Word: litton
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Dates: during 1960-1969
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Toll for the Big. The loss is affecting the strategies of big companies. More than 95 mergers have been called off this year, including Consolidated Food and United Artists; Litton Industries and Diebold, Inc.; W. R. Grace and Fanny Farmer. Mergers are usually consummated by stock swaps, and when shares fall, the deal loses its allure. The mutual funds have become so bearish that last week they dumped some stock in large blocs. They were getting rid of electronics stocks and shares of machine-tool companies and others likely to be damaged by repeal of the 7% investment-tax credit...
...PLANE CONTROL. U.S. forces in Viet Nam will get Litton Industries' computers to direct combat missions. With the aid of radar and display screens, airborne computers will show pilots precisely where to go, signal corrections if they stray off course. A command control plane will carry a computer no bigger than a big dictionary that will keep track of all planes in a strike; a similar computer could control the air traffic at a big-city airport...
...last week, no one was quite willing to say. Hall himself remained incommunicado in his expensive Houston home, emerged at one point in his bathrobe to shoo newsmen away. Outsiders could only recall the boast of one Westec official last May that, while Westec was not yet "a Litton, a Textron or other industrial giant, it is our intention to earn a position among such a line-up." Some lineup...
...Thornton anticipates a big expansion in the banking business; with Diebold locked in, a Litton salesman will be able to outfit a whole bank, from typewriter to vault. For its part, Diebold expects to use Litton's broad technology and fat treasury to expand. Under the terms of the deal, Litton will not have to dilute its common stock; it plans to exchange 1,118,000 "participating preference" shares for Diebold's 2,601,000 common shares. Though the preference shares are convertible into Litton common on a one-for-one basis, Diebold investors will be induced...
...Litton, whose sales are now at an annual rate of $1.1 billion, continues to expand in many other fields. Last week it bought the Institute of Computer Management, a school for computer programmers-of which Litton needs a considerable number. It is also examining 40 to 50 vastly varied firms, including Wilson Marine Transit and other Great Lakes shipping lines. Says Thornton: "We never sit still-before or after a merger...