Word: litton
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Vertical Take-Off. With the Lehman-raised cash, Thornton and Ash bought Litton, then a small microwave tube manufacturer, and began broadening its spectrum by picking up a handful of other small electronics firms. As its stock soared. Litton found it easy to swap shares for control of larger companies. By acquiring Digital Controls Systems Inc., it got a foothold in the manufacture of compact computers that make as many as 15,000 calculations per second for aircraft in flight. A merger with Monroe Calculating Machine Co. gave Litton a chance to apply its electronic talents to the burgeoning business...
Footholds, however, are rarely enough for Litton. "We like vertical strength," explains Ash. One typical chain of Litton acquisitions began two years ago, when Litton bought Stockholm-based Svenska Dataregister, a manufacturer of point-of-sale electronic scanning and recording devices that can be linked to computers for instantaneous inventory control. Last January Litton bought a company that makes the equipment that links the point-of-sale recorder to the computer and the tags the scanners read. Last June Litton completed the circle by acquiring a company that makes the adhesive for the tags. Plain Front. Despite Litton...
...Wooldridge has slumped from last February's 82⅜ to 57. FarringtonManu-facturing.whichclimbed to 57 on the merits of its optical scanner, is down to 13 now that competitors have similar machines. By contrast, companies that are well diversified or solidly backlogged with defense contracts are holding up well. Litton Industries is close to its historic high at 134, as is Beckman Instruments at 131¾. Avco last week hit an alltime peak...
...avoid conflicts, more and more companies are setting up rigid policing practices instead of relying on their employees' honor. North American Aviation, Convair and Douglas Aircraft all have strict written rules requiring executives to report the slightest outside involvement. Litton Industries requires its key executives to report their outside interests in writing yearly. Since the Chrysler furor broke, hundreds of companies have sent probing questionnaires to executives . and directors, are quietly investigating their purchasing and marketing practices. One Chicago businessman has private detectives make periodic checks on some 200 executives: "If I hear of one driving a Cadillac...
Wall Street's Lehman Brothers has been one of the biggest floaters of growth stocks (Litton, Beckman, etc.). At first, most other big Wall Street houses showed little interest in the field. Smaller houses with low overhead and a hungry eye stepped in. Says Belmont Towbin of C.E. Unterberg, Towbin: "We've made 30 to 40 millionaires"-including himself. Wealth has worked no great change in the lives of most of the new executive millionaires. They are a new breed too interested either in their companies or in scientific research to indulge themselves with their new fortunes. Arnold...