Word: solvaye
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...merger of five great chemical companies. Stockholders of some of the merged companies did not hide their distaste for Mr. Weber and his methods. One of these companies was General Chemical Co.. founded by the late Dr. William H. Nichols of Manhattan. Another was Solvay Process Co., founded and largely owned by the rich Solvays of Belgium. The committee demanding a new deal for Allied stockholders was headed by Charles W. Nichols, son of Dr. Nichols, and by Gordon Auchincloss, president of Solvay American Investment Corp.. holder of 500,000 shares (20%) of Allied common...
...Solvay & Cie is "one of the most powerful chemical companies in the world," interested in I. G. Farbenindustrie of Germany and in British Imperial Chemical Industries, Ltd. The aim of the Solvay interests in wanting to elect new directors is to steal information for use by Allied's rivals. "The American Chemical industry is today fighting to maintain that [the American] market for American capital and American labor against the organized, combined and ruthless attacks of foreign competition...
...Nichols interests which joined with the Solvay company to form the opposition are, of course, not foreigners, but Mr. Weber took the opportunity to dig Son Nichols by quoting a letter of his late father to Armand Solvay in which objection was made to the Solvays' aim to build up a world chemical consortium and have Allied join...
...Weber's best headlined blow was his passing remark that Solvay American Investment had used its Allied stock as collateral and otherwise to obtain from U. S. investors $40,000,000, "largely for the purpose of building European chemical plants which compete with your company in the markets of the world." This charge depends upon a fact: that the late great British Sir Alfred Mond had a large block of Allied Chemical & Dye stock; and upon a theory: that he needed money to complete the great plants of Imperial Chemical Industries, Ltd. and could get it only by selling...
...Company. Allied is a holding company whose operations may be divided into five groups: The Solvay Process Division produces soda ash and caustic soda, in both of which products there was unexpected price-cutting during December when 1931 contracts were being made. Earnings from this division are thought to be running 40% below last year. Its big competitor is Mathieson Alkali Works, Inc. When it was absorbed by Allied, the Solvays of Belgium, one of Europe's richest families, acquired much Allied stock. They also have a big interest in Imperial Chemistry Industries of Britain...