Word: oliner
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...last week was what could have been expected from weary, uninspired, somewhat scared men. Tempers flared in the Senate one midnight when Majority Leader Knowland tried to postpone the final farm-bill vote, and when South Carolina's Olin Johnston tried to attach a civil-service pay raise to California's Santa Maria River project. But in the last minute helter-skelter, it was remarkable that the Communist outlaw bill (see below) was the only piece of political deviltry to be jammed into enactment...
...together at trade conventions, recently have been getting together in another way. They have embarked on the greatest merger spree in history. In the past few months, by stock swap or outright purchase, Nash and Hudson became American Motors, Hilton Hotels took over the Statler chain, Mathieson Chemical and Olin Industries combined. Still more big mergers are in the making throughout industry. Packard and Studebaker stockholders vote this week on consolidating. Bethlehem Steel is talking merger with Youngstown Sheet & Tube, and Textron is working on a three-way merger with American Woolen and Robbins Mills...
Since the stocks of both companies are selling for almost the same price, stockholders will trade share-for-share for stock in the new company. John Olin, 61, was elected board chairman and chief executive officer of Olin Mathieson, and Nichols, 45, was named president...
Said John Olin: "It's a natural combination. Mathieson makes ammonia; Olin uses ammonia. Mathieson makes caustic soda; Olin uses caustic soda. Mathieson built up from basic chemicals into consumer products; Olin went from consumer products down into the chemical field . . . The two companies dovetail...
Each company has had a phenomenal growth since the end of World War II. Olin branched out from shotgun shells, dynamite and rifles into batteries, Cellophane, fabricating metals, lumber, brass, creosoting, cigarette paper, polyethylene food bags and compressed-air coal-breaking equipment. When Nichols took it over in 1948 Mathieson was making caustic soda, liquid chlorine, nitrogen and soda ash. Nichols expanded into fertilizer, sulphuric acid, petrochemicals, insecticides and-by buying out E. R. Squibb & Sons-into drugs and Pharmaceuticals. Says John Olin confidently: "We will continue to grow...