How business, doctors and journalists prey on your food anxieties I

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The folks at United Dominion Industries knew what they wanted to do, but they went about it rashly <strong>and</strong> foolishly . Staying power By Neil Weinberg Wllliam Holl<strong>and</strong>, chlef execctlve of Unl'ed Dominion Industries "The debt was like a disease ." THE SAGA of United Dominion Industries is a story of a company that embarked on a neupath without having a proper map . This $2 billion (sales ) company was almost destro}ed by a nrairagement too eager to mok e it into faster-growing <strong>business</strong>es . "I learned that when cou grow through acquisitions, a sound strate- R, alone isn't enough . Fou also need financial staving power." So savs William Holl<strong>and</strong>, the company veteran eho has headed United Dominion since 1986, Now headquartered in Charlotte . . N .C ., United Dominion is an outgrowth of an old Canadian consuvction company, Dominion Bridge . It is 4146 owned by Canadian Pacific Ltd ., which plans to unload its stake bv year-end . Bogged dokk n in socialism, the Canadian economv seemed to be going nowhere in the 1970s, so United Dominion's then chairman, Kenneth Barclay, used borrowed ntoney to buy more than a dozen U .S . manutacturing outfits, doubling United Domim ion's sales to orer S 1 billion by 1981 . But with the 1980-82 recession, United Dominion began to sink under its acquisition debt . In 1986, the year Bill Holl<strong>and</strong> repLaced Barclay as chief executiM the company, burdened with S50 million in interest<strong>and</strong> preferred dividend payments, lost S73 million . "The debt was like a disease," saes Holl<strong>and</strong>, who .ras forced to r.lise cash by selling several of the best <strong>business</strong>es Barclay had acquired . These in- = cluded machine tool maker Giddings -& Lewis ; United Dominion sold it to = public investors for 5140 million in ' 1989, <strong>and</strong> it is currently worth $600 million . But shrinking the company saved it, <strong>and</strong> by 1989 United Dominion's debt was equal to 13% of capital, down from 60% four years earlier . It has been profitable ever since . Having injected some sraving power into United Dominion, Holl<strong>and</strong> began acquiring again, but this time in a more disciplined fashion . He would avoid excessive debt <strong>and</strong> would apply three strict criteria : An acquisition must be first or second in its markets, must have the potential to increase earnings immediately, <strong>and</strong> must in some %vav mesh with United Dominion's other holdings . The Marlev Co . passed the tests . A top maker of such industrial equipment as cooling towers <strong>and</strong> petroleum pumps, Kansas Citv, Mo .-based Marlev was purchased from Kohlberg Kravis Roberts in 1993 for S356 million . Holl<strong>and</strong> quickly reduced the ptvchase price by selling two of 94arley's six <strong>business</strong>es for nearlv $20 million . Holl<strong>and</strong> also cut bfarlcv's annual operating costs S8 million by folding its headquarters into United Dominion's <strong>and</strong> pushed through a price increase at Sfarley Pump . After btq'ing bfarley in 1993, United Dominion last vear increased its operating income 24%, to S62 million . With joint ventures in China, Indonesia <strong>and</strong> Malavsia, .9larlev gives Holl<strong>and</strong> a strong start in his plan to push United Dominion's foreign sales front less than 20% of the total last year to 35% by 1999 . In 1993 Holl<strong>and</strong> sold United Dominion's original construction compan},, .biontreal-based Dominion 96 2446s id 3353 trorbw .August14,199 5 http://legacy.library.ucsf.edu/tid/agf97d00/pdf , .1-1
IN voVATWE PROJECT FiNANciNG FOR A pOWER PLANT IN ASIA (We Helped With The Witing) Keeping a nation in power is beyond most banks . Bank of America accomplished the task by bringing financial partners together from around the world in a precedent-setting arrangement . We harnessed the power of people working together . Our client had the benefit ojrelationship o~Tlcers specializing in project fnance, Bank of America export credit <strong>and</strong> the power indusirv . http://legacy.library.ucsf.edu/tid/agf97d00/pdf
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