Word: merger
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Dates: during 1950-1959
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...businessmen, who like nothing more than getting together at trade conventions, recently have been getting together in another way. They have embarked on the greatest merger spree in history. In the past few months, by stock swap or outright purchase, Nash and Hudson became American Motors, Hilton Hotels took over the Statler chain, Mathieson Chemical and Olin Industries combined. Still more big mergers are in the making throughout industry. Packard and Studebaker stockholders vote this week on consolidating. Bethlehem Steel is talking merger with Youngstown Sheet & Tube, and Textron is working on a three-way merger with American Woolen...
...most mergers are not born of despair. A big motivation has been industry's dynamic urge to diversify and get new markets. In the nation's two previous great merger waves-after the turn of the century and in the Roaring Twenties-consolidations were mainly within industries. The theory was that only a foundryman, for instance, could run a foundry properly. But in recent years industry has spawned a new kind of professional manager who can step into virtually any business, find the weak spots and strengthen them. Today management thinks nothing of buying into unrelated fields...
...second-quarter production (102.6% of capacity) and first-half earnings ($19.4 million). Bethlehem Steel's Chairman Eugene G. Grace also reported profits 7.8% ahead of a year ago ($31 million). Grace went on to confirm reports that Bethlehem, the country's second largest steelmaker, was talking merger with the sixth largest, Youngstown Sheet & Tube (TIME, Aug. 2). The announcement sent the stocks of both companies sharply higher, Youngstown rising 5⅛ to 58 in a single day and Bethlehem gaining...
STEEL INDUSTRY is buzzing with merger talk. Bethlehem Steel Corp. and Youngstown Sheet & Tube Co. are reportedly talking one over. Follansbee Steel Corp. announced that it will submit to shareholders a "favorable" cash offer to sell out to a corporation not identified, but reported to be outside the steel business...
...MERGER is being worked out between W. R. Grace Co., which is diversifying, and Dewey & Almy Chemical Co. ($26 million assets), producer of plastic food bags, synthetic rubber, etc. Dewev & Almy's 913,898 shares of stock (over-the-counter value: $35) will probably be traded share-for-share for Grace shares, selling...