Word: mergers
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Dates: during 1950-1959
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...Evangelical Lutheran Church (membership 1,000,000) voted at its convention in Minneapolis to join the World Council of Churches, thus removing the last barrier to merger with two other Lutheran bodies, the American Lutheran Church (862,000 members) and the United Evangelical Lutheran Church (57,000 members). The resulting new denomination, to be called the American Lutheran Church, will probably be organized in 1960, and its nearly 2,000,000 membership will make it the third largest branch of Lutheranism in the U.S.-after the United Lutheran Church in America anc the Lutheran Church Missouri Synod both slightly over...
Much of the Milwaukee's track over laps the Chicago & North Western Rail way, which runs from Chicago to Lander, Wyo. The big hope for both lines is their long-discussed consolidation. Merger talks faltered this year when control of North Western fell to Chicago Lawyer Ben Heineman (TIME, Feb. 20). Heineman wants to strengthen his road before bar gaining with its leading competitor. Since becoming North Western's boss, Heineman has cut costs and deadwood, stream lined maintenance, figures to have North Western steamed up enough to start negotiations in three years. But Lannan also plans...
...mint from nickel candy decided last week that life would be even sweeter under one corporate wrapper. Life Savers Corp., whose 14 candy flavors earned $2,750,000 last year, agreed to merge with Beech-Nut Packing Co., third biggest U.S. chewing-gum maker (after Wrigley, American Chicle). The merger, still to be formally approved by directors and stockholders, was a logical move for both companies. Life Savers was eager to expand. Beech-Nut, which also makes baby food, coffee and peanut butter, had been unable to fatten its profit margin: only $3,747,000 last year, about...
Died. Matthew Woll, 76, veteran (since 1906) labor leader, a longtime (1919-55) vice president of the old A.F.L. and a vice president (since its merger last year) of the A.F.L.-C.I.O., president of the International Photo-Engravers' Union of North America (1906-29), sometime author (Labor, Industry and Government); in Manhattan. Short (5 ft. 2 in.), swart and dapper, Luxembourg-born Matthew Woll was long identified with the Republican conservative wing of the U.S. labor movement, fought Communist efforts to infiltrate unions for more than 30 years. Once willed the job of American labor chief by A.F.L. Founder...
Many companies are merging to assure long-term lumber supplies. Georgia-Pacific last week took an option on a "substantial majority" of stock (at $310 a share) in California's Hammond Lumber Co., thus gained control of 3.5 billion bd. ft. of timber. Biggest merger yet is now being negotiated by International Paper Co., biggest U.S. papermaker, and Kansas City's Long-Bell Lumber Co., No. 2 lumber producer (after Weyerhaeuser...