Word: itt
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...Modular construction has doubled in the past five years, and this year will account for 80,000 new houses. Some large builders like National Homes and Stirling Homex turn out modular homes that are put together like building blocks on the development sites. The nation's biggest builder, ITT Levitt, operates one of the most modern of these plants in Battle Creek, Mich., turning out one complete house every hour. The modules are hauled to the building sites, where cranes hoist them into place on prepared foundations and workers nail and bolt them together in 20 minutes. Cost...
...Last week, too, Allende announced that the Chile Telephone Co., a subsidiary of ITT, would be run by a government intervener. The move is seen by some ITT officers as the first step to expropriation. ITT's stake in Chile Telephone is covered by about $100 million in OPIC insurance. Together with the copper companies' coverage, that amounts to more than $400 million in claims. In the 20 years of its existence, the insurance corporation has paid out a total of less than $4 million...
...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...
...bring in an outsider? The company has become something of a conglomerate itself-toys, books, guitars-with only 55% of its $1.2 billion revenues last year coming from broadcasting. Ireland's four years at ITT will thus be useful. Moreover, a slump at CBS-first-half earnings were down from $28.7 million to $22.5 million-calls for financial rather than entertainment expertise...
Ireland was a longtime associate of the late financier Robert R. Young. He was president of Young's Alleghany Corp., the holding company that controlled the New York Central Railroad and still controls Investors Diversified Services. In 1967 he moved to ITT as special assistant to Chairman Harold Geneen, but ITT insiders say that he did not cotton to Geneen's authoritarian ways and had been looking around for some time...