Document baZd92v0Yo4Y04YMvkYqQV0k1

g N * fr MOODTS INDUSTRIAL MANUAL 3291 ESTINGHOUSE ELECTRIC CORPORATION Times a, 1981 ..................... ................. S. 1992 ..................... ................. a, 1995 ...................... jKhiirtury debt..................... A A Amount Outstanding 3845,000,000] 111,429.0001| 144,604.000] 107,495,000] Charges Earned 1977 1976 9.71 7.76 Interest Dates J StDlS AScO 1 M4eS l Price Range 197* 1976 &4%- 76% 79 - 74% 80%* 74% 79 - 67% 104%- 99% 102%- 92% Pr Amount Earned per Sh. Diva, per Sh. Price Range Value Outstanding 1977 1976 1977 1976 1977 1976 - 8100 3.125 160.925 aha. J1.SS8.58 81,387.10 86.480,694 sha. 3.10 32.54 83.80 0.972 85.80 0.972 S6%- 46% 48%- 45% 22%-'16V4 - 19%- 13 change; also callable for sinking fund, see text. [BAs reported by Co, on average shares: 1977 bef. extraord. loss; after. S2A6.'EZ3Exdudmg current On July 13, 1972. acquired Boyle Construc Industry Services Cd. of Saudi Arabia .Ltd, _ftn Pennsylvania. Began busi- tion Co. for 4,470 common shares. - festingbouse Electric Co,, which On Aug. 4.' 1972, acquired Host Enterprises, ted on Jan. 8,1886. In 1889, the Tpt-_ for 377,109 common shares (sold in Aug. : Ctuartiers Improvement Co*. 1977). .'.>. 5rated in Pemssylvania on - In Sept. 1972; acquired Linguaphone Insti ~acapital'of 880,000, was tute Ltd. for 89,975,000 cash and notes. ef Qiartieis Tm. In Dec. 1972, acquired Sterwech BV, Zan-.- <rs%) . ' ..V.v,, :: - Westinghouse SA.ISpatnyi70%).,-l ^ . Westinghouse InternationalDefense Pub-> lie Systems Corp. (Del.). j,7,,. - Westinghouse Internationaljfosrcr Systems Company,Tnc. (Del*).,. v\, wesfan&nouseInvestments. Inc.(Pep ** ur Westinghouse dam, Holland. IS.n- West.in.g.hou.se. Nuclear Europe. Inc.(DeL) - l remained so until, In Feb. 1973; acquired Contrbhnatic.GnflaHl'- .JWortmgh'o..u..s...e... Nuclear^ *' ' ion May-10,1945.;' .M Nleder-Escbbacb, / West-1' ->GeananywlAfim/.ya " ampaaywas exchanged *2,103,093 cash.-. . / - -Ziaii- _. weatinfehouse Electric In Apr. 1973 sold its % intereaVih Compe^/. b-Wwinghpupc ./ World,,Ocveagpent, JSorp. acquired control f-v*ri- nieGoteraledeRadiologie. ;js, .-j^(J>eL) '^Vi, _jh- as -Walter Co., Clew4 1973,' acquired majority lutescstdat ..yyotrangMiner^^kMPyUJeak)^ yi-'-.* at Electric Go.caod Perkins i ;`De -'ElectrodomestiOos- SiAL'^for -'Joint Venliree Tii JTnTi ITT? Pit eifll Ti is | I. C04 inland before? 1900s $4,145,968cash. * 'V ' , ' rtfr iif TTiiiii n Wmf nrfTiibnT' a'grrrul to fnlm _ _ riea in 1915/1916, 1917 ana On June 3, 1974, acquired-Pueblo Electric a Co,, subsequentlycalled-Nuldearbxegnstiff ^ detail in Moody's 1939 In4- Supply Co., Pueblo, Colo. ' . ' ?*? Orr>AJT.T deeigw md'mnBfgtia'>mdeI - In Jan. 1975, sold European Elevator sub- fuel assemblies for electric generating Stations mergers, etc/in 1932*1960 sidianes to Kone Oy. Helsinki. Finland.' la Europe. Co. said the new Co. wul-ibuild, a iy** 1968 Industrial Maau- In Max., 1973, Co. sold it's-domestic minor plant near Essen and expects .to be, able .to v .. v appliance onsmesa to White Consolidated la- ship fuel- assemblies by 1975,. Steag produces .1961, acquired Thermo King dustries,Inc. v ' .v- .' -1 electricity in West Germany.-V otis. for 746,667 shares. On Mar. 6, 1975, increased' ownership in' - In_fan. 1973, Co^ Creusot^Loire, and Pechi, , acquired radio station WINS, Offshore Power Systems, a former joint ven- ney-Ugme- Kuhlmann, both French metals uo.ooo.ooa ; ,< . ture/to 100%.