Word: olivetti
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...four years of heavy losses, Underwood Corp., once the leader of the U.S. typewriter industry, needed help in a hurry. It came last fall from Italy's progress-minded Olivetti company, biggest European maker of typewriters and calculating machines; it purchased 34% of Underwood's stock for $8,700,000. When Underwood's President Frank Beane made the deal, he expected to keep running the company. But the late Adriano Olivetti and his successor Giuseppe Pero (TIME, March 21) had different ideas of the way to cure Underwood's troubles. Out went Beane and most...
Last week Olivetti further tightened its control of Underwood. The Olivetti-dominated Underwood board unanimously approved a plan for Underwood to trade more than $30 million worth of its common stock (1,200,000 shares) in exchange for Olivetti's U.S. subsidiary, Olivetti Corp. of America (1959 sales: $15 million). If stockholders approve, Olivetti will have 69% control of Underwood stock, and the number of Underwood shares outstanding will be doubled...
...Olivetti plans to market its portable typewriters under a joint Underwood-Olivetti label, along with its printing calculators, adding machines and other Italian-made office equipment. Underwood products to be retained with their own labels will be standard and electric typewriters and an electric adding machine...
...Giuseppe Pero, 66, was elected president and chief executive of Italy's Olivetti company, succeeding Adriano Olivetti, who, before his death fortnight ago, transformed his father's small typewriter business into a worldwide manufacturer of office machines and machine tools. Directors passed over Olivetti's son Roberto and several other Olivetti family members to pick stumpy, white-maned Pero, the shrewd, early-rising (5:30 a.m.) executive who has been director general since 1938. He is expected to let Adriano Olivetti's political adventures (i.e., his Community Movement) die, devote all his efforts strictly to business...
Died. Adriano Olivetti, 58, Italian industrialist who turned a one-plant operation he inherited in 1932 into Europe's No. 1 manufacturer of typewriters and office machines of such craftsmanship that they grace art museums as well as offices; of a heart attack, aboard a train in Aigle, Switzerland. An idealistic businessman as well as a sound one, Olivetti boasted that he gave his workers the best conditions in Italy and a voice in management. In off hours he promoted a broad-based cooperative movement, on the strength of it won a seat in the Chamber of Deputies...