Word: mccolough
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Dates: during 1960-1969
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...Manhattan-based C.I.T. Financial Corp. announced plans for a union. The deal would have involved a swap of Xerox stock then worth $1.5 billion and created a hefty new conglomerate with assets of $4.5 billion. The agreement was based only on a handshake, but Xerox President C. Peter McColough cheerfully predicted that the merger would provide his company with "a much broader base than we now enjoy, enabling us to accelerate our plans in several fields...
Last week the merger prospects vanished as suddenly as they had appeared. In a joint statement that was every bit as unexpected as their September song, McColough and C.I.T. Chairman L. Walter Lundell announced a "mutual agreement" to drop the matter. They offered no reason for the dropout. The two companies did, however, have some explaining to do-if only to their own people. One nonplussed C.I.T. director complained to newsmen that he had been taken by surprise both in September and by last week's announcement. The idea had been broached and the two companies had launched studies...
...Vague. While both companies' boards and stockholders have yet to approve the plan, however, it clearly made sense to Xerox President C. Peter McColough and C.I.T. Chairman L. Walter Lundell, the men who shook hands on the deal. As primarily a leaser rather than a seller of machines, Xerox needs constant access to borrowed capital, which C.I.T. now handles in sums that total up to $2 billion at any given time. Xerox has been in the market for merger partners or acquisitions for several years, ever since former President Joseph Wilson decided that "our future depends on what...
Both executives were a bit vague when it came to discussing what their multimillion-dollar handshake would produce. McColough noted that the merger "would provide a much broader base than we now enjoy." Said Lundell: "The merger would greatly enhance the future of C.I.T.'s growth program." Whatever its purpose, the sheer size of the deal is sure to interest the Federal Government, particularly since the Federal Trade Commission announced last July that it would look into the huge economic concentration brought about by conglomerate mergers...
...Salesman McColough, who built up what is now a 7,800-man nationwide marketing force, made the most of those opportunities, and was rewarded with the presidency two years ago. For the future, McColough plans to work on cutting costs and expanding Xerox' duplicating business at home and copier sales abroad, where the market is growing much faster than the U.S. rate of 15% a year...