Word: weinstock
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Dates: during 1960-1969
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...those who care, this year's sobering-up session goes under the name How to Succeed in Business Without Really Trying. It's a fine musical and always has been, therefore a joy to behold. Frank Loesser's songs remain smart and fast, and the Abe Burrows-Jack Weinstock-Willie Gilbert book might have been written by bonafide comic geniuses. The story, it is true, proves nothing of anything, but for beauty of construction and quantity of laughs it can't be faulted...
Compatible Partner. Plessey had reason to be disturbed-if only because its managing director, John Clark, 42, had announced his own intention last month of taking over English Electric. But Clark reckoned without Arnold Weinstock, 44, British G.E.'s acquisitive boss, who made his company the industry leader by winning control of Associated Electrical Industries Ltd. in a bitter takeover battle last year. Weinstock heard the news of Clark's designs on English Electric while vacationing at his Wiltshire farm, promptly began his own negotiations with the company...
...Weinstock was a more than welcome suitor. Although English Electric has long been considered ripe for a merger, its chairman, Lord Nelson of Stafford, wanted no part of the $624 million takeover bid by Plessey Co. He argued that merging with Plessey would bring few improvements in efficiency because the two firms concentrated on different lines -Plessey on telecommunications and aerospace products, English Electric on appliances and heavy industrial equipment. British G.E., on the other hand, seemed like a compatible partner, especially since it had already been cooperating with English Electric in the manufacture of stoves at home...
Associated Electrical, meanwhile, was doing worse. Although it was next to the largest in the industry (after English Electric), its earnings of $37.5 million last year were 47% lower than the year before. Thus, when Weinstock offered to buy out A.E.I, for $448 million, some stockholders, including the Church of England (which owns stock worth $8,400,000) leaped at the chance. In a six-week battle during which both sides spent about $550,000 on advertising alone, Weinstock won about 70% of A.E.I.'s shares...
With the Giants. After merging the two companies into a $1.2 billion firm, Weinstock will repeat the renovation he carried out at G.E.C. He is expected to phase out unprofitable manufacture of heavy generators and transformers, concentrate on telecommunications and electronics, in which the company can compete against such foreign firms as ITT and General Telephone & Electronics Corp. of the U.S., Europe's Philips and Siemens A.G. and Japan's Nippon Electric Co. Ltd. "The future," insists the young executive, "lies with the giants." And Arnold Weinstock obviously classes himself with the giants...