A Report on the Proposed Merger, Great Britain. Monopolies and Mergers Commission, H.M
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The General Electric Company PLC and the Plessey Company PLC: A Report on the Proposed Merger, Great Britain. Monopolies and Mergers Commission, H.M. Stationery Office, 1986, 010198670X, 9780101986700, . DOWNLOAD HERE The Creative Age Knowledge and Skills for the New Economy, Kimberly Seltzer, Tom Bentley, 1999, Active learning, 91 pages. "Based on case studies of five innovative programmes which provide valuable lessons about cultivating and assessing creativity." - page ix.. The economic and political consequences of multinational enterprise an anthology, Raymond Vernon, 1972, , 236 pages. Furnishing the world the East London furniture trade 1830-1980, Pat Kirkham, Rodney Mace, Julia Porter, 1987, Business & Economics, 136 pages. History of the rubber industry , Institution of the Rubber Industry, 1952, Technology & Engineering, 406 pages. American Business Abroad Ford on Six Continents, Mira Wilkins, Frank Ernest Hill, Jun 27, 2011, Business & Economics, 541 pages. 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Giving an overview of research and development in weaponry in the maritime and aviation sphere as well as land-based technology, this study looks forward to the effects of .... Inside the Black Box Technology and Economics, Nathan Rosenberg, 1982, Business & Economics, 304 pages. Economists have long treated technological phenomena as events transpiring inside a black box and, on the whole, have adhered rather strictly to a self-imposed ordinance not to .... Sizing up U.S. export disincentives , J. David Richardson, 1993, Business & Economics, 182 pages. British electronics firm the Plessey Co. announced Monday that it had secured three multimillion-dollar overseas defense contracts. The company said in a statement it had signed a 4-million pound ($7.4-million) contract with the Swedish Royal Navy to update sonar systems on Sea Serpent class submarines with its Hydra advanced sonar. In a 2-million-pound ($3.7-million) deal with the Canadian government, Plessey said it would supply four Shield anti-ship missile decoy systems. Trade and Industry Secretary Paul Channon said he had accepted the majority recommendation of the Monopolies and Mergers Commission, which had ruled that the $1.77-billion takeover of Plessey by General Electric Co. would hurt the public interest by reducing competition. General Electric Co. is not related to the similarly named American company. General Electric PLC of Britain, Britain's largest electronics firm, announced Tuesday a proposed $1.72-billion merger with Plessey PLC, a major British aerospace and electronics company. General Electric PLC, which is not connected with the U.S. company of the same name, said that it wanted to create an electrical and electronics group that could compete worldwide. Britain's General Electric Co. PLC and West Germany's Siemens AG today made a fresh offer for Plessey Co. PLC that values the British electronics company at $3.3 billion. The $4.46-a-share offer followed Wednesday's news that the joint bidders had reached an agreement with the British government on conditions for a renewed bid. Plessey shares sank 20 cents a share to $4.36 on London's Stock Exchange after the news. Plessey Semiconductors, a subsidiary of the Plessey Co. of Great Britain, said that it has moved from its previous Irvine location into a new location within the Irvine Spectrum office complex. Plessey said it signed a 10-year, $5.7-million lease for 59,600 square feet. The company will occupy about 35,000 square feet and sublet the rest to an as yet undetermined tenant. General Electric Co. PLC and Siemens AG reached an agreement with the British government on conditions for resuming their joint bid for Plessey Co. PLC, the government said today. The British and German electronics giants have pledged to remedy public interest questions identified by the Monopolies and Mergers Commission, the Department of Trade and Industry said in a brief statement. Distributed Logic Corp. said it has completed its $7.5-million acquisition of three subsidiaries of the Plessey Co. of Britain. Distributed Logic is an Anaheim-based manufacturer of computer disk, tape and communication controllers. The three Plessey subsidiaries, with annual sales of $50 million and "break-even" profits, are located in Irvine and in Ontario, Canada, and the United Kingdom. Clark joined Plessey in 1949 as assistant to the general manager of Plessey International Ltd, formed in 1948 to develop exports, and moved to Ireland in 1950 as director and general manager of Plessey (Ireland) Ltd. After holding managerial posts in other Plessey subsidiary companies, he joined