Word: monsanto
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...Monsanto...
...half years ago, when Simon moved into Wheeling, now the nation's tenth largest steel producer, he shook up the company by forcing five directors off the board, tossing out the chairman-president and hiring Morris away from Monsanto Chemical Co. to take charge. Amid that upheaval, Wheeling was unable to attract new seasoned steel executives. Though the company had borrowed $145 million from banks and insurance companies for plant modernization, it needed still more renovation to run efficiently. Over the past two years, Wheeling piled up losses of $12.4 million...
...Solvay is putting up a polyethylene plant. The U.S.'s Phillips Petroleum is joining with Belgian partners in a $190 million naphtha plant and with France's Rhone-Poulenc in another venture. Union Carbide has $40 million in construction under way; next month a $20 million Monsanto plant will go into operation. With all this, four major U.S. banks have branched into Antwerp in the past year...
...immediate need for 2,000 workers. Douglas Aircraft Co. has been luring engineers with a $100,000 savings plan that is above and beyond normal retirement benefits. In Cincinnati, General Electric is offering present workers bonuses of up to $200 for every new employee they successfully recruit. Monsanto has started running help-wanted ads on TV in Dayton. Ford's Lincoln-Mercury assembly plant in St. Louis is using spot radio commercials, has set up portable employment offices at several shopping centers...
Costs of Cooperation. Last week Monsanto Co. announced that it will raise $25 million in Europe through a new subsidiary that will offer debentures convertible into Monsanto stock-a form of financing that is familiar in the U.S. but a rarity abroad. Through another new subsidiary, American Cyanamid recently marketed $20 million worth of debentures in Europe. Gulf Oil floated a $25 million bond issue, Socony Mobil a $28 million issue, and U.S. Rubber a $14 million issue-all in Europe...