Word: pechiney
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While U.S. business is busily investing abroad, a French industrial giant last week launched an invasion of the U.S. Out to acquire a controlling 40% interest in New York's Howe Sound Co., France's Pechiney, the biggest aluminum producer in Europe, offered to buy up to 1,300,000 shares of Howe Sound common at $15 a share ($4 above the previous closing price). Pechiney is principally interested in Howe Sound's Quaker State Metals division, which can roll out 120 million Ibs. of aluminum sheet and strip a year, but is also eager...
...Pechiney's bid, if successful, will be one of the largest investments a foreign company has made in the U.S. in the past decade. Direct investments by foreign businessmen in U.S. companies have doubled since 1950, to more than $7.5 billion. Before World War II, two-thirds of foreign holdings in U.S. manufacturing companies were in textiles and chemicals, but today the biggest investments are in food, tobacco and beverages. The lion's share of the foreign investment in the U.S. is British. The British have increased their holdings from $1 billion to $2.5 billion since 1950, mainly...
...fated attempt late last year to take over Courtaulds, Britain's biggest synthetic-fiber maker (TIME, Jan. 26 et seq.). On the same grounds, France's Saint-Gobain, Europe's biggest glass manufacturer and a burgeoning chemical maker, recently set up a joint market venture with Pechiney, another French chemical outfit. "We would probably have merged some day anyhow," says Saint-Gobain President Count Arnaud de Vogue, "but the Common Market made us do it faster...
Many a manufacturer finds that the only way to provide skilled workers is to train them himself. Pechiney, Europe's biggest aluminum producer, takes promising workers off the production line, sends them back to school at full pay to get the equivalent of an engineer's degree. In Brazil, such foreign auto firms as Mercedes-Benz, General Motors, Willys-Overland, Ford and Volkswagen have not only set up their own factory training schools but send top technicians and potential executives to school abroad...
...Pechiney...