Word: velsicol
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Typical of the agency's shortcomings, says the subcommittee, is the EPA'S failure to act effectively against leptophos, an insecticide that has recently been implicated in an outbreak of nervous disorders among employees at a plant operated by the Velsicol Chemical Corp. in Bayport, Texas. The company, notes the report, failed to inform the EPA of the illnesses for five months. But the EPA ignored equally compelling evidence that the chemical was dangerous. In 1973 and 1974, while the EPA was evaluating leptophos, it received repeated warnings from scientists that the compound was neurotoxic, or capable...
...they operate on a nonseasonal pattern." Last winter, for instance, the normally profitable C. & N.W. suffered so much from wind and weather that it reported a $ 1,400,000 first-quarter loss on rail operations. But as the result of an earlier acquisition, the consolidated balance looked better. Velsicol Chemical Corp. and smaller Michigan Chemical Corp., acquired by the C. & N.W. two years ago for $90 million, reported quarterly earnings of $5,300,000 on sales of $21.6 million. With this help, C. & N.W. overall profits for the first quarter were...
Once Heineman has formally absorbed Essex Wire, he intends to run it and its acquisitions the way he runs Velsicol-not very tightly. "They don't know anything about the chemical business," says Velsicol President Norman E. Hathaway, 47. "And we don't know anything about the railroad business." Reinforced by the C. & N.W.'s prestige and borrowing power, Hathaway is largely left to manage the chemical operation in his own fashion...
Profit, Not Bigness. So far Hathaway, who came to Velsicol two years ago, has outperformed his leader. When he arrived, Velsicol already had superior research facilities and a broad line of agricultural and industrial chemicals and resins. But it was family-owned and vertically run, suffered from sluggish marketing. Hathaway horizontalized operations; he split the company into three domestic and two international divisions and set higher sales targets. "We're reaching for $100 million," he says, "but $200 million in sales is proper for a structure of this size, and $800 million is about maximum. Our objective...
This interesting theory has not yet been proved by experiments. Besides, asked the critics, how did a large amount of endrin get into the Mississippi in the first place? For a while, PHS blamed the Velsicol Chemical Corp., which manufactures endrin at Memphis. But the company had a ready reply. "If our endrin got into the river," asked a Velsicol official, "why weren't thousands of fish killed around our plant, instead of 770 miles downstream?" PHS answered that the doomed catfish probably got poisoned near Memphis and swam to the river's mouth before they died...