Word: laughlin
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...yeasty investment. Continental's bread, led by Wonder, is sold in 46 states and in Mexico, Jamaica and the Bahamas. Continental, which also makes Hostess cakes and Morton frozen foods, had total sales of $621 million last year. Its management, headed by Chairman and Chief Executive R. Newton Laughlin, will continue to operate Continental. The parent company will act as "a repository of technical knowledge for Continental," says ITT Executive Vice President Hart Perry, who supervised the month-long negotiations...
...Dallas-based Ling-Temco-Vought Inc., is a military buff who describes the conferences that lead up to his corporate takeovers as "war games." Last week, after a long war game, Ling made a tender offer for a controlling 62% of the stock of Pittsburgh's Jones & Laughlin Steel Co., the nation's fifth largest steelmaker. The offer meant that LTV stood ready to ante up $425 million in one of the largest cash tender offers ever made; at $85 per share, it also meant that Ling, to ensure quick action, was paying a big bonus on shares...
...acquisitions, it will go along with the old management. The stock that LTV acquires will be put into a five-man voting trust until 1971, with present J. & L. officers having a controlling three-man vote among the trustees. But there will be plenty of dividends for LTV. Jones & Laughlin recently reported first-quarter earnings of $11,706,000 on sales of $277 million. In his tender announcement last week, Ling also noted that the company is involved in a threeyear, $400 million improvements program, which ought to sustain earnings in years to come. All that should make...
...Bros. & Montgomery, where he was an accountant for eight years, Geneen became known as a hard-driving young man whose grasp of business, recalls Lybrand Partner Philip Bardes, "went far beyond the balance statement." Geneen next moved through corporate-finance jobs at American Can Co., Bell & Howell and Jones & Laughlin Steel, combing their ledgers, as a colleague of those years later put it, like "a bloodhound on the trail of a wasted dollar." But Geneen, who says he has never been one to "gamble on what other people did," grew anxious to start taking risks...
...terrorizing towns. Even the police are afraid to touch the little-read riding hoods who swagger around California wearing swastikas and blaring "man," "cool" and "baby" in between crimes. As is only proper in a low-grade western, vigilante justice finally prevails when a rodeo-riding half-breed (Tom Laughlin) hunts them down and makes them cry into their beards...