- - . and manufacturing concerna^-fogoed- a- joint ' -acquired for 132/000 shares, On Oct. 10, 1975, sold Econo-International, venture tq make uranium-based.fuel for light- i.of Kagan Chemicals & Con* Inc. to Econo-Car International, Inc. - - - - water- nuclear Teactors. - Pecfainey-Ugxae wjil tion also involved Hagan In Jan. 1976, Co. formed a `'uranium.ro- own 51% of the new concern, -Co; wfiliown sources organization" to disemut uranium 35%, and Creusot-Loire-3% The remaining 196& acquired I-XL Furniture needs with its customers and to direct urani- 11% will be held by Framatome, which is 51% ana tor 139,774 common shares um exploration, acquisition and production. owned by Creusot-Loire.and 45%-by Co.., *j t(1977). In Jan.'-1976, Co. sold its 45% holding in * In Sept. 1973. Co. set up a new-nuclear fuel `red Coral Ridge Properties, Framstone, a French nuclear plant buUdecvfor company based in Paris with Metallurgies e _ stmnon shares; DECO Elec* 825^00.000. - < - -- ;!>' : Mecanique Nucleaire of Belgium and Eurofu- . "Virginia; Seven-Up Bottlers of In Mar., 19771 increased ownership in West- of France- The new.company will be called Lac., Conn.; Seven-Up Bot- ing,house Ltd., subsidiary, from 74% ** ~ ` de Fabrica-tio- n- d*e Combustile _ lerto Rico, all with common to 94% . . z ,'ii-t t-4 ; sad will rely on MMN'j deisei_plant.in_Bel- .Station EFwB, Los Angeles; 'Puerto Rico and Lincoln Warm '-'Equipment Ltd^- England 'by ., -u/- - - , " In Mar. 1977, acquired EL-CON, * Brazils iancompany^v.'- ' ' . In Apr., 1977. Co. sold 4l3,000sha<'df fea^equity interest in' Ateliers de Conatructioos gium for production. Co. has-16% of the capital in the.ventMre.-MMN 24%-and-Eurofuel 60%.'Tne latter is itxelfrotsnhsidiazyof Pedriney^Ugiae' gnhimmn.jnri. Ckeuaot-l^oire -of I Sanford Brothers Corpse .a .. firms specialising- m conven* service, salvage, construction nee for peopleusd industry for _ an shares. jS*J968 acquired assets of KW Bat"tokie. UL, through subsidiary, for non snares. . 1969 acquired Hub Electric Co. 7,299 common shares. 30, 1969 acquired Seven Up Bot ' Los Angeles, Inc.. Seven Up BotSan Bernardino. Inc ana 7-Up of Bakersfield, Inc through Sub- r 499,031 common shares. Electriques de .Charleroi-to an unidentified France^Co.-, and FramatomK *.* \ 1 Belgian concern, for undisposed terma.' In' Dec. 't975^ Coi. -arid. 3 - otherefirms were In late 1977, - Westinghouse Canada'Ltd. awarded contracts by the-Greek government sold its household appliance company:to a for construction1. and management of a newly Formed Canadian company.- - 8120,000,000-(equivalent) aircraft support fa In Apr. 1978, acquired a 49% joint venture cility planned for Tanagra/Greece. The base company from Cyprus Mines Corp; for will-serve as a maintenance and manufactur *68.600,000. ' - - ing depot for commercial airlines and the Radio Conaant Decree: For petaBa of consent Greek air force. Lockheed Aircraft Corp-'* decree in radio anti-trust Aiit, see Moody's Lockheed Aircraft International AG unit will 1940 Industrial Manual V manage the facility and provide airframe work; Austin Co. was named general contrac S.E.C. Conaant Oacraa: In Aug., 1975, Che Se- tor and architect; Co.'s International Defense curities and E_xc_h__a__n_g_e C__o_mmis..s.ion (.SEC).