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Re: Re: IH's demise. . . McCardell's strike
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Posted by dhermesc on April 07, 2004 at 11:16:02 from (68.110.220.22):
In Reply to: Re: IH's demise. . . McCardell's strike posted by Al on April 07, 2004 at 10:38:17:
You forgot one of the biggest beasts they where feeding, the small steel mill they purchased back in the mid to late 60s. The enormous amounts of cash it ate for equipment upgrades and pension funding made sure it never turned a dime of profit and only added to their manufacturing costs. In the late 70s they couldn't even give the place away and literally paid the mill's management to take the operation off their hands (through a ESOP and complicated loan from IH) Later IH was sued by the union when the new owners went bankrupt. That little excursion into the steel industry costed IH BILLIONS in the end. It made their freezer and AC business look like a cheap hobby in comparison.
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