the board of the Plessey Company Ltd in 1953. He became general manager of the Plessey Components Group in 1957. The company's main business was the manufacture of radios and television sets, and defence equipment, but in 1961 Plessey acquired two large manufacturers of telephone equipment, British Ericsson Telephones and the Automatic Telephone and Electric Company (AT&E), thereby doubling the size of the Plessey Company and laying the foundations for its pre-eminence in the manufacture of telecommunications equipment. Clark, appointed joint managing director by his father in 1961, was closely involved in these acquisitions, made when Sir Allen Clark was already terminally ill and anxious that his sons should take over control of the company after his death. After the death of Sir Allen Clark in 1962 the company went through a difficult period, involving a struggle for power between some members of the board and John Clark and his brother, Michael, who were still in their thirties and emerging from their father's shadow. After a vote of no confidence in Clark as managing director failed thanks to the intervention of the new chairman, Sir Harold Wernher, three directors resigned, leading to panic in the City and a fall in the share price. But Clark took over the chairmanship of AT&E and British Ericsson, and in 1964 called in McKinsey's, the management consultancy company, to advise on the reorganization of the company. The board accepted the report and Plessey was reorganized into product groups, a reorganization that took several years and saw the departure of a number of senior managers. By then Clark had established his position in the company and in 1967 he was appointed deputy chairman. Following the merger of the General Electric Company (GEC) with Associated Electrical Industries in 1967 the Plessey board, concerned that Plessey might be GEC's next target, approached Lord Nelson, chairman of the English Electric Company Ltd, a large engineering company, with a proposal for a merger, but Nelson, with the encouragement of the government's Industrial Reorganization Corporation, agreed to a merger with GEC rather than with Plessey. Clark succeeded Field Marshal Lord Harding as chairman of Plessey in 1970, and in 1971 he was knighted for services to exports. He created the post of chief executive in 1976, occupying this as well as the chairmanship until 1989. By 1971 Plessey was supplying over half of the purchases of new telephone equipment by the Post Office, and remained in the forefront of the telecommunications industry throughout the 1970s, with a large part of its profits coming from the sale of telephone exchanges. At its research laboratories at Caswell, Plessey scientists developed the technology for making digital telephone exchanges, known as System X, and in 1977 Plessey, in competition with GEC, was given the biggest role when government contracts for the development of the system were awarded. The first digital exchange was installed in 1981, and in 1982 British Telecom, the successor to the Post Office, appointed Plessey as its main development contractor on the System X project, with GEC as subcontractor. At the same time, having survived a fall in profits in the late 1970s, Plessey was able to build a new factory at Towcester in 1980 to exploit semiconductor technology, and embarked on a series of acquisitions in Britain and overseas. Concentrating its activities in the three areas of telecommunications, defence electronics, and micro-electronics, by 1985 Plessey had a workforce of 33,700 worldwide, and between 1970 and 1985 exports had grown from £39.7 million to £163.8 million. In December 1985 Lord Weinstock, managing director of GEC, launched a takeover bid for Plessey. Clark and Weinstock had been fierce rivals since GEC's takeover of English Electric in 1968, and although Clark could see the advantage to be gained from merging Plessey's public telephone exchange business with that of GEC, he did not want Plessey to be subsumed by GEC. Clark had already made an offer for GEC's interest in System X, which had been rejected. GEC's bid for Plessey failed after the government, under pressure from the Ministry of Defence (which argued that the merger would have a bad effect on competition in the supply of defence electronic equipment), referred it to the Monopolies and Mergers Commission, which ruled against the merger. During the battle Clark described GEC to the shareholders as ‘a lacklustre conglomerate with a poor record in high technology and with a financial performance characterised by mediocrity’ and more interested in short-term profits (The Times, 14 Jan 1986), remarks that led Weinstock, commenting that the attack would have done credit to Dr Goebbels, to sue successfully for libel.