Word: tenneco
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Dates: during 1970-1979
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...company had to diversify to survive. Reason: rates and profits on the transmission of natural gas are strictly regulated by state and federal governments, leaving Symonds little hope for fast growth. Before his death last year at age 67, Symonds had turned the utility into a vast conglomerate named Tenneco that does $2.8 billion worth of business annually and reaches into land development, farm machinery, auto parts and shipbuilding. Now his hand-picked successor, Nelson ("Dick") Freeman, is pulling just the kind of surprise about-face that used to delight Symonds' Houston cronies. In an age of power shortages...
With little fanfare, Freeman recently announced that Tenneco and two other Houston firms (Texas Eastern and Brown & Root) are carrying on negotiations with the Soviet Union for rights to the vast natural-gas fields of central Siberia. The cartel is bargaining for a 25-year deal to transport, in liquid form, some 2 billion cu. ft. of natural gas daily -about three times as much as all of New England now uses every 24 hours. U.S. demand for imported natural gas is expected to skyrocket in the near future, since projected needs far outstrip the available supply at home. Final...
...their manufactured goods are generally shoddy and not in much demand, even in the East bloc. But Moscow would like to sell jetliners (including the supersonic Tu-144), wristwatches, cameras, pharmaceutical supplies, medical instruments-and the natural gas that Butz bubbled about. Soviet experts have conferred with men from Tenneco and Texas Eastern Transmission about shipping Siberian gas to the U.S. It could be pipelined to Murmansk, liquefied and shipped to the U.S. East Coast in special tankers...
...more than $55 million to acquire 46 acres on the edge of downtown Houston. In association with Brown & Root, the big construction company, Texas Eastern intends to build a $1.5 billion office-and-apartment development. Metropolitan Life Insurance Co. is financing a commercial-entertainment complex on 15 acres, and Tenneco recently bought three square blocks near its Houston headquarters...
...pollution laws, the islanders are skeptical. As retired Admiral Rufus Taylor explains: "We're not convinced that a chemical plant can control its effluents, or that any state agency or state laws can make it do so." One example that supports Taylor's claim is a small Tenneco chemical plant operating near Beaufort. A marine biologist recently sampled a downstream creek and found that the water was extremely acidic...