Document pBkgnxBqvppzJ5wEZO403zzna

2730 MOODY'S INDUSTRIAL MANUAL WESTINGHOUSE ELECTRIC CORPORATION CAPITAL 8TRUCTURE LONG TERM DEBT Issue Rating Tiroes Amount Charges Earned Outstanding 1975 1974 Interest Dates Call Price 1975`iVC ^ 1. Debenture 3'.3S, 1981 2. Debenture S'Bs, 1992 3. Debenture 85as. 1995 4. Coral Ridge Properties Inc. debs. 6;<s. 1977 ____________________ 5. Other subsidiary debt CAPITAL STOCK Issue A A A __ Par Value SS75.000.0001 145.193,0001 171.372,0001. 1,674,0001 217,003.000] Amount Outstanding 4.57 2.82 Earned per Sh. 1975 1974 fJ&DlS j A&O 1 jM&S 1 | A&O 1 l............... Divs. per Sh. 1975 1974 2100 iiio2n 21053* 100 Call Price *^4- 77% 106 m5Prt"s" 1. 3.80% preferred, B 2. Common ............... $100 $3,125 165.928 shs. $995.76 $92.29 87,077.888 shs. JL2.04 21.57 $3.80 S3.80 0.972 0.972 101 50%- 39 561 20 - 9% S' ESubject to change; also callable for sinking fund, see text. 53As reported by Company on average shares based on cont. operations. Exci. loss on disc, oper.: 1974, $0.45 and loss on disp. of disc, oper.: 1975, $0.15; 1974, $0.81. ^Excluding S15.000.000 current por HI8TORY In June 1972. Co. sold its Portable Home means that it will not be able to buy m. Incorporated is Pennsylvania. Began bu*iaesa as The Westlnghouse Electric Co,, which was incorporated on Jan. 8, 1886. In 1889. tne charter of the Chartiers improvement Co., which was Incorporated in Pennsylvania on Apr. 9. 1872, with a capital of $50,000, was pur chased and the name of Chartiers Improve ment Co. was changed to Westingbouse Elec tric it Mfg. Co. and remained so until changed to present title on May 10. 1945. Stock of the latter company was exchanged for the stock of The Westlnghouse Electric Com. Subsequently acquired control of vari ous companies, such as Walker Co.. Cleveland. Ohio: Bryant Electric Co. and Perkins Electric Switch Mfg. Co., in and before 1900: and various properties In 1915, 1916. 1917 and 1920. described In detail in Moody'a 1939 Industrial Manual. For acquisitions, mergers, etc.. In 1932-1960 inclusive, see Moody's 1968 Industrial Manual. On June 30, 1961. acquired Thermo King Corp.. Minneapolis, for 746,667 shares. ____ In Apr., 1962. acquired radio station WINS. New York for $10,000,000. Appliance Business to Scoviile Manufactur ing Co. On July 13. 1972. acquired Boyle Construc tion Co. for 4,470 common shares. On Aug. 4. 1972, acquired Host Enterprises, j Inc. for 377,109 common shares. In Sept. 1972. acquired Linguaphone Insti- | tute Ltd. for $9,975,000 cash and notes. In Dec. 1972, acquired Sterwech BV, Zan- dam, Holland. In Feb, 1973, acquired Controlroatic GmbH Nieeddeerr-E-fschbach, West G' ermany f.or.$.2,1.03,093 cash. In Apr. 1973 sold its V9 interest in Coropagnie Generate de Radiologie. In Aug. 1973, acquired majority interest in Fabricacion De Electrodomesticos S. A. for $4,145,988 cash. On June 3, 1974, acquired Pueblo Electric Supply Co., Pueblo, Colo. In Jan. 1975. sold European Elevator sub sidiaries to Kone Oy. Helsinki. Finland. On Mar. 6. 1975, increased ownership in Offshore Power Systems, a former joint ven ture, to 100%. W2of their assets. Part of the S60.000 00Q White Consolidated paid for the U. S inghouse appliance business, was forts nght to use the name Westinghoi Canada. Radi* Content Decree: For details of decree In radio ana-trust suit, see 1940 Industrial Manual. . S.E.C. Consent Decree: In Aug., 1973^ Securities and Exchange Comnussion filed a Complaint against Westinghoi federal court alleging that West made or failed to correct misleac nouncements concerning its major auu business and purchased its stock for it ploye stock plans, in violation of See 10(b) of the Securities Exchange Act ef^. and Rule 10b-5 promulgated thereunder'* Dec. 23. 