Word: montedison
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...publicity. The low-profile approach is understandable. A former anti-Nazi resistance fighter and onetime head of ENI, the government oil agency, Cefis indulges an un-Italian predilection for sandwich-and-milk lunches at his desk. In 1971, at the age of 50, he became the head of Montedison S.p.A., Italy's biggest industrial concern but a shaky one. He promptly spun off about 15% of its operations and began a series of acquisitions that made Montedison the producer of 80% of Italy's synthetic fibers, 33% of its chemicals, 10% of its Pharmaceuticals...
With Soviet money beginning to come in, and the benefits of his reorganization taking hold, Cefis predicts, in one of his rare public comments, that Montedison, nearly 20% of which is owned by the Italian government, will be "flying high...
...showed, is stimulated by disaster. Today the art Restoration Laboratories in Florence's 16th century Fortezza da Basso have become the world's proving ground for conservation methods-thanks, in large part, to the collaboration of university laboratories and major chemical firms like Italy's Montedison. The techniques used by the more than 60 restorers and artisans in the Fortezza make most earlier methods look antediluvian. Says Umberto Baldini, 50, the dynamic head of the laboratories: "Once, restorers were like doctors who were trying to operate on a body without having done anatomical research. But the emergency...
...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...