&___P__ublic S_ ystems unit will provide electronics filed a Complaint against Westinghouse in equipment'and maintenance shops; and Gen- 2, 1969 acquired net assets and L-,, Intercounty Construction Ccrrp. engaged primarily in consoruction ,l' " an of water and waste treatment federal court alleging that Westinghouse made or failed to correct misleading announcements concerning its major appliance business and purchased its stock for its employe stock Electric Co.'s Technical Service Co. will provjde aircraft engine maintenance and over haul. In Nov.. 1976, the French government con- . 22, 1969 acquired C.W. Blakealee & , a heavy construction and general business, for 14S.161 common plans, in violation of Section 10(b) of the Se- curities Exchange Act of 1934 aigi Rule 10b-5 promuigated thereunder. On 23, 1975. Westing_house consented to the enj of an or tolled atomic energy commission, Electricte de France, a French state-run power compe- ny, Framatome, a subsidiary of Creusot-Loire SA.; and Co. formed a joint venture for the . 20, 1970,' Westinghouse World InCoro-, subsidiary, acquired 478,466 (68%) of capital stock of Ateliers de fwm Electriques de Charleroi, Bel la^ exchange for J9.S69.000 principal t^f 5% subordinated guaranteed con * * icures, due 1990 (guaranteed by ___l convertible into Company com- der, without admitting or denyitqfcny of the allegations of the above Complaint, which en joins Westinghouse, its agents and employes from violations of Section 10(b) and Rule 10b5. . SUBSIDIARIES & AFFILIATES ... ... L--i.s...t..e...d below a.-re. certa. in..s.ub.siadiiaanrieess <of,."the company. Remaining subsidiaries and affuiat- study and development of pressurized waterreactors. The first annual budget of the ven ture will be 818.100.000. Co/s share will be one-third of that amount. Unit Joint Venture: In June 197 S/ notice was received that Co/s Wyoming Mineral Corp. unit and Burlington Northern, Inc. formed a joint venture. Bur West, to explore Burlington )1Wii> and adjacent areas for uranium and oth- C.--2,1970 acquiroi ,C8tC Construction engaged primarily in installation of "t-waste treatment plants for industri- ripal customers, for 83,983 com ed companies (not listed belqw).-if considered m aggregate as^ajnngle subsidiary', would not c..o....n...s...t.i..t.u..*te.....a....s...i.g...n....i.f..i.c...a*n..t...s..u....b...s...i.d...i.a....r.y............' Associated Beverage Company, Inc. (DeL) Bryloc. Inc. (DeL) ,, fissionable materials. Under the joint agroement, Co. would acquire an interest in Bur lington uranium mineral rights in parts of Montana, Idaho. Washington. Oregon. Wis consin, Nforth` Da`kota, and' *Minnesota. ay 11, 1970 acquired Seven Up Bot- ` Southern Indiana, Inc, and Seven g Co. of Indiana, Inc. for 70,352 ishares. ` PC 9. 1970 acquired Southern Pre- <Concrete, Inc. for 83,045 common *3a 1970 merged American Inc, change of 124.769 common sharea. . 31,1970. acquired Ideal School Sup- r 67,530 common shares, ; 23, 1970 merged Longines-Witt- Patch Co.. Inc. through exchange of Icommon shares. . r. 5. 1971, acquired Maintenance En~ 3. for 22,011 common shares. 1971. acquired Midwest PreInc. for ,20,856 common Coral Ridge Properties, Inc. (DeL) Eletromar Industria Electrics Brasilnra, S-A. (Brazil) (64% owned) Gateway Fleet Co. (Pa.) Longines-WittaaueT, Inc. (N.Y.) ' Luxaire, Inc. (DeL) OttermilL Ltd. (U^.) ' Seven-Up Bottling Co^ Inc. (P.R.)