Word: mergers
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Dates: during 1960-1969
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Charles G. Bluhdorn, chairman of merger-minded Gulf & Western, explains the rationale behind that current corporate rage-the conglomerate company-in disarmingly simple terms. "If you have all your eggs in one basket, you're stuck with those eggs," says Bluhdorn. "But if you've also got apples and bananas, that's something else." Following that formula, Bluhdorn, James Ling of Ling-Temco-Vought, Harold Geneen of ITT and several others have traced the tracks of such conglomerate pioneers as Litton and Textron across industry lines into movies and machinery, aircraft and auto parts, cigars, cybernetics...
...urging stockholders to reject Loew's bid, Commercial Credit argued that the theater-and-hotel operator, besides being a far smaller company, was in fields incompatible with its own. By contrast, said Commercial Credit Chairman L. S. Willard Jr., a merger with Control Data would be a "natural fit." As evidence, he pointed to his company's own budding involvement in computer operations. Already well diversified, with subsidiaries in insurance and manufacturing lines (printing presses, bearings, meat packing), Commercial Credit last January set up a data-processing operation in a joint venture with Radio Corp. of America...
...proposed merger would hold special advantages for Control Data. One of the fastest-growing computer concerns, it registered earnings during fiscal 1967 of $8.4 million on revenues of $245 million, and is running far ahead of that pace so far in 1968. President William C. Norris has had to scramble for the cash to keep the expansion going. Commercial Credit's resources should help Norris increase computer sales abroad, also provide the financing his company needs to strengthen its position in the competitive -and lucrative-leasing field...
...white, and its pastorate is largely traditionalist in outlook. The Reformed Church-many of its oldest congregations are still known as Dutch Reformed-is strong in the East and Midwest, also has a predominantly white, middle-class membership. If the union is approved, the logical next step would be merger with the 3.3 million-member, liberal United Presbyterian Church, which has made clear its desire for further ecumenical discussions...
...billion dollars: Ling-Temco-Vought, Signal Oil & Gas, Raytheon, Consolidated Foods, Honeywell, Coca-Cola, Getty Oil, TRW and Colgate-Palmolive. Five other corporations-Inland Steel, Grumman Aircraft Engineering, General Tire & Rubber, Jones & Laughlin Steel, and Olin Mathieson Chemical-fell out of that group. In sum, including also the merger of the billion-dollar member Douglas Aircraft into McDonnell Douglas last year, there was a net gain of three-to a total of 83-in the elite of the corporate world with sales in ten figures or more...