Word: millions
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Dates: during 1960-1969
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Where the Brains Are. CTIP is McKee's European foothold and a sizable operator in its own right. The firm has orders on its books for refineries and petrochemical plants worth $100 million. Last March, only one month after McKee appointed him joint managing director, CTIP's Gian Vittono Cavanna started secret negotiations with Technip, a French government-owned engineering firm. Without telling McKee, Cavanna signed a general agreement calling for a reshuffling of CTIP ownership among Technip, McKee and Italian companies. The idea was that divided leadership would enable CTIP employees to run their company themselves, rather...
McKee's executives were flabbergasted. When the company bought a 94% interest in CTIP three years ago-for $1.5 million in stock and cash-the Italian firm was in shaky condition as a result of an unprofitable project in Egypt. Since then CTIP's net worth has risen 450%, to $5,000,000. It has won important new business in Latin America, Spain and Scandinavia, and added Gulf and British Petroleum as major clients...
...service has been sporadic for six weeks; the agency is demanding "reparations" for a $15,000 account that it claims it lost as a result. Bess Myerson Grant, New York City's Commissioner of Consumer Affairs, has gone farther. She has demanded a rate cut and a $100 million refund for phone subscribers...
...York Tel is in the midst of a "crash program" to increase capacity. Its maintenance spending will rise from last year's $293 million to $343 million, and it is now installing 33,000 phones a month in the New York City area, up from 20,000 in 1967. As for Benton & Bowles, its problems persist. Last week the agency discovered that its listing was inadvertently left out of the new phone books. New York Tel promised to insert the listing in the last half of the press run, and to make sure that the early books are distributed...
Even so, South Africa has been selling somewhere. South African Reserve Bank statistics show that just about all of the $560 million worth of gold that the country has mined so far this year has been sent abroad...