Word: superiors
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Dates: during 1980-1989
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...firm, which now has more than 100 employees and projected revenues of $22 million for 1984. One of his early clients was Mostek, a Texas-based microchip maker. The firm came to Crosby after it started losing its market to Japanese electronics firms because they were turning out superior chips. Mostek sent 115 of its managers to Crosby seminars and launched a campaign exhorting workers to "Do It Right the First Time." Result: Mostek cut costs by some $40 million annually. Says Quality Director Robert Donnelly: "It was dramatic. Changes occurred almost overnight...
...antimerger sentiment began bubbling in Congress, the last thing the oil industry wanted was another takeover. But that is exactly what it got last week. Mobil (1983 revenues: $58.5 billion) announced that it would pay $5.7 billion for Superior Oil (revenues: $1.8 billion). It was Big Oil's third megadeal in as many months and came only six days after Standard Oil of California had bid $13.2 billion for Gulf in history's biggest takeover. Sighed Socal Chairman George Keller: "Some people who aren't concerned about two mergers will say that three is too many...
Unlike the public bidding that preceded the Gulf deal, the grab for Superior was made in great secrecy. Using pseudonyms, Mobil President William Tavoulareas traveled to Texas earlier this month to make final arrangements. The merger looks very good for Mobil, which will be paying just under $6 per bbl. for Superior's 1 billion bbl. of oil and liquid natural gas reserves, vs. average exploration costs...
...Since Superior owns no refineries or gas stations, its takeover by Mobil should not raise serious antitrust issues. But in Congress, questions are being asked about the shrinking number of competitors in the oil industry, as well as the huge sums expended to buy out shareholders...
...friend of oil," and Ohio's Howard Metzenbaum, a persistent industry critic, united behind a bill to impose a six-month moratorium on acquisitions by the 50 largest oil companies. Because the measure would be retroactive, it could put on hold both the Socal-Gulf and Mobil-Superior deals...