Word: litton
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...first glance, that would seem to bolster the case for conglomerates, since such acquisition-minded companies argue that their diversification activities are the best hedge against cyclical swings in a single industry. But conglomerates can have slumps of their own. Litton Industries, a pioneer that chalked up an impressive round of sales and earnings records during fiscal 1967, has announced that its latest quarterly profits (for the three-month period ending Jan. 31) will be "substantially lower" than expected. Much of the blame was laid on management "deficiencies," and Litton said that the problem has now been corrected...
...relief." After all, the ITT deal pretty much constrained the network from seeking other sources of help. Now free to maneuver, ABC may well issue new securities to raise the capital it needs. More likely, it will seek out new merger partners. Two possibilities: General Electric Co. and Litton Industries, both of which expressed interest in the network before ITT came on the scene...
...transport, and the Minuteman II ballistic missile. The current Deputy Secretary, Paul Nitze, 60, is a capable aide but perhaps too old. Johnson might also reach far afield for a successor, tapping such a respected private-sector servant as Charles ("Tex") Thornton, 54, board chairman of Litton Industries and one of the original World War II whiz kids...
Restless Entrepreneur Norton Simon has yet to find the all-purpose chief executive for Hunt Foods & Industries. Recently, Simon replaced President Francis Fabian, 52, an operations expert who served him for about two years. Into the gap went William E. McKenna, 48, a smooth-talking senior vice president from Litton Industries with an accounting background and a Harvard Business School degree. Simon makes no bones about the reason for the change: he wants to expand his empire of subsidiaries and affiliates, which already includes McCall Corp., Hunt-Wesson Foods, Inc., Knox Glass Inc., Canada Dry Corp. and Crucible Steel Corp...
Such U.S. corporations as Litton In dustries and Textron, which began play ing the game in the early 1950s (long before the term conglomerate became popular), could argue with that, but Matchan may have a record of sorts...