От хорошего к великому - Пособие (Джим Коллинс)

Приложение 8.а примечания

1"Hermit Kingdom", The Wall Street Journal, Dec. 12,1958, l:6;"Remodeling the A&P," Business Week, March 23, 1963, 36;"Ailing A&P", The Wall Street Journal, April 21,1964, l:6;"NewMen For A&P's Top Rungs",Business Week, June 20,1964,32;"A&P Reorganization Is Announced; Move Takes Effect February 24", The Wall Street Journal, January 15, 1969, 4:2;"A&P—Awakening Giant", Financial World, February 25, 1970, 5;"Great Expectations", Barrens, January 19, 1970, 5;"Renewing A&P? Business Week, February 20, 1971, 68;"How A&P Got Creamed", Fortune, January 1973, 103;"A&P Goes Outside Ranks For First Time, Picks Scott To Assume Eventual Command", The Wall Street Journal, Dec. 11, 1974, 8:2.

2"IBM's New Copier", Business Week, March 22, 1976;"Addressograph Gets Ash and $2.7 Million", Business Week, October 4, 1976;"How to Nip Away at the Xerox Market", Business Week, November 8, 1976;"Roy Ash's Challenge", Newsweek, December 13, 1976;"Roy Ash is Having Fun at Addressogrief-Multigrief", Fortune, February 27, 1978;"Coup at AM; Roy Ash Resigns Under Fire", Time, March 23, 1981;"Curious Tale of Mr. Black", Financial Times, February 27, 1982;"AM Files Chapter 11 Petition", New York Times, April 15, 1982.

3 Gary Hector, Breaking the Bank: The Decline of BankAmerica (Little Brown & Company, 1988); "At BankAmerica a New Regime Strives to Reverse Declines", The Wall Street Journal, May 20,1982,1; "The Cost to Armacost", Economist, February 16, 1985, 76; "Bank of America Rushes into the Information Age", Business Week, April 15,1985,110; "Sam Armacost's Sea of Troubles", Banker, September 1,1985, l;"Schwab Joins the Ranks of Bank of America Dropouts", Business Week, August 25, 1986, 37; "Add Security Pacific to Bank of America", The Wall Street Journal, August 13, 1991, Al; "BankAmerica Finds it Got a Lot of Woe", The Wall Street Journal, July 22, 1993, Al.

4 John Strohmeyer, Crisis in Bethlehem (Pittsburgh: University of Pittsburgh Press, 1994); "Bethlehem Steel", The Wall Street Journal, May 13,1977, 4; "Bethlehem Sets New Pay Reduction", The Wall Street Journal, January 21,1983, 5; "Bethlehem to Ask Probe", The Wall Street Journal, January 24, 1984, 2; "Making Retirees Share the Pain", Business Week, April 16, 1984, 50; "Bethlehem Plans Further Cuts", The Wall Street Journal, January 15, 1985, 2; "Is Bethlehem Investing in a Future it Doesn't Have", Business Week, July 8 1985, 56; "Bethlehem Exits Freight Car Building", Journal of Commerce, November 1, 1991, 2B; "Faded Glory", Forbes, March 16, 1992, 40.

5 "Video Follies", Forbes, November 5, 1984, 43; "Tandy agrees to buy Assets of Eckerd unit", The Wall Street Journal, July 5, 1985, 4 "Diversification Appeals", Chain Store Age Executive, August 1,1979,81; "Video Follies", Forbes, November 5,1984,43-45; "Tandy Agrees to Buy Assets of Eckerd Unit", The Wall Street Journal, July 5, 1985, 4; "Jack Eckerd Holders will Receive All Cash in a $1.2 Billion Buyout", The Wall Street Journal, April 21, 1986, 31; "J.C. Penney Gets Eckerd Shares", The Wall Street Journal, December 18,1996, BIO.

