Word: scotts
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Dates: during 1980-1989
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Cornell fullback Scott Malaga was named Ivy League Offensive Player of the Week for his performance in the Big Red's 26-0 victory over Yale. The senior rushed 25 times for 122 yards and a touchdown against the Elis...
...half Chris Liles, center Scott Tierney, wing Scott Helinski, fullback Bruce Miller, eight-man Mark Sagarin, lock James Keller, prop Jon Greenberg and flanker Mike Newhouse all have made the squad and will tour the East Coast playing against men's rugby squads. In the spring, the select-side will play a team from Scotland...
...responding to the needs of its far-flung divisions. Some 1,100 units of U.S. companies have been acquired by their managers since 1982, and it is a blue-chip list: the Montgomery Ward department-store chain, bought by its executives from Mobil; the former ITT subsidiary that makes Scott lawn products; the onetime Unisys unit that produces Nu-kote ribbons for typewriters and computer printers. "Management buyouts create powerful incentives for entrepreneurship, risk taking and long-term planning," says Martin Dubilier, chairman of a New York City investment firm that bankrolls many executives seeking control of their companies...
Take the case of Scott. The longtime message from ITT had been to "do O.K. and stay out of trouble," recalls Tadd Seitz, now president of O.M. Scott & Sons of Marysville, Ohio. "There was no great push for excellence." But after Seitz and his fellow managers bought the unit in 1986 for $133 million, they promptly came out with several new products that ITT executives had blocked. Among them: Winterizer, a compound that protects lawns during the winter. ITT management, Seitz says, had feared that Winterizer might sabotage sales of other Scott lawn-care products. But it has become...
Despite such impressive showings, most of the companies that have been bought by their managers are weighed down by debt. Scott's $133 million in outstanding obligations is more than five times as great as its shareholders' equity. Nu-kote's $55.6 million in debt amounts to more than eleven times equity. If sales plummeted or interest rates rose, those debt loads could become crippling burdens. The new manager-owners have made a good start at running their companies, but the test will come during the next economic downturn...