Word: temco
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Dates: during 1970-1979
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Forced to choose, James J. Ling decided last week that he would rather be in the steel business than in airlines and cable manufacturing. At the same time that he reported a 90% plunge in last year's operating profits of Ling-Temco-Vought, his once high-flying conglomerate, Jim Ling moved to settle a federal antitrust suit arising from his corporate acquisition of Jones & Laughlin Steel Corp. In order to hold onto the nation's seventh largest steelmaker, LTV will have to sell its controlling interests in Braniff Airways and Okonite Co. LTV also agreed in principle...
When Ling-Temco-Vought took over Chicago's Wilson & Co. in 1967, James J. Ling showed the finesse of a butcher slicing a juicy porterhouse. He carved the company into three parts-meat packing, sporting goods and drugs-and sold pieces of each part to the public. The three parts, and their stocks, were quickly nicknamed "meatball," "golf ball" and "goofball." Now Ling is cutting his meatball into hamburger. Five companies will be chopped out of Wilson's meat operations: Wilson Certified Foods, Wilson Beef & Lamb, Wilson Laurel Farms, Wilson-Sinclair and Wilson Agri-Business Enterprises...