Word: pineau
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Dates: during 1980-1989
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Creusot-Loire was created in 1970 by the merger of three steel and engineering groups. In 1980 Harvard-educated Didier Pineau-Valencienne took over as chairman and sought to streamline the company's operations. To no avail. In 1983 the group racked up record losses of $200 million...
After two reorganization plans failed to revive the firm's sagging fortunes, Pineau-Valencienne in March demanded a new $277 million aid package from the government of Socialist President François Mitterrand. Talks over a new salvage operation got nowhere. The Ministry of Industry accused Pineau-Valencienne of refusing to accept a "reasonable" blueprint, while the Creusot-Loire chairman charged that the government was trying to seize control of the company...