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  • Inter-American Development Bank - Lehman Brothers Collection
    billion 850 million of which was authorized for ordinary capital and 150 million for the Fund for Special Operations FSO Uruguay and Venezuela joined in 1960 in ratifying the agreement establishing the bank The first annual meeting of the board of governors was also held that year in El Salvador During that meeting the first board of executive directors was elected and Felipe Herrera was named President of the IDB Operations of the bank began on October 1 1960 with 87 officials and 101 administrative support and secretarial employees at the bank headquarters in Washington D C Shortly afterwards the first technical assistance grant was made in the amount of 61 500 for institutional strengthening of the mining sector in Bolivia The United States put 394 million into the Social Progress Trust Fund of IDB the following year as part of the Alliance for Progress It was also a year for several firsts the first loan by the bank was made to Peru for 3 9 million to improve water and sewerage in Arequipa Other loans followed for Brazil Chile Colombia El Salvador Uruguay and Venezuela The first FSO funding was also made to Bolivia for a global agriculture electrical energy and industrial credit program In 1962 the bank made its first loans for higher education to benefit universities in Argentina Chile Costa Rica El Salvador Guatemala Honduras Nicaragua and Peru It also granted its first loans for science and technology to the Mexican Institute of Technological Research In 1963 the IDB created a program to finance capital good exports between borrowing countries in order to promote the sector and foment integration That same year it also made its first loan to a subregional development bank the Central American Bank for Economic Integration for 6 million Ordinary capital for the

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=inter_american_development_bank (2016-02-18)
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  • Inter-Continental Hotels Overseas N.V. - Lehman Brothers Collection
    balances of Latin American republics The company s early expansion was developed along Pan American s airline routes into Latin America and later throughout the world The creation of this hotel chain complemented the growth of Pan American by providing accommodations for tourists and businesspeople who were previously reluctant to travel to these areas of the world because facilities there did not meet first class American standards Tourism boomed with the end of World War II and Intercontinental like other major American hotel chains such as Hilton and Sheraton expanded to accommodate this demand Beginning in 1948 and through 1951 the company built eleven hotels for 80 million throughout Latin America ranging from a 150 room facility in Guatemala to 1 000 room hotels in Mexico City and Rio de Janeiro The business strategy that Intercontinental pursued over many years when developing these hotels was to take a small equity interest in the hotel with the remainder owned by local businesspeople or government The company earned profits by providing sales advertising and promotion services in addition to managing the property In the 1950s Intercontinental expanded its hotel operations to other parts of the developing world including Bangkok Beirut and Puerto

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=inter_continental_hotels_overseas_n_v (2016-02-18)
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  • Interlake, Inc. - Lehman Brothers Collection
    its first international expansion in 1952 when it established a steel strap slitting and painting facility in Scarborough Ontario In 1954 the company added a new building in Riverdale for the production of stitching and strapping tools and machines and other accessories The company continued its expansion in 1956 by acquiring the Newport Steel Company with this acquisition Acme became a producer of steel ingots made from scrap steel and pig iron freeing it from increasingly unstable supply prices Newport also manufactured hot and cold rolled steel products silicon and alloy sheets and bars and electric weld line and conductor pipe in addition to other steel products In 1959 Acme opened a new steel line in Riverdale using the more efficient higher quality oxygen converter system The expansion caused Acme s debt to grow from 5 2 million in 1955 to 35 million in 1961 By 1964 however the worst was over Despite its growth and expansion into new product lines Acme was not a fully integrated steel manufacturer although it began making its own raw steel in 1956 for downstream use and thus could be considered semi integrated It was mainly involved in the final stage of steel production manufacturing finished products and had no control over the price or availability of scrap coal or iron ore Another small company limited to one primary production process was Interlake Iron Corporation Interlake produced pig iron coke and ferroalloys The company sold its pig iron primarily to foundries and steel companies It was slowly being squeezed out of its limited market by new materials changing technologies and growing pig iron imports The company had considered diversification as early as 1949 but had dismissed all proposals as too risky or not yet urgent By 1964 however the pig iron market had collapsed

