Word: millions
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Dates: during 1960-1969
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...result, foreign investment has increased sharply. Mobil has completed a $23 million facility, starting a rush of private investment by U.S. companies that is expected to reach $275 million in three years. All told, more than 320 modern plants are active in metal fabrication, electronics, optical instruments, diesel engines and other fields. Along with low labor costs, they get easy access to Asian markets from Singapore's key location at the tip of the Malay Peninsula. Swan Hunter International, a British shipbuilding and repairing firm, is using that geographical fillip to advantage. Noting that no fewer than 127 mammoth...
...past three years, he has substantially cured five firms that were suffering from serious financial maladies. Last spring, Wellman succeeded the ousted Bart Lytton as president and chief executive officer of California's Lytton Financial Corp., a huge but ailing holding company with total assets of $682 million. Now Wellman is involved in conducting his most intricate operation yet, which, if successful, will transform three weak S&Ls into one thriving $1 billion enterprise...
Under a deal devised with the help of Kidder, Peabody & Co., a group of blue-chip investors has agreed to give Lytton Financial a $25.5 million transfusion. The holding company will sell $8,000,000 worth of common stock to pay off a crippling burden of debt. To rebuild its reserves, the company's largest subsidiary, Los Angeles-based Lytton
...also will sell the group of investors $17.5 million in debentures that are convertible into the common stock of Lytton Financial...
When the securities actually change hands next month, Lytton S&L plans to merge with two smaller Southern California savings-and-loan associations, Equitable of Long Branch (assets: $318 million) and Mission of Santa Ana (assets: $39 million). The mammoth merger was approved by the Federal Home Loan Bank Board two weeks ago, but financial men are more fascinated by the audacity of the move than by its size. Says one competitor: "Wellman is converting three alley cats into a pedigreed lion...