Word: kennecott
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There were also losers, of course. While American Tobacco and Liggett & Myers forged ahead with sizable earnings increases, Lorillard slipped in nine-month earnings despite a third-quarter gain and R. J. Reynolds suffered a 12% setback in profits. Strikes caused a sharp 71% break in Kennecott's profits, and Chrysler sputtered into a 50% decline because of unusually high changeover costs. These were the exceptions, but the good news contained a dividend of hope for them too. The current quarter, which is usually among the year's most profitable for many corporations, is sure to be even...
...recent anti-merger decisions: "If concentration is already great, the importance of preventing even slight increases in concentration is correspondingly great." Justice Department lawyers believe that the decision will help win similar cases against Kaiser Aluminum, which hopes to acquire U.S. Rubber's aluminum fabricating plant, and Kennecott Copper, which intends to merge with the cable-making Okonite...
...changing its sales contracts to include extra charges for valuable bismuth sprinkled through its copper byproducts, Kennecott Copper this year will earn an extra $100,000. Accountant Robert J. Edwards, who proposed the addition, has profited too. The $25,000 that Kennecott awarded him made Edwards the top winner among 500,000 employees to whom major corporations paid $19 million for suggestions last year...
...Clyde E. Weed, 74, who stays on as chairman. A Columbia-trained mining engineer, Brinckerhoff spent 23 of his 38 years with Anaconda supervising its Chilean mines, the source of 70% of the output and 80% of the profits of the world's second largest copper producer (after Kennecott). Among his honors: the Bernardo O'Higgins Order of Merit, Chile's highest award to a foreigner. "The company will not stay static," says tall, even-tempered Brinckerhoff, who reported "encouraging" copper explorations in Arizona. Last year Anaconda's sales rose 2% to $709 million, but earnings...
...Latin America's biggest nations, the prospects for foreign investors are steadily deteriorating. In Chile, where strikes in the U.S.-owned copper mines have become an annual rite, and taxes run as high as 81% of profits, Anaconda and Kennecott have scrapped expansion programs totaling $325 million. In Argentina, where the gross national product actually dropped 10% last year, some 35 U.S. companies have recently canceled investment plans. New investment in Brazil has been discouraged by a law that prohibits foreign companies from withdrawing any profits above 10% of invested capital and by expropriation of an International Telephone & Telegraph...