Word: montedison
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Dates: during 1970-1979
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...Italy, the Montedison industrial combine is losing hundreds of millions of dollars yearly, and the government will almost certainly have to bail it out by having state agencies increase their investment in the company and by making government loans easily available. Among the reasons for failure: poor internal accounting, which has prevented Montedison from adjusting production fast enough to meet demand, political interference when executives want to close inefficient plants and generally weak management in the past...
...working at only 70% to 80% of capacity. At that level, the profits of older and smaller plants have been wiped out. Even such giants as Britain's Courtaulds and Imperial Chemical Industries, France's Rhone-Poulenc, Germany's Farbwerke Hoechst and Italy's Montedison have been weakened by financial fibrosis...
When Cefis came to Montedison nine months ago, the jerry-built conglomerate was teetering on the edge of disaster. The state, through big minority holdings, has maintained effective control of the firm since 1968, though a succession of private managers has been allowed to run it. Because of internal squabbling, they had failed. Since taking over as the government's man, Cefis has been selling off the firm's deadwood, including Sisma, a steel fabricator, and AB Tudor, a battery maker. At the same time, with the strong financial backing of the state, which he refers...