Word: letourneau
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Dates: during 1950-1959
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...manufacturer, switched to road-building equipment, this year expects its construction sales to top $70 million. Dozens of companies manufacturing everything from spinning machines to television towers are starting to make road-building equipment. Westinghouse Air Brake Co. bought the earth-moving division of his company from Pioneer Bob LeTourneau, who agreed not to build earthmovers for a five-year period ending next May. Bob LeTourneau is itching to get back into the field, hints that he will produce some machines to open the industry's eyes: "As far as earth-moving machines go, they ain't seen...
Last week, with money borrowed from Pittsburgh's Mellon National Bank & Trust Co. and others, he made his biggest buy of all: 60% of the plant assets of Peoria's R. G. LeTourneau Inc. for $26 to $30 million (depending on the value of inventories). What Boshell got was that part of the company which is engaged in making its famed earth-moving equipment...
Rumors of the deal set off some giddy speculating in LeTourneau stock. Selling for only 20? earlier this year, it hit 43 last week. The big puzzle was how much LeTourneau* would pay per share to buy up the 186,000 shares of common stock held by the public. Wall Street calculated that after the preferred stock, debts and taxes were paid off, there would be a net from the sale of $17.5 million. On that basis, each of the 503,370 LeTourneau shares is worth about $35 in cash from the sale, plus the value of unsold assets...
...Boshell, who unscrambled one of the biggest omelets in utility history as liquidator of Standard Gas & Electric (TIME, Nov. 17), putting together LeTourneau's earth-moving business and Westinghouse's railroad equipment made plenty of sense. Like his other buys, LeTourneau's earth movers dovetail nicely with Westinghouse equipment. By purchasing LeTourneau's major assets, instead of its stock, Boshell also increased his depreciation base by $18 million, will thus be able to write off half of it against taxes within ten years...
...under "a deal with God," turned over 63% of his company's stock and 90% of his personal earnings to the LeTourneau religious foundation (TIME, July 28). Thus the religious foundation will get the major portion of the sale price...