Word: maremont
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Dates: during 1960-1969
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...been delayed by Pentagon indecision for seven years. When the Army finally placed its orders, he discovered, it was paying General Motors $316 for each gun, and Harrington & Richardson $250, even while Colt was offering it for $104. Moreover, the Army had rejected yet another bid, by the Maremont Corp., that would have saved $20 million. Rothberg's stories touched off congressional probes and led to a law requiring the Army to consider price in contract awards...
...more than a year, while the Justice Department has grown more cautious about pressing antitrust suits and opposing mergers, the Federal Trade Commission has become increasingly aggressive. Last week, in one of its boldest actions yet, the FTC moved to turn a giant into a midget. The commission ordered Maremont Corp. of Chicago, a leader in the automotive-parts field, with sales last year of $186 million, to a Washington hearing next month. The agency's aim is nothing less than to make Maremont sell off 40 companies that accounted for about $100 million of the total...
...complaint against Maremont covers acquisitions dating all the way back to 1953. At that time, Maremont, which started 91 years ago as a black smith shop, was one among many small companies manufacturing or rebuilding replacement parts for automobiles. President Arnold Maremont, who divides his time between the company, art collecting, lecturing on business at universities and involving himself in Chicago social welfare programs, decided to introduce some size and prestige to what was pretty much a grubby, disorganized industry. He brought in skilled executives, bought out other companies. Today his organization gets 30% of its revenue from replacement parts...
...industry's biggest companies, Maremont had intended to expand even more, mostly by extending its distribution organization from the present 17 states. But the FTC charges that earlier acquisitions have created unfair competition for other parts manufacturers because of Maremont's broadening line of new products. Moreover, says the complaint, the company has "disparate power" and a "decisive competitive advantage" in parts rebuilding. Because it both makes and distributes parts, and because its growing distribution network deprives competitors of outlets for their own products, Maremont in the eyes of the bolder FTC is a vertically integrated company that...
Though the Maremont collection includes three Leger pictures, three Hun-dertwassers, nine Dubuffets and 33 Klees, many of Maremont's most illustrious acquisitions are sculptures, among them Brancusi's mellifluous bronze Blonde Negress. Much of his art was bought on Maremont's twice-a-year buying trips to Europe. For many years, Maremont and his wife have been fixtures at the Venice Biennale, renting large boats and treating their 90-odd passengers to champagne evenings on the Grand Canal...