Word: millions
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Dates: during 1960-1969
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...Chairman Robert O. Anderson, 51, who says that his aim in the business is to be "not the biggest but the best." An oilman for nearly 30 years, Anderson sold his New Mexico-based Hondo Oil & Gas to Philadelphia's Atlantic Refining Co. in 1963 for $37 million worth of stock and a seat on the board of directors...
...committee chairman and then, in 1965, to chairman and chief executive. He found he was running an overstaffed, 95-year-old company with outlets in 18 Eastern states but with a sleepy attitude and outdated refinery equipment. Anderson shook off the sleep, cut back on staff, ordered a $100 million modernization program. Then, on a fishing trip with Chairman Charles S. Jones of Richfield Oil Corp., he worked out a merger that linked Atlantic with the Los Angeles company. The agreement between the two was a scant five pages long to cover a $1.2 billion organization with worldwide holdings...
Under terms of the merger, which must be approved by its stockholders, MCA will become a wholly owned subsidiary of Westinghouse. For MCA, one of the principal attractions of the $385 million stock-swap deal is Westinghouse's higher dividend. And nobody stands to benefit more than MCA's founder and chief stockholder, Chairman Jules Caesar Stein, 72, whose 27% stake in the company has a current market value of almost $90 million. By converting his MCA holdings to Westinghouse stock, Stein's annual dividend return would rise from $1,200,000 a year...
...Stein in 1946. A onetime theater usher, Wasserman moved MCA into TV production when the new medium began threatening the movie industry in the early 1950s, six years ago acquired Decca Records and its controlling interest in Universal Pictures. Under Wasserman, MCA has grown into a $224 million-a-year company, with earnings last year...
...General Motors, first of the Big Three in annual sales, ranked last in terms of profits gained. Whereas Chrysler Corp. reported a 75% jump, G.M. managed only a 4% gain. Ford Motor Co.'s net went up 28% ($187 million v. $146 million) on improved sales...