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=interlake_inc (2016-02-18)
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  • International Bank for Reconstruction and Development - Lehman Brothers Collection
    and adopted during this meeting The Articles of Agreement became effective in December 1945 with the signature of the following twenty nine governments Belgium Bolivia Canada China Czechoslovakia Ethiopia France Greece Honduras Iceland India Iraq Luxembourg Netherlands Norway Philippines South Africa Egypt United Kingdom the United States Yugoslavia Paraguay Guatemala the Dominican Republic Ecuador Iran Peru Mexico and Chile In March 1946 the inaugural meeting of the Boards of Governors of the IBRD and the IMF was held in Savannah Georgia At the meeting bylaws were adopted executive directors were elected and Washington D C was chosen as the site for the two new institutions At this time the bank s capital stood at 7 67 billion Additional countries signed the articles of agreement during 1946 including Costa Rica Poland Brazil Uruguay Nicaragua Panama El Salvador Denmark Colombia and Venezuela In May 1947 the executive directors approved the first bank loan to Credit National of France in the amount of 250 million for reconstruction purposes In July 1947 the IBRD entered the bond market for the first time with an offering of 250 million The offering was substantially oversubscribed and sold at a premium over the public offering price The

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=international_bank_for_reconstruction_and_development (2016-02-18)
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  • International Minerals & Chemical Corporation - Lehman Brothers Collection
    of phosphate rock which is used in the manufacture of fertilizer in the United States Through the 1930s sales for the company continued their erratic course driven largely by the fluctuating market for phosphate and fertilizer The company earned 1 4 million on sales of 3 8 million in 1928 Yet in 1931 it earned only 56 thousand on sales of 2 9 million and in 1933 it lost over 1 million on sales of 826 thousand In December 1941 the company name was changed to International Minerals Chemical Corporation In April 1942 the company merged with United Potash Chemical Corporation a subsidiary engaged in the mining and refining of potash salt as well as the production of potassium chloride potassium sulphate both fertilizer ingredients and magnesium chloride the base for making magnesium metal The period during World War II was good for International Minerals as competing imports from Germany were suspended The company continued to perform well in the postwar period In 1947 reflecting record demand for fertilizer International Minerals reported the best year ever with sales over 50 million up from 41 3 million the year prior To take advantage of the heavy demand the company embarked on a 21 million program to expand production including new plants such as one in San Jose California to make monosodium glutamate a seasoning agent The company continued to achieve new records for sales and earnings during the 1950s and 1960s Sales were 93 6 million in 1954 ten years later in 1964 sales were 225 7 million International Minerals began acquiring other companies in the mid 1960s In December 1966 it acquired the manufacturing assets of E J Lavino Company makers of refractories for the steel industry In 1968 it added both Chemicals Inc of Bartow Florida and Continental Ore