1975. Westlnghouse consented to,] entry of an order, without admitting on ing any of the allegations of the above plaint, which enjoins Westinghou agents and employes from violations tion 10(bj and Rule 10b-5. In Apr. 1963. acquired for 132,000 shares, Controls Division of Hagan Chemicals St Con trols. Inc. Transaction also involved Hagan name. On Dec. 4, 1965. acquired I-XL Furniture Co.. Inc.. Indiana for 139.774 common shares. In 1966 acquired Coral Ridge Properties, Inc. for 540,119 common shares; DECO Elec tronics Inc.. Virginia; Seven-Up Bottlers of Fairfield County Inc.. Conn.; Seven-Up Bot tling Co. Inc., Puerto Rico, all with common stock: Radio Station KFWB. Los Angeles; Lighting Inc., Puerto Rico and Lincoln Warm Air Heating Equipment Ltd.. England by cash. In 1967 acquired Sanford Brothers Corps., a group of seven firms specializing in con ventional diving service, salvage, construc tion and maintenance for petroleum indus try for 46.094 common shares. On May 6. 1968 acquired assets of K W Battery Co.. Skokie. HI., through subsidi ary. for 82.000 common shares. On July 31. 1969 acquired Hub Electric Co. Inc. for 27,299 common shares. On Sept. 30.1969 acquired Seven Up Bottling Co. of Los Angeles. Inc.. Seven Up Bottling Co. of San Bernardino. Inc. and 7-Up Bottling Co. of Bakersfield. Inc. through subsidiary, for 499,031 common shares. On Sept. 2. 1969 acquired net assets and business of Intercounty Construction Corp. which is engaged primarily in construction and installation of water and waste treat ment systems. On Dec. 22. 1969 acquired C. W. Blakeslee Sc Sons. Inc., a heavy construction and gen eral contracting business, for 145,161 common shares. On Jan. 20. 1970. Westlnghouse World In vestment Corp.. subsidiary, acquired 478.466 In Jan. 1976. Co. formed a "uranium re sources organization" to discuss uranium needs with its customers and to direct ura nium exploration, acquisition and production. In Jan. 1976, Co. sold its 45% holding in Frarostone. a French nuclear plant builder, for $25,000,000. Proposed Unit Sale: In Aug. 1975. Co. agreed to sell its car rental and teasing sub sidiary, Econo-International, Inc. to two pri vate investors. In Oct. 1975, Co. said that Longines Wittnauer, Inc., subsidiary agreed to sell its 80% owned Preferred Sounds, Inc., subsidiary to a new Corporation owned principally by S. A. Nastro. a Preferred Sounds stockholder. Proposed Stock interest Change: In May 1976. Co. was engaged in reducing its 67.8% bolding in Ateliers de Constructions Electnques de Charleroi S.A.. a Belgian subsidiary. Sate of Domestic Major Appliance Busi ness: In Mar. 1975, Co. sold its domestic major appliance business to White Consolidated In dustries, Inc. ^see alphabetical index). Included in the deal were Co.'s major ap- &liance manufacturing plants in Columbus, 'ansfield. and Newark. O.; Edison. N. J., Puerto Rico, and Athens, Tenh- The sate also includes Co.'s major appliance market ing organization, consumer service network, export sales and foreign licensing operations. In furtherance of its decision to dispose of its consumer product operations, the Co. is continuing its efforts to sell the household appliance business of its subsidiary. Westinghouse Canada Ltd. and its appliance opera tions in Italy. Spain and Venezuela. SUBSIDIARIES & AFFILIATES At Dec. 31. 1975. Co. has included" financial statements 236 subsidiaries, below are certain of these subsidiarie mauling subsidiaries and affiliated comj (not listed below;, if considered in &gg as a single subsidiary, would not const significant subsidiary. Associated Beverage Company, Inc. 1 Bryloc. Inc. (Del.) Cebor Construction Corn. (Del.) Coral Ridge Properties, Inc. (DeL) C. W. Blakeslee St Sons. Inc. (Conn.) Eletromar Industria Electrica Bra S.A. (Brazil) (64% owned) Galileo Argentina (CIFSA) (Arg (75% owned) Host Enterprises. Inc. (Del.) .j Intercounty Construction Corp. (DeL)3 