Word: laughlins
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...repeated warnings, the Justice Department last week singled out one of the largest of those multi-industry companies, Ling-Temco-Vought, as its first major target. The trustbusters announced that by mid-April they intend to file suit to force LTV to dispose of its 63% holding in Jones & Laughlin Steel Corp...
...record 4,462?ten times as many as in 1950?and most were conglomerate mergers. Hardly any corporation, no matter how large, seems wholly safe from the grasp of conglomerates. During the past two years, conglomerates have absorbed or gained control of such big and basic enterprises as Jones & Laughlin Steel, Lorillard, Wilson, United Fruit and Armour. Lately, relative newcomers to the corporate scene have attempted to take over Sinclair Oil, B. F. Goodrich, Allis Chalmers and mammoth A & P. Even Pan American World Airways, long considered to be practically an unofficial agency of the U.S. Government, feels threatened...
...overextended himself, as he did in 1961 when he almost lost control of his company. Last year Ling borrowed $900 million to snare Jones & Laughlin, National Car Rental, and Braniff Airways whose latest advertising campaign shows odd couples flying high. He tried to refinance part of that debt last fall, but investors spurned his efforts. Ling scoffs at the doubters. "This is just the year to kick conglomerates," he says. He planned to sell off a small slice of Braniff, most of National Car Rental and perhaps a few other securities to raise all the funds that he said...
...that the steel company was in trouble and should be available for a takeover. As it turned out, the company threatened to resist, and Ling backed off. But his appetite had been whetted. He started looking for other steel companies. By reading annual reports, he became interested in Jones & Laughlin. First there was a correct but tense meeting at the elegant Rolling Rock Country Club outside Pittsburgh, then a secret hotel-room huddle in Cleveland. Though J. & L. Chairman Charles Beeghly was far from eager to sell his controlling shares, he considered Ling's offer so generous?some analysts insist...
...Nine companies appeared for the first time among the industrial corporations with sales of more than a billion dollars: Ling-Temco-Vought, Signal Oil & Gas, Raytheon, Consolidated Foods, Honeywell, Coca-Cola, Getty Oil, TRW and Colgate-Palmolive. Five other corporations-Inland Steel, Grumman Aircraft Engineering, General Tire & Rubber, Jones & Laughlin Steel, and Olin Mathieson Chemical-fell out of that group. In sum, including also the merger of the billion-dollar member Douglas Aircraft into McDonnell Douglas last year, there was a net gain of three-to a total of 83-in the elite of the corporate world with sales...