Word: tenneco
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Dates: during 1970-1979
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...liquefied natural gas) supertankers, a new class of vessels that will cost as much as $100 million each. They are known among shipbuilders as "super thermos bottles" for the mountains of insulation encircling their holds to keep the gas at -259° F., its liquefying point. Tenneco stands to be cut in as contractor for at least several of those vessels: it happens to own the nation's largest shipbuilding operation, Newport News Shipbuilding and Dry Dock...
...Tenneco's other step into the future is a venture in cooperation with Westinghouse to build nuclear power stations that generate electricity on floating platforms at sea-far from radiation-wary cities, whose residents have blocked one nuclear power project after another. Although some ecologists have objected to the thermal pollution that such power stations would spread, Freeman maintains that its effect on the entire Atlantic would be negligible. Tenneco has begun building a new $200 million construction center in Jacksonville, from which the first power platform is expected to be launched...
...work with energy sources, such business accounts for less than half of Tenneco's overall sales. The conglomerate's six divisions operate no fewer than 123 subsidiaries in 18 countries, including a string of several hundred service stations in Europe, oil and gas drilling operations in 14 countries, chemical producers, the Walker Manufacturing Co., which makes auto parts, J.I. Case, a farm and construction equipment manufacturer, and Hegg-blade-Marguleas-Tenneco, one of the country's largest brokers of fresh fruits and vegetables. The company has acquired 26 firms in the past seven years alone. Yet unlike...
Freeman, 63, joined Tenneco in the company's infancy and soon became a favorite of Founder Symonds. Since his elevation to chairman last year, he has logged some 300,000 miles of travel keeping track of Tenneco's operations. "I trust everyone-it's just that I want to see things for myself," he says wryly in his chain-smoker's husky voice. These days Freeman finds little opportunity to visit his 600-acre ranch near Houston, where he keeps his collection of bronze equestrian miniatures...
...acquisitive spirit, Tenneco has gained something of a reputation as a slow-paced outfit looking forward to a comfortable if unexciting middle age. Its stock, which last week sold at 23½, has barely changed price since the early '60s. Now, if the natural-gas and power-station projects are an indication, Tenneco's future will be anything but dull...