6 Great WesternrGreat Western Financial Corporation: Remarks by James F. Montgomery, President, to the Security Analysts of San Francisco, March 8, 1977, The Wall Street Transcript, April 25,1977,46873-46874; Great Western: Great Western Financial Corporation: Remarks by James F.Montgomery, Chairman and President, to the Security Analysts of San Francisco, November 9,1981, The Wall Street Transcript, December 21,1981,64131 -64132; Great Western: Great Western Financial Corporation (GWF): James F. Montgomery, Chairman and Chief Executive Officer, to the Los Angeles Society of Financial Analysts, September 11,1984, The Wall Street Transcript, October 22, 1984, 75659-75660; "Great Western: The Corporation: Strategies: How Playing It Safe Worked For Great Western: It waited until regulations eased to go on a buying spree", Business Week, September 7, 1987, 70; "Great Western: Corporate Focus: Great Western Financial Seeks to Chart a Fresh Course: No. 2 U.S. Thrift Faces Burden of Soured Home Loans, Bloated Overhead", The Wall Street Journal, May 17, 1993, B4.

7 Burrough & Helyar, Barbarians at the Gate (Harper Perennial, 1990); "Cigarette Conglomerate", Financial World, February 5, 1969, 4; "Voyage into the Unkown" Forbes, December 1,1971,30; "When Marketing Takes Over at R.J. Reynolds", Business Week, November 13, 1978, 82.

8 "A Paper Tiger Grows Claws," Business Week, August 23, 1969, 100-102; "No-Longer-So-Great Scott", Forbes, August 1, 1972, 25; "Now an outsider will run Scott Paper", Business Week, April 23, 1979, 39, 42; "Scott a paper tiger", Advertising Age, November 3, 1980, 96; "Scott Paper's new Chief", Business Week, November 30,1981, 62; "Scott isn't lumbering anymore", Fortune, September 30, 1985, 48-55; "Bermuda Triangle," Forbes, January 6, 1992, 284; "Al Dunlap: an Insider's View", Navigator, December 1997;"Did CEO Dunlap save Scott Paper-or just pretty it up? The Shredder", Business Week, January 15,1996.

9 "Silo, Discount Appliance Chain, Enjoys Payoff from Hard Sell", Barren's, March 29,1971, 35; "An Appliance Dealer with Real Clout", Business Week, November 6, 1971, 76; "Cyclops Acquires Silo", The Wall Street Journal, October 16, 1979, 5; "Dixons Makes $384 Million US Bid", Financial Times, February 18, 1987, 1; "Silo-Dixons Power: How Far Can It Reach" Consumer Electronics, November 1988, 14; "Dixons Strategic Move into Los Angeles Area" Financial Times, November 12,1989, 10; "Shake-up at Silo", Discount Store News, March 4,1991,1; "Dixons Tightens Grip on Silo", HFD-The Weekly Home Furnishings Newspaper, February 3, 1992, 77.

10 "Upjohn: Two Upjohn Antibiotics Barred From Sale; PDA-Drug Company Confrontation is Seen", The Wall Street Journal, May 15,1969,38; "Upjohn: Tweedle Dee: Upjohn can't ever seem to do quite as well in ethical drugs as Tweedle Dum, its corporate lookalike, Eli Lilly, which is not great shakes either", Forbes, March 1,1970, 65-66; "Upjohn: Two Upjohn Drugs Linked to 32 Deaths Needn't Be Banned, FDA Aide Testifies", The Wall Street Journal, January 30, 1975, 14; "Upjohn: Hair-Raising Happenings at Upjohn (Testing a cure for baldness, the company squirms at the unwelcome clamor)", Fortune, April 6,1981,67-69; "Upjohn: R&D Scoreboard: Drugs", Business Week, June 22,1987,145; "Upjohn: Upjohn's Stock Falls on Study's Claim Its Anti-Baldness Drug Has Side Effects", The Wall Street Journal, February 9, 1988, 2; "Upjohn: Law: Upjohn Settles Liability Suit Over Halcion Sleeping Pill", The Wall Street Journal, August 12,1991, B2.

