Word: millions
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Dates: during 1960-1969
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...unique group of four companies, including the refinery, named Esso Pappas. The only man in the world who has his name right next to Esso's title-on stationery and at gas stations across Greece-is Tom Pappas. Esso Pappas forms the major part of a $190 million complex that also includes a $15 million petrochemical plant run by Ethyl Corp., a fertilizer plant and a steel mill in which Republic Steel has a 15% share. Altogether, there are seven companies, which last year had $111 million in sales. Pappas is chairman of three of the seven, but probably...
...Pappas is in the midst of launching new Greek projects worth more than $75 million, including vegetable canning and Coca-Cola bottling plants. Last week Pappas and Chicago's Armour and Co. jointly proposed to the government an ambitious cattle-raising venture that would eventually make Greece self-sufficient in meat. He aims to import 75,000 head of cattle and set up plants for processing meat and producing powdered milk, butter and cheese...
...complex substitute for sales and excise taxes. Washington contends that VAT penalizes American exports and gives a substantial price advantage to many European goods shipped into the U.S. Concern has heightened since the U.S. foreign trade surplus shrank from almost $8 bil lion in 1964 to $726 million...
Five leading drugmakers swallowed a bitter pill last week. In a surprise move, they offered to pay $120 million to settle treble-damage claims against them for allegedly rigging the price of a widely used antibiotic, tetracycline. While proposing the settlement, the five companies-American Cyanamid, Chas. Pfizer, Bristol-Myers, Upjohn and Squibb Beech-Nut-asserted that they "have not violated the antitrust laws...
...appealing the verdict. Upjohn and Squibb were named co-conspirators but not defendants. Encouraged by the verdict, 39 states, ten cities and counties, 15 private hospitals and 17 miscellaneous groups claimed damages for overcharges on the drug, which has been sold since 1953. Sales amounted to well over $100 million annually. The Justice Department charged that the capsules cost an average 1.60 to produce, but sold for as much as 510. Whatever the merits of the damage claims, the companies wanted to avoid long and costly court fights, and so proposed the settlement...