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Advertise with us. All rights reserved. Data Disclaimer Help Suggestions. Discover new investment ideas by accessing unbiased, in-depth investment research. As a result, a solution to the problem of how to carry out Hand's ruling became apparent. The Alcoa plants that the government had financed would be sold off to two new rivals: Reynolds Metals Company and Permanente Metals Corporation, owned by industrialist Henry Kaiser.
Reynolds and Permanente were to buy the plants at cut-rate prices. In effect, this divestiture created an oligarchy where there had formerly been a monopoly. In a district court decree carved up the U. Roy Hunt retired in and was succeeded by Irving Wilson. During the s, Alcoa's share of U. Faced with increased competition, Alcoa also found itself without any brand-name recognition on which to capitalize in the consumer products arena; Reynolds, by comparison, had established a name for itself quickly with its Reynolds Wrap aluminum foil.
Nevertheless, booming demand for aluminum, the result of successful wartime experiments in using the metal to build military aircraft, helped compensate for decreased market share.
Despite increased competition, Alcoa remained the industry's largest member and its acknowledged price leader. Davis retired in , ending his 69 years of service with Alcoa. Alcoa came out of the brief recession of by realizing that it would have to internationalize and diversify in order to ensure its future.
In Alcoa joined with Lockheed and Japanese manufacturer Furukawa Electric Company to form Furalco, which would produce aluminum aircraft parts for Lockheed. Also that year, Alcoa became a player in what was then the largest takeover battle in British corporate history when it negotiated a friendly acquisition of a stake in struggling British Aluminum, Ltd.
The acquisition was aborted, however. Alcoa had been approached by British Aluminum Chairman Lord Portal, Viscount of Hungerford, who had neglected to consult his major stockholders before closing the deal. Thus, when Reynolds and British manufacturer Tube Investments made a substantially sweeter bid, a bitter struggle ensued. Institutional investors sold their shares to the Reynolds and Tube venture and Alcoa lost out. The fight over British Aluminum became a sensation in Britain not only because of the sheer spectacle of foreign interests vying for control of a major domestic corporation, but also because hostile takeovers were considered a breach of etiquette in British finance.
What came to be known as The Great Aluminum War split British investment banks between the old-line, established houses that backed Alcoa and Portal, and the upstart firms that supported Reynolds and Tube. Undeterred by this setback, Alcoa went on to spread its mining operations into other parts of the world, reestablishing an international presence it had not had since it spun off Alcan.
Back home, the company moved aggressively into producing finished aluminum products. In it acquired Rome Cable and Wire Company. Both Rome and Cupples eventually had to be divested, however, because of antitrust objections. When John Harper became president and CEO in , Alcoa found its profit margins squeezed by increased competition, high overhead, and a generally low market price for aluminum.
One of Harper's solutions was to move more aggressively into manufacturing finished products, which provided higher returns than smelting. On his initiative, Alcoa began producing sheet metal for aluminum cans, which became more popular among beverage consumers in the s after the invention of the pop-top, and aerospace parts.
In the company posted a record profit, finally exceeding a mark it had set ten years before. High labor costs, dramatically high-energy prices, unpredictable bauxite prices, a slower national economy, and new competitors trying to break up the aluminum oligarchy all conspired against Alcoa in the s.
High interest rates forced Alcoa to slow its expansion and concentrate on paying down existing debt. In the company also decided to sell its technology to other manufacturers on a large scale, something it had been loath to do in the past. In the late s it seized upon recycling as an alternative to the high cost of smelting, although somewhat later than rival Reynolds.
By Alcoa was reprocessing million pounds of scrap aluminum. By that figure would rise to over million pounds and recycling would account for 19 percent of the company's aluminum ingot capacity.
George, who was more scientifically oriented than his predecessors, also led Alcoa into expansive research into high-tech applications of aluminum. By the time George retired in , he had started the company on the path once again to developing new high-strength alloys for use in the aerospace business.
Other areas of research and development, often pursued as joint ventures with other companies, included alumina chemicals, satellite antennae, and computer memory discs. George's successor, Charles Parry, took over in , and was even more committed to diversifying Alcoa.
His goal, he said, was that half of the company's revenue should come from non-aluminum sources by Immediately, Alcoa began scouting around for companies to acquire, particularly in high-tech fields. At the same time, however, Parry's vigor in attempting to reshape the company was not well received in all quarters. He was attempting to radically change corporate thinking in a short period of time even as he continued the layoffs and plant closures that George had begun in an effort to cut costs, and employee morale suffered.
Although Alcoa made only minor acquisitions during Parry's tenure, which ended in , the directors became concerned that the deals that Parry proposed to make would not fit in well. Some worried that the risks involved were more appropriate to a young company just starting up, not a major corporation nearing its centennial. Even George became uncomfortable with his successor, and in he led the search for Parry's replacement. Aware of his board's discontent, Parry took an early retirement in O'Neill's appointment was largely George's doing; the two had met because of the latter's directorship at International Paper.
Under O'Neill, the first outsider ever to run Alcoa, the company slowed its diversification and refocused on its core aluminum business. In it formed a joint venture with Japanese manufacturer Kobe Steel, Ltd. O'Neill had also sought to revitalize employee morale and ensure product quality by emphasizing safety as a primary concern, and by instituting a profit sharing plan.
Combined profits for and more than doubled Alcoa's total for the first eight years of the decade, providing an early sign that the changes instituted by O'Neill were working. By , the revitalization of the aluminum business under O'Neill's watch had achieved great strides.
A billion-dollar program to modernize its plants was finished that year, long-term debt had been whittled down, and the company's research and development budget had been increased significantly.
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