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Geneen himself shuns the conglomerate tag, prefers to call ITT "a unified-management, multiproduct company"-a term that, for some reason, he considers far tidier. Whatever the label, Geneen's ITT has become a hearty concoction. A huge amalgam of some 150 affiliated companies in 57 countries, it hums with new purpose in its traditional field: the manufacture of communications equipment around the world. At the same time, ITT's 204,000 employees are pushing into fresh territory. Backed by an annual research-and-development budget of $220 million, ITT scientists are at work on such sophisticated projects...
...globe-girdling International Telephone & Telegraph Corp., that could be almost anywhere. A man who walks fast, talks fast and thinks fast, the sturdy (5 ft. 10 in., 180 lbs.) Geneen churns with the ambition of a man half his age. In the space of eight years, he has rejuggled ITT from top to bottom, transforming it from a stodgy, disjointed telecommunications invalid into one of the most successful of the highly diversified new-breed corporations known as "conglomerates...
...Carry the Ball." Because of the variety of ITT's main-line operations, Hal Geneen rejects anything remotely smacking of a "one-industry mentality...
...International Telephone & Telegraph has encountered stiff Justice Department opposition to its proposed merger with American Broadcasting Co. But that has failed to dampen ITT's ardor for picking up other corporations. Its latest morsel: Rayonier Inc., a $171 million-a-year manufacturer of pulp products. The communications giant also has a line out in hopes of acquiring Western Power & Gas Co., a public utility operating in 13 states from the Rocky Mountains to the Atlantic. - General Telephone & Electronics Corp., the nation's largest independent telephone system, stood to get even larger by agreeing to a $145 million stock...
Through mergers, ITT has been striving to reduce its historic dependence on overseas manufacturing of telephone and electronic equipment and services for the bulk of its income. Thanks chiefly to his relentless pursuit of diversification, Geneen last year achieved his goal of balancing the company's foreign and domestic earnings. ITT's total profits reached a record $89.9 million in 1966 as its sales rose 14%, to $2.1 billion. Levitt's sales, as they have on the average for five years in a row, climbed by 25%, to $94 million. And the building company, which also retails...