Word: pechiney
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Dates: during 1960-1969
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Patience of Penelope. The combine is led by France's biggest aluminum maker, Pechiney, but substantial minority interests are held by Shipping Magnate Stavros Niarchos (21%), the U.S.'s Reynolds Metals (17%) and the Greek government (12%). Pechiney put up half the capital, has nine men on the 18-member board of directors, among them its own director-general, Pierre Jouven, who is chairman of the new company. What drew Pechiney to Greece, aside from the plentiful bauxite? Cheap labor, one of the Mediterranean's deepest harbors at Antikyra, and the Greek government's promise...
...cartels to Common Market tariff cuts. But the leaders of the great corporations believe that they can compete well against their foreign counterparts and like the prospect of selling more to Germans or Italians. In the business magazine Entreprise, 20 of France's most prominent executives-including Pechiney's Chairman Raoul de Vitry, Rhone-Poulenc's Chairman Wilfred Baumgartner and T.S.F.'s (electronics) Chairman Maurice Ponte-came out in support of the market. In a speech opening Marseille's international trade fair last week, Emile Roche, a leading banker and industrialist, said: "Our economy deserves...
...need for new power plants outpaces their construction. In a seven-year program, Australia is doubling its electrical output, partly to serve such expanding aluminum giants as Alcoa, Alcan, Kaiser and Pechiney. Iran has completed a new water and power project that is hailed as a Middle East TV A and will soon include an $800 million petrochemical complex. Brazil desperately needs more power; in the industrial city of Sao Paulo, which boasts steel mills, auto plants and TV antennas on slum roofs, 30% more power is needed than is produced...
Says Gevaert's President Henri Cappuyns: "I'm convinced that Common Market companies have to grow to Common Market size." Seeking Footholds. President de Gaulle encourages French firms to join, and helped unite glassmaking Saint-Gobain with Pechiney, one of France's largest chemical companies. Because of De Gaulle's policy, many French businessmen expect the eventual linkup of the two big privately owned French automakers, Citroën and Peugeot...
...Australia, Surinam and Mexico, hopes to raise its overseas capacity 30% within three years. Reynolds is putting up a mill in Canada and a fabricating plant in Turkey, and Kaiser has opened plants in India and West Germany. Recently, Kaiser joined Canada's Aluminium Ltd., France's Pechiney and Britain's Rio Tinto-Zinc Corp. in ambitious plans to build and operate a $112 million alumina plant in Australia. When all the world finally takes to aluminum, the U.S. companies plan to be there-profitably...