Word: mccolough
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...MCCOLOUGH: It is very difficult to operate around the world with our antitrust laws. We cannot select a foreign partner and say, "We are going to work with you forever." This leads to great difficulty for us because we have to write agreements that are short-term when we really intend them to be longterm. I don't know any other government that makes companies obey not only the laws of the foreign nations where they operate but also certain laws of the home country. We are unique in that...
...McCOLOUGH: There are some Japanese computers coming into this country; yet my company cannot manufacture computers in Japan...
...PETER McCOLOUGH, president of Xerox Corp...
...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...