Word: texaco
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Dates: during 1960-1969
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...lure of low taxes, cheap labor and liberal tariff treaties with Central American common market countries. Business responded. Arrow Shirts, Colgate-Palmolive, and General Mills, for example, plan expansion of their facilities. And there are newcomers. International Nickel hopes to set up a $60 million strip mine, Texaco is building a $10 million refinery, and Kern Foods is making Guatemala its distribution center for Central America...
...tiny Stonewall, La. (pop. 100), J. Howard Rambin Jr. got some early experience in how to be a Friendly Texaco Dealer: he used to man the Texaco pump in front of his father's general store. A lot of gas has gone through the pumps since then, and Texaco is now the nation's eighth largest corporation and the only oil company with outlets in all 50 states. Howard Rambin has been moving too. Last week, at 53, he was named Texaco's new chairman and chief executive officer, a post in which he will replace retiring...
Rambin worked as a roustabout on the rigs to pay his way through Louisiana State's petroleum-engineering course, joined Texaco in 1935. After managing divisions in the Louisiana fields, he moved on to a succession of high-test jobs, became boss of southern operations in 1962 and president of the entire company in 1963. He worked closely with Long at Texaco's Manhattan headquarters where top management wields greater centralized authority than is customary in most oil firms. Under Long, Texaco raised its earnings last year to $546 million to become the third most profitable U.S. company...
...handsome, soft-spoken man, Rambin will not make any major changes in the lean and conservative way Texaco is run. The company watches each nickel as if it were the last one, pares executive expense accounts, runs a relatively modest advertising program. Just about every capital expense above $15,000 must be personally authorized at the top. To the envy of competitors, this frugality pays off. Despite declines in wholesale gasoline prices in the U.S., Texaco's profits so far this year continue to break records...
Ingalls is building five more such ships, and New Orleans' Avondale Shipyards is working on twelve highly automated freighters for the Lykes Bros, line, the first of which was christened last week. An automated tanker, the Texaco Rhode Island, has just completed sea trials off Bethlehem Steel's Sparrows Point yards in Maryland. Several other companies are also building pushbutton vessels. This full turn to automation represents a brave effort by the $2 billion private U.S. shipbuilding industry to regain the seagoing supremacy that it has lost to foreign competitors...