Word: disinvest
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Dates: during 1980-1989
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...South Africa has continued to be a focus for con-troversy, as well as a major public relations problem for many large U.S. companies. Last week, in a move that was of great symbolic importance even if of uncertain consequence, several major U.S. corporations announced that they would disinvest their South African holdings and leave the country. In the space of four days, plans for multimillion-dollar sell-offs were disclosed by General Motors, IBM and Warner Communications and privately confirmed by Honeywell, which officially admitted only that it was "considering" such a move...
...firms that disinvest in South Africa, however, by and large continue selling their products to South African customers, often through locally owned firms that buy out the departing company's assets (see box). These arrangements have so far prevented the U.S. corporate departures from causing the widespread loss of jobs, specifically black jobs, that South African officials had often predicted. The entire GM work force of 3,000, for example, 60% black, will stay on the job at the company's Port Elizabeth assembly plant under the new ownership...
Last week the House of Representatives passed overwhelmingly by voice vote a bill forcing the United States to completely disinvest from any business in South Africa. The Senate Foreign Relations Committee will hold hearings on sanctions July 22, 23, and 24, Mark Helmke, a spokesman for Sen. Richard Lugar (D-Ind.) said yesterday...
First, advocates of disinvestment assume that it is possible to know accurately how many Blacks in South Africa want U.S. companies to disinvest...
...State Department official William Jacobsen maintained that "The psychology of threatening disinvestment is more important than disinvestment because once you disinvest you have no more leverage" to change the country...