Word: levitts
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Dates: during 1970-1979
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...past 2% years, International Telephone & Telegraph Corp. has been trying without success to find a buyer for its Levitt home-building business, which the giant conglomerate is under a Justice Department order to sell. Last week a buyer finally surfaced. He was none other than William J. Levitt, the 67-year-old creator of the celebrated Levittown instant suburbs, who sold the business to ITT in 1968. Levitt signed a letter of intent to take the company back and said that he will operate it as a privately owned concern under its original name of Levitt & Sons (ITT had called...
...indications are that William Levitt is getting a bargain and ITT is taking a bath. ITT bought the business for common stock then worth about $90 Billion: most of it went to Levitt as majority owner. The terms of his repurchase will not be disclosed until federal trustbusters approve them, but trade estimates are that he will pay ITT no more than $30 million, and possibly as little as $10 million, to get the company back, And he will be getting back a much bigger company than he sold. Levitt & Sons was a leader in its field when ITT bought...
...letting go so cheaply? One reason, no doubt, is that Government-ordered divestiture sales rarely bring much money: buyers, knowing that the company has to sell, hold out for a low price. ITT agreed to sell Levitt, Avis, Inc. and other businesses as part of the violently controversial 1971 consent decree that permitted it to keep Hartford Fire Insurance. Another reason, though, is that the Levitt business, which had earned a profit of almost $4 million in the year before ITT bought it, lost $14 million under ITT's management last year. Home building is a business that demands...
...girls" (order takers) and other hired hands must conform to strict rules. Men must keep their hair cropped to military length, and their shoes (black only) highly polished. Women must wear dark low shoes, hair nets and only very light makeup. Viewing the results, Harvard Business School Professor Theodore Levitt describes McDonald's as "a machine that produces, with the help of totally unskilled machine tenders, a highly polished product. Everything is built integrally into the machine itself, into the technology of the system. The only choice available to the attendant is to operate it exactly as the designers...
...phone call came to Levitt from a first-year student who identified himself. Levitt said he has made no investigation into the incident yet, and has no knowledge of how the test materials were leaked...