> < -i . TCOM Corp. (f>eL) * '' Thermo-King Corp. (DeL) Thermo-King de Puerto Rico, Inc. (DeL) Tyree Industries, Ltd.. weesstinghouse Broad" casting Westinghouse L' (see alphabetical index) Westinghouse Controls, Inc (DeL) -- _ Westinghouse Credit Corp- (DeL) (see sepa rate statements below) / Westinghouse Electric Co.! BUSINESS & PRODUCTS - . -Principal business activity is the manufac ture ana sale of equipment and components for the generation, transmission, utilization and copcol of electricity. It is generally re garded as the second largest producer of elec trical equipment in the world, although its rel ative position varies as to particular products. Co. produces much of the electrical and re lated mechanical equipment required by pow er companies, railroads, oty transit systems and industrial plants; steam add gas turbines; propulsion sna electrical equipment for the United States Navy and the marine industry; electrical and electronic systems, instrumenta tion and other equipment for the aerospace in dustry; residential and commercial air condi- 1972, Co. sold its Portable Home- 'Westinghouse Electric Business to Scoville Manufacturing - Westinghouse Electric, - Monitor, A.B. (Sweden) fuel fabrication for the generation of electried- 3292 MOODY'S INDUSTRIAL MANUAL 1 *. ;' >. * i } i i t 3\ At Dec. 31, 1977A Westinghouse had 38 nu?fDistribution ear power plant* m operation. The Corpora*-!*- transformers,'. < tion is an important manufacturer of military products for the United States Government Switchgear ' ' and performs certain research and develop- Large motors ment work solely for United States Govern- Meters and ment in two Government-owned facilities. It instruments k supplies products to the construction indue- Nuclear fuel try, manages rental properties and engages in , fabrication conventional construction activities, including aad ation land development ' -' . ofta, services Ste?p"lS'S" - --- - ' Power circuit; - -c-Vi-V A.W. Frisch Vice PieshJwiti' . . G.F. Mechlin breakers ' S.W. Herwald - T.R.-McQest Power transformers A-M. Kennedy, Jr. N.V, Petrou' Relays M.J. McDonough D.J.Povejaili; , T.B. Ferguson, vice-Pres. ft Contr. Steam condensers ILF. Pugliese. Vice-Pres.. Gen. Coun.. R.B. Read. Vice-Pres. ft Trees, Steam and gas L.W. Yochum. Vice-Pres., Finance, turbines and Director Officers generators D.C.Burnham Gi. Wilcox^ Ursrdum COMP' materials to_ schools and develops, sells and ' H exploration, EE' SU?k!%*^Siv"vice-Pre31 administers instruction courses in languages, development ft h- axecunve vice-rres. management and other disciplines. Westinghouse subsidiaries bottle and distribute van- Waterwheel - - production , A T Hendrv A-i` Eik. Vice-Pr^ h,lec- vice-Pres.- eoauss, soopftedrartienkrebsraonrtdshointeilms ptnordtanmtamnuafrakcettuarer-. zeemtnn ' ' ' - F.LEq. m^ppmmetUnier, Etec. . Vice-_P_res.-I assemble and sell wrist watches and other" ,. . PUBLIC SYSTEMS Equip, ft Services ^ timepieces under the Longines-Wittnauer Le- Airborne and . RV. Gavert. Jr., Vice-Pres.--IncLProc Coultre and Jubilee trade names. gTOundbased radar Home security. . W.O. Carlson. Vice-Pres.--Dut Prod.. Westinghouse Credit Corp. engages in the extension of credit secured by real or personal property, or both, in consumer goods, mdustrial equipment, real estate transactions and leas- .. ^ , Aircraft electrical ^systems Central residential systems Large industrial fans T.W. Landrum. Vice-Pres.--Lamp Dn G.E. Nietield, Pres.