Word: ltv
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...advantages of training Air Force pilots with real Soviet hardware have not been lost on the Navy. It is studying a proposal made last year by a subsidiary of Dallas' LTV Corp, to supply 24 MiG-21s for use by Navy pilots. About 5,000 MiG-21s have been built since their introduction in 1956, including some in countries other than the Soviet Union. The LTV subsidiary did not reveal its source of supply, but MiG-21s are starting to show up on the world used-arms market...
...Such incidents have been provoked in part by the merger wave that has been sweeping over U.S. industry: Reason: advance knowledge of a takeover bid can lead to big profits. Last January, for example, the SEC charged Paul Thayer, former Deputy Secretary of Defense and ex-chairman of the LTV Corp., with revealing to friends acquisition plans and other inside information concerning companies of which he was a director...
Last week the acrimony ended when McGrath gave approval to a revised merger plan. Under the agreement, LTV, the third-largest American steel producer, and Republic, the fourth biggest, will sign a consent decree requiring the merged company to sell off two Republic plants in Gadsden, Ala., and Massillon, Ohio, within six months after the deal goes through. The Alabama plant makes hot-and cold-rolled carbon and plate steel, while the Ohio one produces sheet stainless steel. The Justice Department said that paring down the production capacity of the new company will put the agreement within its antitrust guidelines...
...LTV Steel, as the merged company will be called, will replace Bethlehem Steel as America's second-largest producer, J. Paul McGrath behind U.S. Steel. After some inefficient operations are phased out, the new firm will have the capacity to produce 19 million tons annually and will concentrate on flat-rolled, bar, stainless and tubular steel. Its headquarters will be located at Republic's Cleveland offices...
...decision earlier this month by U.S. Steel and National Steel to withdraw their merger plans helped LTV and Republic win Justice Department support. If both deals had occurred, the two new companies would have controlled 50% of the U.S. sheet-steel market. For now, though, the U.S.-National deal is dead...