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Enter Irwin Jacobs, the Minneapolis-based financier whose takeover antics in the 1980s struck fear into the hearts of companies like ITT and Disney. Jacobs, a reformed predator, now runs Genmar Holdings, a remnant of his buccaneering days and a company whose principal business is building pleasure boats. Boatbuilding is messy, environmentally hazardous and so unpleasant a job that Genmar has a hard time getting workers to do it. Pyramid built a few test hulls for Genmar, but Kirila's system wasn't refined enough for Jacobs' engineers. "They were 90% there, and we needed 100%," says Jacobs...
...ITT, the once monster conglomerate that has been rapidly deconglomerating, has saved for future acquisitions some $1.6 billion earned by selling off two global automotive businesses this year. "A fair amount of that," says chairman Travis Engen, "will go to Asia. Much of the world's electronics is being produced there, and our footprint there in electrical connectors is rather modest. So that is an area where we would specifically like to make great investments in acquisitions." Asia supplies about 5% of ITT's global revenues, but Engen foresees that rising to a third in about 15 years...
...Total number of anticipated layoffs announced last week at Boeing, Exxon-Mobil, ITT, Kellogg, Johnson & Johnson, Smurfit-Stone, Courtaulds, United Dominion, Volvo, Deutsche Bank and Amway...
...surprisingly anticonglomerate Nixon Administration crimped the most aggressive expansions in the interest of protecting what Ling calls "the smokestack-industry crowd" of old-line executives. Ling was forced out of LTV in 1970 as part of an antitrust settlement. Bluhdorn died on a company jet in 1983. Geneen piloted ITT for nearly 20 years, acquiring more than 350 firms before retiring...
...still live in an era of buyouts. But diversification has largely given way to concentration. Gulf & Western was reduced to its media component, Paramount, and then taken out by another media company, Viacom. Geneen's successor at ITT was pressured by investors to break the company into pieces. By the time Geneen died last November, all that was left of ITT Corp. was a hotel company, which would disappear into a merger two months later...