--Weacnghouse Supply Co. _ -_ D.C. Mam. Pres. Wesonghouse Canadasf ing transactions including leverage leasing. air conditioning VVestinghouse Broadcasting Co. owns and equipment operatesTive television stations located in Bal- ,, . Marine propulsion equipment CE. Price. Vice-Pres.--Ind. Services D J.C. Sheehan. Pres.--Thermo Sing Cor, T.P. Costello, Vice-Pres.--Motor Divswi timore. Boston. Philadelphia. Pittsburgh and San Francisco, and seven radio stations located in Boston. Chicago, Fort Wayne, Los Angeles. New York, Philadelphia and Pittsburgh. Some products of the Co., such as motors and control devices, are used by other manu- CommercialIndustrial aircondiooning equipment .' . Communications, Missile launching handling systems F.H. Tyaack. Vice-Pres.--Process E< . Systems Diva. POWER SYSTEMS COMPANY G.C. Hurlbert,Pres. G; E.V. Clarke. Jr.. Exec. Vice-Pres.--1 sion and Distrib. . facturers as components for their products. In general, Westinghouse's products are sold to systems . T Ocean saence and J.C. RengeL, Exec. Vice-Pres.--Nucleaif A _ systems gy Systems Sg) customers through main and branch offices of sales organizations of the Co. and, in certain cases, through independent distributors and dealers. Further. Westinghouse maintains Construction \ ' _, . , . Educational services. Real estate development and management Theodore Stem, Exec. Vice-Pres.--1 Generation N.A. Beldecos, Vice-Pres.--Large ____, Apparatus Div. plants and other facilities for the maintenance and repair of equipment of its own manufacture and equipment manufactured by others. Westinghouse distributes electrical and other products, primarily those manufactured by the Co., outside the United States. This distnbution is accomplished primarily through a wholly owned subsidiary and through compa- ny representatives and independent distributors. Westinghouse also has a number of other subsidiaries outside the United States, the majority of which axe engaged in the manufac- research ana instruction . Electronic counter measures . Electro-optical systems Elevators and electric stairways A.L. Bethel, Vice-Pres--Uranium Re Sort drink bottling j.o, Campbell. Vice-Pres.--Transforms ana distributing E.J. Cattabiani, Vice-Pres.--Steam > . Div. - TSjJ Transportation B.W. Morrison, Vice-Pres.--Power , equipment !*flctg. 1 J.J. Taylor. Vice-Pres.--Water React 1 Underwater search wi. Hayward, General Mang.--Pc r and,detection terns Projs. Div. equipment R_p. Wagner. Vice-Pres.--Switchgeail AJ. Zechella, Pres.--Offshore Pow " Underwater weapons PUBLIC SYSTEMS COMPANY tuucrtes.and sale o f e. lec trical a:nd. consumer p.r.o.d- F_u.rniItur. e< . Watches. TJ..T. MMuarrroinS.,PJre"s.Exec. Vice-Pres.-' The largest single customer of the Co. is'the Hting equipment - ... . .' J tion " United. Stater Government, whose purchases Weatinghoii**.. Research Laboratories m jjjg Vice-Pres.--Defe for.defense and'other purposes, directly and -suburban Pittsurgh,-Pa. employs appron- nr Vice-Pres.