Word: pirellis
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This week Europe's biggest and most promising combination since World War II will take place. Britain's Dunlop Co. Ltd. and the Italian-based Pirelli Group will get together to form the world's third largest tire company, which will have 180,000 workers in 210 factories and sales of $2.3 billion, based on 1969 levels. When the totals for 1970 are in, Dunlop-Pirelli may well roll past Firestone, the No. 2 tiremaker, and gain ground on front-running Goodyear. Both American firms have been hurt by the General Motors strike and by economic sluggishness...
Right Angle. Sir Reay Geddes, chairman of Dunlop, says that the future of his company lies "in creating a European-based multinational group on a truly American scale." Pirelli's management, vexed by labor troubles at home, sees the tie-up as a way to expand in the U.S. and in other markets. Both partners hope to capitalize on Pirelli's expertise in radial tires. The radial, with the cords in its fabric at right angles to the direction of wheel turn, lasts longer than softer-riding conventional tires, which have the fabric running diagonally in crisscross layers...
...Dunlop-Pirelli match, unlike most European marriages, no money will change hands. Dunlop and Pirelli will exchange shares in subsidiaries formed specially for the deal, so that each owns 49% of its partner's European operations and 40% of the other company's overseas business. The two firms will retain their own trademarks, home offices and operating capital, but will pool much of their purchasing and research efforts...
...president of Montecatini-Edison, the country's largest industrial firm. The Milan headquarters of the overdiversified chemical colossus was torn at the top by a management divided into two hostile camps-representatives of the government's substantial interest and champions of private investors (including the Agnelli and Pirelli families)-which held equal stakes. Directors had hoped that the appointment of Merzagora, 71, would keep both factions in balance and allay fears that the state was aiming for an outright takeover...
...wildcatters in the shipping and motor industries were giving British officials fits, as usual. Suddenly, however, those walkouts seemed as harmless as prolonged tea breaks compared with what was happening across the Channel: > In Italy, 130,000 workers left Turin's Fiat plant, and thousands more struck the Pirelli rubberworks in Milan, in both cases for higher wages. In the first six months of this year, walkouts cost some 81 million man-hours. Worse is in prospect, for labor contracts affecting half of the country's 7,000,000 industrial workers expire before year...