Word: tenneco
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...orders, for $269 million, went to General Dynamics; the federal share, which is less for advanced-technology ships like LNGS than for other models, is $64 million. The other order, for $298 million (federal share: $76 million) was bagged by Newport News Shipbuilding & Drydock Co., a subsidiary of Tenneco. Plenty more is on the way: only one-sixth of the 300 ships called for by 1980 in the maritime bill have actually been ordered...
...that U.S. trade with the Soviet Union and most other Communist nations is running at the highest level since World War II, many well-known companies are getting into the act: Occidental Petroleum, Boeing, ITT, Tenneco, Texas Eastern Transmission and dozens of others. But there are smaller, independent toilers in Eastern vineyards who so far have remained relatively obscure. Sometimes acting as middlemen for big deals, sometimes hunting up products and processes to sell on their own, these new Marco Polos have perhaps done more to expand the frontiers of East-West trade than the emissaries of giant corporations. Familiar...
...Exploitation of Siberian natural-gas reserves. Two projects are being explored, one involving on the U.S. side a consortium of Tenneco, Texan Eastern Transmission and Brown & Root, the other El Paso Natural Gas and possibly Occidental Petroleum. The two together could require as much as $10 billion to $14 billion of U.S. development capital, and that may be too much for private U.S. financial institutions. Some new form of Government financing will probably be needed...
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...