a golden boon for the corporation. But there is a nagging irony. Partly because of the trustbusters, ITT now has lively plans for increasing its growth in Europe just when the U.S. is struggling to expand its economy and cut its burdensome jobless rate...