Word: reichhold
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...partly in fear of a public relations backlash. "We are worried about investment friction now. It may get serious," says Hiroki Sakamoto, a senior official of the Japan External Trade Organization. But last month Dainippon Ink & Chemicals won a long and bitter battle to take over New York's Reichhold Chemicals, a maker of specialty polymers. The price: $540 million...
...president of Parsons Pine Products of Ashland, Ore., maker of nearly 80% of the nation's wooden mousetrap bases: "Our absenteeism has dropped 30%, and our tardiness is almost zero." Parsons' incentive: an extra day's pay at the end of every month to workers who are punctual. Reichhold Chemicals' fiberglass manufacturing division in Irwindale, Calif, offers half an hour's extra pay for each week a worker completes a full shift without illness or absence. The bonuses are called "sweet pay" (for Stay at Work, Earn Extra...
...estate planners, Dowling won fame for his design of Philadelphia's pioneering downtown Penn Center project. He also put City deep into such investments as Sterling Forest, a 30-sq.-mi. sylvan tract 40 miles from Manhattan being developed for corporate research facilities (among its tenants: International Nickel, Reichhold Chemicals). Other City properties range from Florida retirement communities to shopping centers as well as two Broadway theaters...
Merry Fiddle. Reichhold, who draws a $100,000-plus salary, has seen his plowed-back profits build him a personal fortune which he puts at $30 million, most of it in his company. But despite his wealth, he has no use for show. He drives his own Ford, eats $1 lunches, goes hatless to avoid hatcheck tips. But he is not penurious. A lover of music (he plays the violin), he was one of the main supports of the Detroit Symphony Orchestra for six years with donations totaling more than $2,000,000. At 52, Reichhold, who now makes...
...Reichhold has not taken his eyes from his main objective: running his company to keep prices low. With his new resin, developed by the same Dr. Hoenel who perfected his original resin, he expects to help automakers trim $5 from the cost of painting an average car (now about $15 to $20). If his sales grow as fast as he thinks they will, Reichhold plans to cut his profits to 1%. Says he: "We want to be the A & P of the chemical industry...