Word: mergers
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Dates: during 1960-1969
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Died. James H. Rand Jr., 81, co-founder of Remington Rand Inc. and the merger genius who helped create the giant Sperry Rand Corp.; of cancer; in Freeport, Grand Bahama Island. "Go out and make a living!" Rand Sr., founder of the Rand Ledger Co., brusquely told his business-minded son in 1915. Rand proceeded to turn a borrowed $10,000 into the American Kardex Co., which marketed a filing cabinet he had invented, then in 1925 merged with his father's company, and in 1927 with the Remington Typewriter Co. The final merger, with the Sperry Corp...
Houston's Gulf Sulphur Corp. until a year ago was a $10.7 million-a-year operation that depended entirely on sulphur production in Mexico. Then President Robert H. Allen, 40, a lanky (6 ft. 4 in.) onetime Texas A. & M. distance runner, long-strided his way into the merger derby. Today, renamed Gulf Resources & Chemical Corp., Allen's company is a broadly based natural-resources producer with an annual sales rate of over $100 million. Explains Allen: "We did not want to be a com pany with a single mineral...
...Segundo, Calif., which is about one-sixth as big as Western Union, made a better bid. After marathon negotiations in New York and Washington between Chairman-President Russell W. McFall of Western Union and Founder-Chairman Fletcher Jones of Computer Sciences, the two men agreed to recommend a merger to shareholders. In an exchange of stock worth $350 million, Western Union will become a part of nine-year-old Computer Sciences. Jones pointed out that his company and Western Union had been working with each other for four years developing ways to transmit computer read-outs over telegraph circuits...
Some Japanese businesses say the rush of financially healthy companies toward new partners is the result of a "merger neurosis." Others think that it is not neurotic at all. "The time is ripe for mergers," argues Yawata President Yoshihiro Inayama, 64. "Intensification of international competition makes it imperative for Japanese firms to strengthen their internal structures...
...country where monopoly has never aroused much concern, the government can be expected to back the trend. Japan's Fair Trade Commission, which was set up under vague antitrust laws enacted at U.S. behest during the Occupation, has yet to rule against any major merger...