Word: judelson
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Acquisitive as his company is, President David N. Judelson has insisted that Gulf & Western Industries wanted no part of any corporation "where the management doesn't welcome our entrance." On that basis, Gulf & Western agreed last month to sell its 33% interest in Allis-Chalmers Manufacturing Co., which had resisted the very idea of a merger. That done, Gulf & Western promptly showed that its policy can change along with the prize. Last week the company was involved in a struggle to acquire Sinclair Oil, which vowed to "vigorously oppose" the move and made its point even clearer by agreeing...
...Gulf & Western, the stakes were obviously worth fighting for. Under Judelson and Chairman Charles Bluhdorn, who put the firm together a decade ago and who remains very much the man in charge, Gulf & Western has become a $1.3 billion-a-year conglomerate by buying up some 70 companies in fields as diverse as metals (New Jersey Zinc) and movies (Paramount). But it has never been in the oil business. For its part, Sinclair is the nation's tenth biggest oil company; its 1967 sales were $1.5 billion and its profits $95.4 million. Because it has a relatively small amount...
...getting together. These include such dangers as whether the mergee's inventory is all he says it is and questions such as: How do you handle your own employee reaction if his pension plan is better than yours? Answer: Increase yours if the acquisition costs justify it. David Judelson, president of merger-minded Gulf & Western Corp., discusses financial techniques. Raytheon Chairman Charles Adams explains the most promising methods of making the first overture. Best way: try a direct telephone call to the proposed partner but keep the conversation vague at first. ("Let's see if we have something...
...Western. Then he began acquiring young executives as rapidly as he bought up companies. He persuaded Houston's John Duncan, a coffee dealer whom he had met in the commodities trade, to sell out his personal holdings and invest $112,000 in G. & W. Next he induced David Judelson, a New Jersey machine-tool maker whom he had met on a vacation at Lake Champlain, N.Y., to put up another $50,000. Today Duncan, at 37, is G. & W.'s president and day-to-day administrator; Judelson, 36, is executive-committee chairman and production chief. Bluhdorn...