Word: mergers
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Dates: during 1950-1959
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PACKAGING MERGER between Continental Can Co. and Hazel-Atlas Glass Co. has gone through despite Justice Department objections. Manhattan Federal District court refused temporary injunction blocking merger as antitrust violation, but Justice will proceed with civil suit against Continental, try to undo merger of two companies (second biggest in metal-and glass-container fields respectively) later...
...three run middle-sized, prosperous Eastern roads, but all face one long-range problem: how to compete effectively against both their own industry's giants and the growing inroads made by trucks and airlines. Last week the bull session grew into something more solid. The roads were talking merger, as equal partners in a single big line that would become the eighth biggest in the U.S., with 4,092 miles of railroad between New York and Chicago (see map), assets approaching $1 billion, and operating revenues of $300 million annually...
Nevertheless, the roads are sure to profit by a merger. All three run parallel routes along sizable sections of track, could save millions in maintenance and tax charges by abandoning some sections, downgrading others. Since all three are dieselized, they would need less equipment, could shift engines from one section to another as traffic demanded, could also combine many duplicating services, from secretaries to freight yards...
While nothing will be done about a merger until a yearlong study is completed, all three presidents were obviously in favor of such a plan. As for the Interstate Commerce Commission, which must approve any merger, it would probably raise a cheer. The ICC has consistently advised U.S. roads to economize and compete by combining facilities whenever they...
...TRACTOR SALES this year will trail 1955 volume by at least 20%, the industry believes. Falling sales, because of drought and lagging farm income, will force International Harvester Co. to halt production at two plants for at least five weeks, starting Oct. 1. Farm-equipment slump has also prompted merger talks between Chicago's J. I. Case Co., which has shut down two plants, and money-losing Oliver Corp...