Word: multiproduct
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Dates: during 1960-1969
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Chairman Harold S. Geneen describes his $2.8-billion International Telephone & Telegraph Corp. as a "unified-management, multiproduct company." On that principle, in 48 major acquisitions in the last nine years, ITT has acquired a hotel chain (Sheraton), a car-rental company (Avis), a book publisher (Bobbs-Merrill), a home-builder (Levitt & Sons, Inc.), a paper and chemical company (Rayonier, Inc.) and assorted other ventures. Something Geneen still does not have is a consumer foods company. Last week he moved to remedy that deficiency by announcing that ITT, in an exchange of stock valued at $280 million, will soon acquire Continental...
Geneen himself shuns the conglomerate tag, prefers to call ITT "a unified-management, multiproduct company"-a term that, for some reason, he considers far tidier. Whatever the label, Geneen's ITT has become a hearty concoction. A huge amalgam of some 150 affiliated companies in 57 countries, it hums with new purpose in its traditional field: the manufacture of communications equipment around the world. At the same time, ITT's 204,000 employees are pushing into fresh territory. Backed by an annual research-and-development budget of $220 million, ITT scientists are at work on such sophisticated projects...
...October), since a network tie-in would go a long way toward making his company as well known as he feels it deserves to be. Whatever the outcome, he promises to continue going "where the opportunities are," and in the case of a conglomerate-or a "unified-manage-ment, multiproduct company"-that could be just about anywhere. What drives the man so relentlessly? Keeping those profits doubling, for one thing...
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