Word: kennecott
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Dates: during 1980-1989
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...local ranching and mining interests. Great Basin Park, however, is good news for nearby White Pine County, a dusty patchwork of small towns, ranches and mines. Indeed, merchants from Ely (pop. 7,000) convinced Nevada's congressional delegation last summer that the park was desperately needed. For decades, Kennecott Copper Corp., which provided thousands of jobs at an open-pit mine near Ruth, had argued that the mountains might be mineral rich. By 1980 the mine was closed, undercut by cheap foreign copper. Unemployment skyrocketed. The new park, they hoped, would bring paying guests for hotels, restaurants and other services...
...firms. He zestfully points out that petroleum companies made four of the seven acquisitions that FORTUNE magazine rated last year as the worst of the past decade (examples: Mobil's $1.86 billion purchase of Marcor, the owner of Montgomery Ward; Standard Oil of Ohio's $1.77 billion acquisition of Kennecott). Many firms are now unloading some of their unattractive operations. Exxon is trying to sell its office-products business, and Atlantic Richfield recently took a $785 million write-off on its stake in Anaconda...
...months ending June 30, Phelps Dodge decided to keep its operations open, hire new workers and fire those who did not return to work. The unions claim the company is union busting, but officials of Phelps Dodge, the nation's second largest copper producer, after Kennecott Copper Corp., say they are merely trying to survive another year without shutting down, as they had to do from April to October last year...
...investing in South Africa (S.A.)? 350 American companies do business in S.A., but 10 of them account for nearly 90 percent of all American investment in S.A.: Mobil. $450 million; IBM $360 million; Caltex, $334 million; Ford. $213 million; Kennecott, $130 million; Phelps-Dodge, $130 million; GM, $129 million; Newmont Mining, $127 million; Union Carbide, $51 million; Goodyear, $20 million...
Fluor Corp. paid $2.7 billion to acquire St. Joe Minerals. The Kennecott copper company fought off a takeover attempt by Curtiss-Wright Corp. this year, only to be swallowed by Standard Oil Co. of Ohio. The oil companies are both the hunters, because their coffers are overflowing with petroprofits, and the hunted, because of the value of their deposits still in the ground...