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=international_minerals_chemical_corporation (2016-02-18)
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  • International Standard Electric Corporation - Lehman Brothers Collection
    in the Spanish American War and used his multilingual cosmopolitan allure to business advantage Behn s parents were Danish and French he was born in the Virgin Islands then a Danish possession but later bought by the United States in 1917 his education took place in Corsica and Paris his early businesses in sugar trading and telephony were based in Puerto Rico Cuba and Spain Behn s command of languages and glamour gained him business contracts despite his relative inexperience After ITT s acquisition of ISE Behn built an international network of telephone manufacturing companies and providers Cartel agreements between the major world telecommunications companies ITT Siemens General Electric AT T and Ericsson gave near monopoly power to each company in its region ITT controlled Western Europe s telephony with additional control of areas of South America Behn enthusiastically collaborated with the Nazis in the 1930s in order to position his company for further global expansion By 1943 Behn began hedging his bets to favor the Allies lending ITT innovations such as the High Frequency Direction Finder Huff Duff a submarine finder to the Allies even as ITT telephones communicated Nazi orders to those submarines As the war concluded Behn had somehow positioned ITT to take advantage of the Allied victory ISE remained the biggest company in ITT During the succeeding Cold War Spain and Argentina nationalized the telephone systems and the USSR expanded its influence in Eastern Europe ITT struggled to fend off further anti trust action nationalizations and shareholder discontent about Behn Behn left ITT in 1956 Behn s replacement as president Harold Geneen 1910 1997 expanded ITT away from its focus on telecommunications companies like ISE Instead under Geneen s management ITT became one of the largest conglomerates in the 1960s Of English Catholic and Russian Jewish parentage and an immigrant to America Geneen was known as a demanding and a tremendously dedicated boss He required constant statistical reports and stricter controls over production by management Geneen s fame came from his acquisition binge usually brokered by Lazard Frères that sought to triple American earnings and reduce ITT s dependence on international branches of the company such as ISE He instituted large changes for ISE bringing in American vice presidents and centralizing decision making to ITT instead of to ISE s individual national companies ITT s focus diverted from the original telecommunications business Unfortunately for the stockholders ISE and the other European branches of ITT were much more successful than the expanded American businesses of the 1960s and 1970s In his 1973 book The Sovereign State of ITT Anthony Sampson described ISE as dual natured His summary is worth citing at length It is by far the biggest telecommunications company in Europe with a third of the total business twice as big as its nearest competitor Siemens On the other hand it is made of a score of national companies each with special eccentricities and local traditions beginning with Bell Telephone in Belgium set up in 1882

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=international_standard_electric_corporation (2016-02-18)
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  • International Telephone and Telegraph Corporation - Lehman Brothers Collection
    4 90 sinking fund debentures due April 1 1987 1965 50 000 000 4 7 8 promissory notes due September 15 1984 7 500 000 4 convertible subordinated notes due March 1 1985 1967 1 000 000 shares cumulative preferred stock 4 convertible series J 1970 100 000 000 8 90 sinking fund debentures due October 1 1995 50 000 000 8 30 notes due October 1 1975 1971 1

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=international_telephone_and_telegraph_corporation (2016-02-18)
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  • Interstate Department Stores, Inc. - Lehman Brothers Collection
    and West Virginia Interstate acquired the Aurora Dry Goods Company of Aurora Illinois in October 1929 Interstate earned 1 1 million from sales of 25 5 million in 1929 During the 1930s Interstate sales and earnings fluctuated from year to year but gradually rose Sales were 23 9 million in 1936 followed by an increase to 28 million in 1937 and then a decline to 26 9 million in 1938 In January 1944 Interstate announced that it had arranged for 8 million of private financing for store expansion and to retire the outstanding preferred stock Even though the post World War II period was a time of prosperity for the United States Interstate did not benefit significantly The company earned 1 4 million from sales of 62 8 million in 1948 and in 1957 profits were actually lower at 1 3 million on sales of 67 2 million It was not until Interstate began an aggressive acquisition program in the late 1950s that the company began to grow once again Interstate operated forty eight stores in fifteen states in late 1958 selling low and medium price merchandise In April 1959 Interstate acquired the entire stock of White Front Stores Inc of Los Angeles for 16 393 shares and 600 000 White Front was a two unit low mark up operation with volume of more than 20 million per year This acquisition was of great help to Interstate providing the company with record sales of 85 million in 1960 up from 65 6 million in fiscal 1959 The company acquired the entire stock of Topps Stores in September 1960 for 16 000 shares and Maddi Lou Trust for 4 000 shares Topps was a privately owned ten store discount retail chain with stores in New York Connecticut Massachusetts Pennsylvania and Illinois

    Original URL path: http://www.library.hbs.edu/hc/lehman/company.html?company=interstate_department_stores_inc (2016-02-18)
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