Word: schenley
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Dates: during 1960-1969
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...year. Since the appearance of the fruit affects its value?unlike the case of wine grapes?the bunches must be carefully picked by hand. Because of their vulnerability, Chavez picked the table-grape growers as his first target. In 1966, after a strike, he got his first contract when Schenley Industries capitulated because it had a nationally known name at stake. Later that year he won the right to represent workers at the mammoth Di Giorgio ranch in an election monitored by the American Arbitration Association. Both Di Giorgio and Schenley have since sold their table-grape holdings, however...
...Rapid-American Corp., the keystone of his corporate complex, make a friendly tender offer designed to strengthen his holding in Glen Alden Corp. Glen Alden is a onetime coal company that Riklis has been using for acquisitions in such areas as Playtex underwear, B.V.D. shorts and, most recently, Schenley Industries. The company had been under the rather tenuous control (14%) of McCrory Corp., a retailing outfit that is 51%-owned by Rapid-American. Thus, by exchanging Rapid securities worth more than $200 million for 62% of Glen Alden's stock, Riklis consolidated his position. "We have come full circle...
...showing an unusual interest in such mundane goals as cutting costs and expanding markets. By internal growth alone, he figures that in five years he can more than double his profits, which he estimates will come to about $47 million in 1969. Since he took over Schenley (1968 sales: $550 million) last fall, he has shaved its operating costs by $10 million. He did it partly by firing surplus executives and partly by setting up inventory procedures that, he says, are at last forcing wholesalers "to learn how to order...
SINCE THE first strike, and a wine boycott against the Schenley company, the farmworkers have held and won union elections on seven of the grape ranches in the area, including Schenley and the California giant, DiGiorgio Farms. The remaining holdouts have proven more resistant, and the target of the present boycott, Giumarra Vineyards, has issued statements indicating that it never intends to negotiate with the Farm Workers on any basis. Still, the union has established itself in California as the strongest organization of agricultural workers since the thirties...
...rebound principle apparently works in matters of business as well as affairs of the heart. Early this year, when cigarette-making Lorillard Corp. tried to merge with Schenley Industries, it was rebuffed in favor of the Glen Alden Corp. Meanwhile, Loew's Theaters Inc. was scorned when it attempted to merge with Commercial Credit Corp., which opted instead to merge with Control Data Corp. Last week the two losers got together on the rebound. In a complicated swap of Lorillard stock for that of Loew's (value of the exchange: at least $418 million), the two companies plan...