11 "Gillette President S.K. Hensley Resigns to Accept Presidency of Warner-Lambert", The Wall Street Journal, June 21, 1967, 32; "Say Little, Do Much", Forbes, December 1, 1974, Page 52; "After the Diversification That Failed", Business Week, February 28,1977,58; "Turning W-L into a Marketing Conglomerate" Business Week, March 5, 1979, 60; "Hagan Outlines Strategic Plan", PR Newswire, October 29, 1980; "Beating the Japanese in Japan", Forbes, April 27,1981,44.

12"Things Are Adding Up Again at Burroughs", Business Week; March 11, 1967, 192;"How Ray Macdonald's Growth Theory Created IBM's Toughest Competitor", Fortune, January, 1977, 94;"A Tough 'Street Kid' Steps in at Burroughs", Business Week, October 29, 1979, 50;"Will a Shake-Up Revive Burroughs?" Business Week, May 4, 1981, 53;"Can Burroughs Catch Up Again?" Forbes, March 28, 1983, 78.

13 Robert A. Lutz, Guts: The Seven Laws of Business that Made Chrysler the World's Hottest Car Company (NewYork John Wiley & Sons, Inc., 1998), 27 "President lacocca", The Wall Street Journal, June 28,1982, 1; "Is there life after lacocca", Forbes, April 8, 1985, 75; "Lee lacocca's Time of Trouble", Fortune, March 14,1988, 79; "Can lacocca Fix Chrysler Again?" Fortune, April 8 1991, 50; "After Lee", The Economist, March 21, 1992, 70; "How Chrysler Filled Detroit's Biggest Shoes", The Wall Street Journal, September 7, 1994, Bl; "Daimler-Benz Will Acquire Chrysler in $36 Billion Deal That Will Reshape Industry", The New York Times, May 7,1998, Al:6.

14"Harris-Intertype, Radiation Inc Directors Approve Merger pact Valued at $39 million", The Wall Street Journal, April 3, 1967, 30;"Critical Mass?" Forbes, April 15, 1976, 86;"Technology Transfer's Master," Business Week, October 10, 1977,120;"Harris Corp.'s Remarkable Metamorphosis," Forbes, May 26, 1980, 45;"Harris Corp.'s Bold Strategy," Forbes, April 25, 1983, 96;"Harris is Raising its Bet on the Office of the Future," Business Week, July 18, 1983, 134;"Harris Corp. Elects Hartley to Added Post of ChiefT The Wall Street Journal, April 1, 1986, 45;"New Harris President Prefers Growth to Downsizing," U.P.I., April 23, 1993.

15 "Hasbro: On a Roll: Toymaker Hasbro Continues String of 25\% Yearly Growth," Barren's, July 19,1982,40; "Hasbro: Hasbro Toys Find Profits In Tradition," The Wall Street Journal, December 12,1983, 29, 53; "Hasbro: News: Hasbro gets its guns: Stephen Hassenfeld's loading up for battle," Industry Week, April 30,1984, 17-18; "Hasbro: Silver: A Play on Toys: Hasbro ВгаШеуЪ Hassenfeld," Financial World, April 16, 1985, 29; "Hasbro: Merry Christmas: It Has Already Come for Hasbro, Biggest U.S.Toymaker," Barren's, December 23, 1985,34; "Hasbro: The Corporation: Strategies: How Hasbro Became King of the Toymakers: With $1.2 Billion in Sales and $99 Million in Profits, it is Now No. 1 Worldwide," Business Week, September 22, 1986,90-92; "Hasbro: Marketing: Toys: It's Kid Brother's Turn to Keep Hasbro Hot: Alan Hassenfeld must fill big shoes at the toymaker," Business Week, June 26, 1989, 152-153.

