Word: mergers
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Dates: during 1960-1969
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...Kennecott Copper, one of the three biggest U.S. copper producers, turned a first-half slump resulting from strikes in Chile into a booming year with profits up 22%, to $125 million. Thanks to heavy Pentagon orders and higher prices abroad, Kennecott is well polished for its upcoming $466 million merger with another profitmaker, St. Louis' Peabody Coal Co., second largest in the U.S. - The Pennsylvania Railroad, biggest in the U.S., highballed through 1966 to consolidated earnings of $90 million for a 29% gain over 1965. Yet the Pennsy finished behind the Norfolk & Western, which Pennsy Chairman Stuart Saunders once...
...Donald W. Douglas Sr., 74, and his son, President Donald Jr., 49, who had been widely blamed for the company's perils in the midst of prosperity? An answer of sorts came last week, when McDonnell brass flew to Santa Monica, Calif., to agree on terms for the merger...
...said he was "gratified" by the deal. What may have helped was a check for $69 million that McDonnell brought with him to pay for 1,500,000 shares of Douglas stock. That was the main reason the Douglases had finally come to terms: McDonnell was the only suitable merger prospect that could supply cold cash immediately. Even before the stock-swap merger, which still needs shareholder approval, is completed, the prospect of the deal may defrost lenders who have been cold about extending Douglas some $400 million in credit...
...management will not only help unsnarl Douglas' production lines, choked with a $3.2 billion backlog in jet-airliner orders, but build a team able "to compete successfully for any future aerospace program." Lewis, a Georgia Tech-educated aeronautical engineer who will move into Douglas as soon as the merger is final, last week got an idea of the size of his job. The company did not even match Donald Jr.'s dismal prediction last July that fiscal 1966 "earnings, if any, would be nominal." It announced a $27 million loss...
Having launched 20 new cigarette brands since he became president of the American Tobacco Co. in 1963, Robert Barney Walker has become known some what extravagantly as "Brand-a-Month Barney." While American has been concentrating chiefly on smokes, the rest of the industry has been on a merger spree, picking up products ranging from Chun King (Reynolds) to Clark Gum (Philip Morris). Now American is beginning to catch up with the trend, which began with the health scares of the late 50s, to ward profitable acquisitions as a hedge against poor cigarette sales prospects. Last May, American took over...