Word: northwest
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Dates: during 1960-1969
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...purge is a result of last spring's attempted takeover of Goodrich by Ben Heineman's Chicago-based Northwest Industries. Goodrich waged a successful defense [TIME, May 23] that has become a classic in corporate tactics. But Northwest emerged as the largest single stockholder, with 16% of Goodrich's shares. That was a sufficient threat to spur Goodrich's chairman, Ward Keener, to make good on his promise in the heat of the takeover battle to "improve profit margins...
Goodrich's profits have lagged behind those of its prime competitors. Last year the company earned only 3.9% on sales of $1.1 billion, compared with 6% for the industry's most profitable major operator, Firestone. After Northwest's takeover attempt, Keener, who was paid $240,000 last year, allotted each of the divisions a profit target and rigorously trimmed back on money-losing operations. Last week, six days before Christmas, Goodrich closed down a rubber footwear plant in Watertown, Mass-and with it went the jobs of 950 employees. In that case, the closing had been announced...
...into their performance and realize they could do better," says J. Wade Miller, vice president for personnel and organization. But there could be less favorable results for Goodrich, and not only in the loss of local good will in a community that backed the company in its struggle with Northwest. One group of white-collar workers, seeking job security, has asked to join the United Rubber Workers, which already represents 12,500 Goodrich factory hands. The union is now considering a full-scale organizing drive among Goodrich's office employees...
...couple of reasons for the merger are that Northwest President Donald Nyrop, a first-class administrator who was once chairman of the Civil Aeronautics Board, will pick up Northeast's jets for a bargain price and get a tax-loss carry forward estimated at $17 million for his company. Northwest, which earns most of its profits in the spring and summer, also could use Northeast's cold weather vacation traffic. In addition, Northeast's new Miami-Los Angeles run will tie in neatly with Northwest's newly granted routes to Hawaii and Japan...
Late Saturday night, Joel and David and myself, all newly reunited, set out to seek sanctuary in the apartment of a friend of a friend where we had spent the previous night. I still hadn't figured out the geography of Washington Northwest, and had developed a corresponding hatred for the area...