16 "Rubbermaid: Sincere tyranny (Why has Stanley Gault spent the last four years moving and shaking at Rubbermaid? It was a case of serious problems masked by cheery numbers)," Forbes, January 28, 1985, 54-55; "Rubbermaid: Rubbermaid emerges a 'clear' winner; food storage containers," Chain Store Age—General Merchandise Trends, October 1986, 67; "Why the Bounce at Rubbermaid?: The company sells humdrum goods in a mature market, and most of its competitors undercut its prices. But it has double sales and tripled earnings in the past six years," Fortune, April 13, 1987, 77-78; "Rubbermaid: America's most admired company," Fortune, Feburary 7, 1994, 50-54; "Rubbermaid: From the most admired to just acquired how Rubbermaid managed to fail," Fortune, November 23, 1998, 32-33.

I7"Henry Singleton's Singular Conglomerate," Forbes, May 1,1976,38;"Two PhDs Turn Teledyne Into a Cash Machine," Business Week, November 22, 1976, 133;"The Sphinx Speaks," Forbes, February 20, 1978, 33;"Teledyne's Winning Roster," Forbes, August 17,1981,35;"Parting With Henry Singleton: Such Sweet Sorrow For Teledyne?," Business Week, April 9,1990,81;"Teledyne to Pay $17.5 Million To Settle U.S. Criminal Charges," The Washington Post, October 6,1992, D6;"Teledyne Struggles to Recapture Magic of Yesterday," The Wall Street Journal, November 22, 1993, B4:3;"Richard Simmons to Share Spotlight At Allegheny Teledyne, Sees 'Good' Fit," The Wall Street Journal, April 3, 1996, B8:4.

ПРИЛОЖЕНИЕ 8. В Анализ поглощений

Чтобы заполнить эту таблицу, мы определили общее количество noi лощений, осуществленных каждой компанией за десятилетие, предшествующее преобразования и до 1998 года. Затем мы оценили каждое поглощение по шкале от -3 до +3, основываясь как на финансовом, так и на качественном анализе, и рассчитали средний балл. В случае с Upjohn не удалось собрать достаточного количества данных, чтобы вьтолнить анализ, поэтому балл не был рассчитан.

Компании, которые добились выдающихся результатов, против компаний, которые мы отобрали для сравнения

Компания

Общее количество поглощений за период, подлежащий исследованию

Суммы, потраченные на поглощения (1998,$)

Число продаж подразделений

Средний объем продаж подразделений (1998,$)

Общий уровень успеха стратегии not лощений

Abbott

21

169818207

5

137217603

+2

Upjohn

25

28 138 169

7

345 320 294

NA

Circuit City

1

6600000

0

0

+3

Silo

4

11424 141

0

0

-1

Fannie Mae

0

0

0

0

+3

Great Western

21

97094 394

3

235 285 336

-1

Gillette

39

348 882 434

20

106594043

+3

Warner-Lambert

32

337860155

14

174589830

-1

Kimberly-Clark

22

1 171 873946

18

338 404 045

+2

Scott Paper

18

218599634

24

324508613

-2

Kroger

11

3732984720

9

254 232 923

+2

A&P

14

154907076

4

Нет данных

-3

Nucor

2

22 322080

3

109 744 379

+3

Bethlehe

10

189013588

23

143 005 128

-3

Philip Morris

55

1 723276274

19

6997069169

1

RJ Reynolds

36

955 695 029

29

603 549 096

-3

Pitney Bowes

17

97 233030

8

209 682 701

+ 1

Addressograph

19

94 309 099

9

162484305

-3

Walgreens

11

26013766

8

15534739

+3

Eckerd

22

84 842 102

9

103450742

-1

Wells Fargo

17

1 448 694 030

6

157643123

+3

Bank of America

22

670 808 773

13

440 239 849

+1

Burroughs

22

648 232 383

7

264428815

-2

Chrysler

14

381 361 879

15

388 240 170

-1

Hams

42

123867786

7

125653870

1

Hasbro

14

174390164

0

0

+ 1

Rubbermaid

20

153344542

5

152718587

+3

Teledyne

85

64 609 576

3

38853 138

-2