Word: sunderland
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Dates: during 1960-1960
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...pays hefty taxes into tropical treasuries, concedes fringe benefits, goes in for such good-will undertakings as operating a free school in Honduras, where men from all over tropical America study scientific agriculture. But last week a new policy dramatically measured the change in United Fruit. President Thomas E. Sunderland proposed to turn over United Fruit banana lands to Latin American growers...
...policy is partly designed to appease what President Sunderland called the "understandable desire" of Latin Americans "to own their own land and grow their own crops for sale in the international markets." But it has another, even more compelling purpose: to raise United Fruit's profits...
Skipped Dividend. As a result of these trials, United Fruit last summer skipped its quarterly dividend for the first time in the 20th century. The appalled board of directors called in Outsider Sunderland, vice president and general counsel of Standard Oil Co. (Indiana), to be top banana...
...Sunderland took over some massive headaches apart from sinking profits. Among them: Fidel Castro's confiscation of 272,472 acres of United Fruit sugar and cattle lands in Cuba; a 1958 anti-trust consent decree requiring United Fruit, by 1970, to divest itself of roughly one-third of its banana import business...
...President Sunderland, 53, is brimful of plans for restoring United Fruit's oldtime profits. Above all, Sunderland wants to make the company less dependent on bananas. It might diversify by raising more cattle, producing more palm oil, manufacturing soap and other palm-oil products. Most important, perhaps, United Fruit last year acquired a 123,000-acre oil concession in Colombia, and Oilman Sunderland is keenly interested in exploring for oil elsewhere in tropical America, hoping that black gold will pay when green gold does...