Word: ltv
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...SERIAL ACQUIRERS" Great companies grow mainly from within, while those that gobble up lots of other companies almost always end up with a nasty bout of nausea. Tyco is only the latest case; earlier came Conseco and others all the way back to the notorious LTV in the 1960s. Cisco, which has eaten dozens of other tech firms in recent years, hasn't quite gagged yet, but I'll be surprised if it doesn...
...blast furnaces--are ailing badly. In 1998, amid a financial crisis that dampened Asia's demand for steel, exports from that region flooded the U.S. and drove prices to 20-year lows. Thirty U.S. steelmakers have filed for bankruptcy protection in the past five years, including icons such as LTV and Bethlehem Steel. With a strong dollar still favoring imports and a global recession crimping demand, the U.S. firms staying afloat say their position is precarious. The most efficient and profitable American steelmakers--the so-called mini-mills that refine steel from scrap metal--stand to pick up market share...
...Ohio factory, Bill Sopko anxiously awaits the President's ruling. An independent who voted for Bush, he would love to buy American, and until recently he did, sourcing his steel from a mill just 12 miles away. But that mill, owned by LTV, shut down last year. No other U.S. mill made the high-strength, low-alloy grade of steel that Sopko's client demanded. So Sopko started buying steel made in Europe by Arcelor and Corus...
...spread to blue-chip tech companies and Old Economy stalwarts. Now it's Microsoft warning, for the first time in more than a decade, that quarterly earnings will lag behind estimates. It's Union Pacific railroad announcing that 2,000 employees will be involuntarily disembarking. It's steelmaker LTV filing for bankruptcy for the second time in 14 years. It's Montgomery Ward announcing that it is ending 128 years of American retailing history by closing its 250 stores and pink-slipping its 37,000 employees...
...halt in the '70s, its oxygen cut off by rising interest rates and a falling market. A surprisingly anticonglomerate Nixon Administration crimped the most aggressive expansions in the interest of protecting what Ling calls "the smokestack-industry crowd" of old-line executives. Ling was forced out of LTV in 1970 as part of an antitrust settlement. Bluhdorn died on a company jet in 1983. Geneen piloted ITT for nearly 20 years, acquiring more than 350 firms before retiring...