--I through subcontractors, accounted for about mately 1700 scientism, engmeereand suppwt - r1 10.8% of the total consolidated sales in 1976-- stemoami-to conduct a broad proganaof ba- TpTsuavellx.Pre-C5mmunity I In general, thesesales to the United States c and'applied research- advanced develops Coates; PrSd^t--wStingi Government andfees generated through Gov- meat, and-.creative engmeenng- Jn areas of emment-owned Westinghouse-operatedfadli- preseat.and future importance to. the Corpo- m c- Johnson. Vice-President--1 ties are-subject to termination and renegotia- ration. Some recent results of these e&orts in- WESTINGHOUSE BROADC tion procedures prescribed by statute. . elude significant.; innovations, in -.sohd state DTL M^GlSion. airT^^" (* V-. ll ; . In early 1975,- the then-existing five operating "company-tike units - of Westinghouse were reorganized into three-such units: Industry Products. Power Systems and Public Systerns. The Consumer Products Company'was eliminated and its home equipment and lamp divisions were transferred to the Public Systerns and Industry Products Companies,' re- potively. The learning and leisure time ac- power- conditioning, electrochemical energy storage. high power, laser technology, omu gasification, solar energy conversion, and super-conductmg machinery. Livesoganons are conducted in close cooperation with engineer^ng and development laboratories located at th* compaay s manufacturmg plants as well Msatelhte research operations at WestLafay- ette.Ind.andWaltx.Mai.Pa. . _- ' ., CORPORATE wrvPTTi orrr.ATTr c.w weaver. Exec. Vice-Pres. J. E vy Beeby Vice-Pres^--Far East'" f P Cotter Vic^^^^Go^tTAffli. gp*Dviei Vice-Pres.--Atlantic R jj Wyb1^Vice-Fris.--Southweste jr Vice-Pres--Western1 5uiTGwrfee-Pw^oudSSaJ c2eT`Hobbs, VicS?ra!--Gove tivines of - the Westinghouse Broadcasting^ PRINCIPAL'PLANTS AHP PflOPEBTlES ' -.tions- - - .. . Learning and Leisure TM?e Company yere rywiT\ny*./Tpiwt approx. 101 manufac- DiL. Litten, Vice-Pres.--Great Lak^s tianate^ to the I^bhc Sj^cema Conwftny. turiSg^Ja Swighout O^Tind 106>noSS FX Ddtw. Vice-Pres.--Middle EmM The Westinghouse Broadcastings Co. contin- v "^ E^W. Soay. Vlce-Pres^--Cotp. Cot mruC. ^ Prindpat plant locations by dty ss follojfsx-l P3.-- Sbiring -The following arethe more important prod-- . Suxmyyale,CaLI.-Li_:.^ '-mn s'n:;-,........... ,, w .. , ucts and services of tbo"company-hke?:pm wi RX^eils.-V^Prek^-Europ^ ~ Dwaccan Vice-Presi--Lj * *' Corqls'*Cbi Hf g-TC-ignerai.'lKoeh^sSiTj ---jLle^erage leasing^,;.;, -." motors-5 f " v i ; . SamiPhductor pjS^l?^,I. KYW,..E^^3SSat WTS? H^S^y^X^W^igtOiir^S h. Induscnal process ' - - *, .-. .p.. tom KDKA-TV, Pittsburgh; WJZ. Baltimore; Annuel Meeting: Last Wednesday control equipment ^IX. in San Francisco and KYW-TV in - No. of StocfchofcSefSrDec. 31, 1977^ control equipment - Wiring d^ces POWER SYSTEMS Distribution apparatus Nudearsteam supply systems INCOME ACCOUNTS ' 1977 Ex^fldttures were 8229 342 000 I,286; conmion* l99,638* ag^St*l62^4o!So2fl976. *229,342.000 mo. of &npoye: 1977 average. 14i; ^7A,,, * . ' ' MANAGEMENT Offlcers R.E. Kirby. Chinn, ft Chief Exec. Off. 3 GMrsl Offlem Westinghouse Builc way Center, Pittsburgh. PA 1S2 (412)255-3800; New York Office;' Ave.. N.Y.. NY 10017. Tet: (212)692-3 COMPARATIVE CONSOLIDATED INCOME ACCOUNT. YEARS ENDED DEC. 31 (Taken from Teports to Securities and Exchange Commission) Gross sales, less disc, returns ft allow............. TCost of goods sold................................................ SSeUing, general ft admin, expense.............. . 1977 86.137.661 4.767.338 1,059,309 (in thousands of dollars) 1976 1975 S6.145.1S2 85.862.747 4,786.186 4.647.161 1,054.553 930,111 1974 8S.798.S13 4.669.74S 3S0.944 _____ (2211973 8S.10l.123 3,960,412 806,339 ____ TTT1972 8S.086.621 3.981.116 783.116 3> Profit from sales.............................................. 311,014 304.413 28S.475 277.824 334.372 322.389 29