Word: mcleaned
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Nonetheless, Malcom Purcell McLean, one of the lesser known captains of American business, has just anted up $111 million to buy U.S. Lines, whose 36 vessels ply worldwide cargo routes. The seller was Walter Kidde & Co., Inc., the New Jersey conglomerate, which now has a cargo full of cash...
...McLean, 64, who ranks with his friend Daniel K. Ludwig in both his reclusiveness and the boldness of his investments, was noncommunicative as usual about the purchase. "We're just buying a regular-going steamship company," he said, adding with the understatement of a shrewd Scottish laird, "I think it's a good deal for both sides...
...When McLean makes these modest pronouncements the most jaded students of high-stakes business sit up and listen, carefully. His record for earning money is awesome. Starting back home in North Carolina in 1934 with a down payment of $30 for a secondhand pickup truck, McLean built a substantial trucking concern and made millions. With additional backing from Ludwig, whose National Bulk Carriers operates supertankers, McLean founded Sea-Land Service, Inc., which grew into the nation's foremost containership operation. In 1969 he sold Sea-Land to Reynolds Tobacco for about $500 million. Then through his solely owned McLean...
Shipping men reckon that McLean, who has a modest office in New York City, would like to run U.S. Lines with a minimum of interference from Washington. Some $44 million in U.S. Lines loans has been guaranteed by the Federal Government. "If McLean retired the loans," said one of his spokesmen, "he'd have a much freer hand in running the line. He just wants wheeling and dealing latitude...
...stock was, Sullivan admits, a grave mistake. U.S. Lines lost $1.5 million in 1970, whereupon Sullivan began looking for a buyer for that arm of the Kidde empire. He agreed to give R.J. Reynolds Tobacco Co. a six-year option, but trustbusters blocked the sale because Reynolds had acquired McLean's Sea-Land operation...