Word: itt
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
...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...
Optical Pollution. Fortunately, a few developers have tried to minimize their projects' ecological impact-a hard task. For one, ITT Levitt Development Corp., a subsidiary of the largest U.S. home-building company, is building "Palm Coast," the nation's biggest "new town." A gargantuan project, it will in 20 years plunk 750,000 people onto 100,000 acres of now uninhabited coast land near St. Augustine. Levitt spent nearly $1,000,000 on environment planning to achieve a community whose residents will live in virtually pollution-free neighborhoods connected by canals. Housing density will be 2.5 homes...