Word: itt
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...ITT's entrenched, long autonomous European chieftains took some winning over when Geneen went to Brussels to meet them. "I talked to them for hours," recalls Geneen, "but none of them said anything. So I asked why. The answer was that years ago somebody talked and got fired." At dinner with one European executive, Jean Bourgeois, Geneen made it clear that he expected his people to start talking. Says Bourgeois: "I was drawing diagrams all over the tablecloth for an hour. He just kept on asking questions...
...that prudence dictates a relatively low-keyed overseas operation. Because of foreign sensitivity to American business domination, for example, the company has kept its U.S. connections almost invisible; in Europe, only 61 of the company's 125,000 employees are American. To lubricate its contacts with foreign governments, ITT has lured onto its staff such prominent native sons as former U.N. Secretary-General Trygve...
...director of ITT's Norwegian affiliate, and onetime Belgian Premier Paul-Henri Spaak, whose position as director of the company's Belgian subsidiary has inspired one Brussels paper to refer to him as "Paul HenriTT...
...South America, where ITT has had numerous political squabbles over its utilities operations, the company is selling off a few of its telephone companies; fortnight ago, Geneen's men reached agreement with the Peruvian government, which will buy the local ITT-run phone system in 1971. To further minimize reliance on government-related business, ITT has been diversifying abroad, acquiring computer-programming services, a lamp manufacturer and TV plants in Germany and France. Last week, in one of many "substantial acquisitions" foreseen by ITT-Europe Executive Vice President James V. Lester, the company added to the fold West Germany...
Beneficial Environments. Much of ITT's rapid overseas growth is coming from its traditional communications operations, a trend that should continue on the strength of the unmet foreign demand for telephone lines; even in industrialized Europe, there are only ten telephones for every 100 people v. 48 per 100 in the U.S. ITT recently installed a 5,000-line telephone exchange in Madras, India, won a contract to supply the Hong Kong Hilton with a 1,000-ex-tension automatic phone system. Another rich market opening up is in worldwide satellite communications; ITT (after A.T. & T. the largest stockholder...