Word: litton
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Dates: during 1960-1969
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...which announced plans for an antitrust suit to divest Ling-Temco-Vought of its controlling interest in Jones & Laughlin Steel. Last week, "multimarket" companies, as they prefer to be called, quavered again as the Federal Trade Commission took aim at a merger by another big concern, Los Angeles-based Litton Industries...
...Litton's latest merger is far smaller than James Ling's $425 million J. & L. deal, and does not even involve an American concern. The FTC's target is a pair of West German typewriter makers in which Litton (1968 sales: $1.9 billion) bought a majority interest last January. Their worldwide sales total some $52 million, but only $7.5 million comes from the U.S., where their Triumph-Adler brand of typewriters accounts for a minuscule share of the market. But the FTC complains that the acquisition tends to "lessen competition" in violation of the Clayton Antitrust...
...accusation struck Litton as somewhat ironic. The company traces part of a 1968 profit slide to Royal's poor performance in the electric-typewriter market-of which 80% is held by IBM. Litton Chairman Charles B. ("Tex") Thornton promises to fight the suit on grounds that the Triumph-Adler deal would in fact promote "effective competition" in the U.S. market...
...other members of the council include: Roy L. Ash, president of Litton industries, who will be chairman of the Council; John B. Connally, former governor of Texas; Frederick R. Kappel, chairman of the executive committee of American Telephone and Telegraph; and Richard M. Paget, a member of the New York consulting firm of Cresap, McCormick and Paget...
...they can stumble as easily as they succeed. Harry Figge's "Automatic" Sprinkler Corp. went into a nosedive last year when strikes and production snags crippled two divisions, while a third ran into cost-control woes. Ogden Corp. suffered after its shipbuilding subsidiary hit rough weather. Tex Thornton's Litton ran into multiple trouble: losses in shipbuilding, engineering snags on a new typewriter, slumping sales of office furniture. Much to the dismay of investors, the company blamed its plight on management deficiencies...