Word: marcor
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Dates: during 1980-1989
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Pickens claims that inept management can be found everywhere among the large oil firms. He zestfully points out that petroleum companies made four of the seven acquisitions that FORTUNE magazine rated last year as the worst of the past decade (examples: Mobil's $1.86 billion purchase of Marcor, the owner of Montgomery Ward; Standard Oil of Ohio's $1.77 billion acquisition of Kennecott). Many firms are now unloading some of their unattractive operations. Exxon is trying to sell its office-products business, and Atlantic Richfield recently took a $785 million write-off on its stake in Anaconda...
...industry. Consigned to runner-up status among petroleum refiners behind giant Exxon, it has earned a reputation for being combative and controversial. While some oil companies were worried about the political impact of venturing into other areas of business, Mobil jumped into retailing by spending $1.8 billion to buy Marcor, the parent company of Montgomery Ward...