Word: swiss
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Dates: during 1960-1969
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...outburst of resentful complaints at Wall Street's ability to panic stockholders everywhere. Protested Belgium's leading financial paper, L'Echo de la Bourse: "Nothing in our industrial situation justified an adjustment of such importance." Zurich's Neue Zürcher Zeitung wished that Swiss stock markets "would show some sense of emancipation" from Wall Street. But with the international financial community becoming ever more intertwined, one man's aches are surely going to continue to be another's pains...
Frozen foods by Nestlé may come as a surprise to Americans who associate the company with chocolate bars and Nescafé. Since World War II, however, Nestlé has become much more than that. Thanks to its Swiss base, Nestlé emerged from the war with comfortable cash reserves-and a new outlook. "Up till then," says Managing Director Jean C. Corthesy, "we had thought mainly of children. Now we think about their parents...
Shooting for the parent trade, Nestlé in 1947 bought Maggi, a Swiss company with a $100 million-a-year line of soups and seasonings. In 1960, Nestlé's bosses laid out another $27 million for England's venerable Crosse & Blackwell Ltd., with its 26 soups, preserves, pickles and puddings. Last year the company picked up Italy's Locatelli, which produces cheese, tomato products and meats. Today, Nestlé markets everything from soup to nuts, has 75,000 employees and 180 factories in 34 countries. With annual sales of $1.5 billion, it is the world...
...rare combination of imaginative salesmanship and financial caution. With uninhibited confidence, Nestlé has made a success of peddling canned milk in dairy-rich Denmark and instant coffee in Brazil. Most of the company's earnings are poured back into expansion: its 70,000 shareholders, many of them Swiss farmers, get only a 1.2% annual dividend and equally meager information on Nestlé's fiscal condition. Explains one Nestlé executive: "Reticence hasn't harmed the company or the stock holders." Indeed it hasn't. An investment of $360 in Nestlé shares...
Julie and Carol at Carnegie Hall (CBS, 10-11 p.m.). Julie Andrews and Carol Burnett lampoon visiting Russian singing-dancing groups, Swiss family folk singers, and the hearty entertainers of the American West...