Word: underbidding
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...John admits that things wouldn't be looking up "if the oil companies had not been held to ransom by Mr. Nasser." The shutdown of the Suez Canal came as a boon for shipbuilders. The Japanese, who got their first boost with the 1956 closing of the canal, underbid the European builders by about 10% and soon had their order books bulging, with delivery dates stretching through 1971. Swan, Hunter & Tyne promised faster delivery, contracted to finish its first Esso supertanker by August...
...steel plant, backed by a consortium of 14 Japanese companies, will pour 500,000 tons of pig iron this year. In Peru the Japanese have become leaders in the booming fish-meal industry, are also building a railroad in the backlands. In Honduras, Japan's Oki Electric Co. underbid such Western giants as A.T. & T. and Siemens to win the contract to build a new telephone system. Tokyo Shibaura Electric will soon install an educational television network in El Salvador, and Toyota and Nissan will start assembling cars in Venezuela by year...
Memory's Tricks. The contenders in one case were the B. F. Goodrich Co.. developer, with the Navy, of the Mercury astronauts' suits, and International Latex Corp.. which recently underbid Goodrich on a NASA contract for Apollo moon-exploration space suits. In an Akron court, Goodrich asked that its former manager of space-suit engineering, Donald H. Wohlgemuth, be enjoined from taking a similar job at International Latex. Wohlgemuth, 36, had worked six years for Goodrich, rising after 15 pay increases to a salary of $10,600. Shortly after International Latex won its NASA contract...
...million contract to supply steel for the mile-long Balboa Bridge in Panama. Since every emerging nation wants its own steel mill as a status symbol, the competition for foreign markets is bound to get increasingly bitter. The Europeans, and the burgeoning Japanese steelmakers, can be expected to underbid their higher-cost U.S. rivals more and more...
...price before the sale even begins. Of all the great auction houses, Parke-Bernet probably has the best record in keeping the bidding free, but the competition from abroad could well force it to change its ways. Recently Parke-Bernet began to permit sellers to buy back underbid works without paying a full commission. When it went after the Erickson collection, it had to compete with Sotheby's guarantee that the auction would bring a certain amount. Parke-Bernet dislikes the whole idea of guarantees; it got the job only by cutting its own commission...