Word: utah
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Dates: during 1960-1969
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Away from Railroads. Last week an international syndicate of investment houses, including Lehman Brothers and Paris' Pays-Bas bank, underwrote a $30 million issue of Utah convertible Eurobonds offered to non-American buyers. The company will borrow another $50 million or so from banks in the U.S. and abroad. All the money will be used in the development of a promising new coal field in Australia, which represents Utah's largest single undertaking...
...reason for Utah's success is stable management. Seven of the company's twelve directors are descendants of the industrious builders and bankers who founded the company in Ogden, Utah. Among the seven are Littlefield and onetime Federal Reserve Chairman Marriner S. Eccles, who has been Utah's chairman since 1940 but, after turning 78 last week, now calls himself "a part-time operator...
...company originated as a track builder for Western railroads. It undertook dozens of rail projects, notably a 725-mile stretch (with 45 tunnels) of Western Pacific line through the Sierra Nevada and the Feather River Canyon. In the 1930s, Utah started its all-out expansion. It became one of Six Companies, Inc., a consortium that also included Henry Kaiser and Morrison-Knudsen Co., which bid jointly on Hoover, Bonneville and many another mammoth engineering project in the booming West. The Six Companies have long since separated, but Utah is still heavily involved in construction. It currently has a $102 million...
Conglomerate Miner. In 1959, the firm added "Mining" to its name in order to reflect newer operations that now account for 65% of its revenues. "Mining is our upward thrust," says Littlefield. The thrust started when Utah decided to adapt its earth-moving skills to open-pit mining projects. It has since become, in effect, a conglomerate miner...
...Utah is one of the nation's biggest uranium-oxide suppliers to the Atomic Energy Commission, operates Lucky Me mine in Wyoming. The company has a contract with the Navajo tribal council giving it an option to strip-mine rich coal deposits on the Navajo reservation in northwestern New Mexico. More recently, Utah obtained options on valuable copper deposits on Vancouver Island, British Columbia...