Word: merger
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Dates: during 1990-1999
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...merger-and-acquisition craze of the past decade also led to imprudent cost cutting. The elimination of relief crews, forced overtime and deferred (meaning neglected) maintenance have resulted in tired workers and worn equipment -- a deadly combination. There are further dangers in industries like oil and petrochemicals, where subcontracting has become a common money- saving move. Barely trained newcomers, many of them aliens with an imperfect grasp of English, are put at the controls of dangerous machinery, with predictable results. In Texas six major explosions at chemical plants and refineries have killed 47 workers in the past five years...
...outs live up to the Thatcherite vision of efficiency and competitive excellence? Two years ago, Hendon, a public secondary school in north London, faced dissolution and the merger of its dwindling student population into a nearby school. Today, as an institution that opted out, Hendon, with 850 students, gets two applications for every available place. (Students with hearing problems and learning disabilities are given priority.) Since it changed status in 1989, Hendon has doubled spending on books and teaching materials and quadrupled its payout for classroom equipment and furniture. Money that once disappeared into bureaucratic coffers has hired more support...
...said Wall Street's dealmakers have gone the way of the extravagant 1980s takeover wars? Wall Street giants First Boston and Morgan Stanley stand to rake in $10 million apiece for helping put together BankAmerica's $4.4 billion merger with Security Pacific. Rothschild Inc. earned $2.5 million in cash and bonds for representing creditors in the bankruptcy of Donald Trump's Taj Mahal casino in Atlantic City. And Donaldson, Lufkin & Jenrette received $2.5 million last month for co-managing a $200 million junk-bond issue for Dr Pepper. Little by little, deal by deal, Wall Street's investment bankers...
...Such mergers are red meat to Wall Street, even if the fees they generate cannot match the profits from takeover wars. Investment bankers, lawyers and accountants raked in a staggering $1 billion for plotting strategy and raising the cash that enabled the buyout firm Kohlberg Kravitz Roberts to acquire RJR Nabisco for $25 billion in 1989. But the new deals are smaller and generally arranged by executives of the merger partners, so advisers play a smaller role and receive a correspondingly thinner slice of the overall purchase price...
...merger could eventually reap savings of $1 billion annually for the two institutions as they combine functions and reduce overhead. This may mean layoffs of up to 10,000 workers, or 11% of the work force, as excess branches and departments are closed. But the merger with the revitalized BankAmerica was a necessary maneuver for CEO Robert Smith's troubled Security Pacific, which has been weakened by bad real estate loans. BankAmerica will now be a force in 10 Western states, and is reportedly considering a bid for New England's Shawmut National as well...