Longines-Wittnauer, Inc. (N. Y.) Luxaire. Inc. (Del.) Ottermill Limited (U. K.) TCOM Corp. (Del.) (90% owned) Thermo-King Corp. (Del.) Thermo-King de Puerto Rico, Inc. 1 Tyree Industries, Ltd. (Aust.) (69% Urban Systems Development Corp. Westinghouse Broadcasting Co., Inc. f Westlnghouse Canada Ltd. (75% (see alphabetical index) Westinghouse Controls, Inc. (Del.) Westinghouse Credit Corp. (Del.) (s rate statements below) Westinghouse Electric Austrolesia Lt 'Australia; Westinghouse Electric Co. S.A. (Del.) ( Westinghouse Electric Export Corp. y Westinghouse Electric. S.A. (Switze- Westinghouse S.A (Spain) (70%) Westinghouse International Dr shares (68%) of capital stock of Ateliers de Under terms of sale White Consolidated In Public Systems Corp. (Del.) Constructions Electriques de Charleroi, Bel dustries Inc. will pay $60,850,000 of cash, notes Westinghouse Nuclear Europe. Inc-J gium, in exchange for $9,569,000 principal and pfd. stock for Co.'s U. S. appliance busi Westinghouse Nuclear Espanola.7 amount of 5% subordinated guaranteed con ness. (Del.) ' vertible debentures, due 1990 (guaranteed by Company and convertible Into Company common stock). On Mar. 2, 1970 acquired C & C Con struction Co. Inc., engaged primarily in in stallation of water and waste treatment plants for Industrial and municipal custom ers. for 83.983 common shares. On May 11. 1970 acquired Seven Up Bott White Consolidated paid $7,500,000 in cash, a $25,000,000 12% subord. note and 400.000 shs. of $4.75 Series D 50 par value pfd. stock. That package has a face value of $52,500,000. The rest of the purchase price Is in the form of a 12% conv. subord. note, which is con vertible at White Consolidated's option into a new $5 pfd. stock at one share for $50 of note. Westinghouse Thermo King. S.A. Westinghouse Learning Corp. (DeL) Westinghouse World Investment: (Del.) A Westinghouse Electric Europe., (Netherlands) ,, Ateliers de Constructions Elect Charleroi. S-A. (Belgium) (68% Wyoming Mineral Corp. (DeL) , ling Co. of Southern Indiana, Inc. ana Seven Up Bottling Co. of Indiana. Inc. for 70,352 common shares. On Sept. 9, 1970 acquired Southern Pre stressed Concrete. Inc. for 83,045 common shares. Under terms of the transaction. Co. retains the cash and receivables of the appliance operations. White Consolidated assumed liabilities of the domestic Westlnghouse appliance busi ness. Joint Ventures: ._ In Nov. 1972, Co. and Steag AG, West Germany, agreed to form a sequently called Nuklearbrennstlff 1 to design and manufacture nuclear semblies for electric generating W Europe Co. said the new Co. wiU; On Oct. 30, 1970 merged Americar. Inc. In Mar. 1976, the Canadian Government's plant near Essen and expects to &* through exchange of 124.769 common shares. Foreign Investment Review Agency rejected ship fuel assemblies by 1975. Steag On Oct. 31. 1970, acquired Ideal School a second proposal by WCI Canada Ltd., a electricity in West Germany. Supply Co. for 67,530 common shares. subsidiary of White .Consolidated Industries In Jan. 1973. Co.. Creusot-Loire, , On Dec. 23. 1970 merged Longlnes-Wittnauer Watch Co.. Inc. through exchange of 776.822 common shares. On Mar. S. 1971. acquired Maintenance En gineering Corp. for 22,011 common shares. Inc., to take over the appliance division of Westlnghouse Canada Ltd., subsidiary. The rejection opened the way for GWS Ltd.-GSW Ltee. to reopen talks with Westlnghouse Can ada for Its own take-over bid. White Con solidated said that It would produce and sell hiney-Ugine Kuhlmann, both Frenchj and manufacturing concerns, iotrat" venture to make uranium-based' light-water nuclear reactors. Pechu will own 51% of the new concernown 35%, and Creusot-Loire $%; On July 29. 1971. acquired Midwest Pre appliances In Canada using the Westlnghouse malning 11% will be held- by . stressed Concrete. Inc. for 20.856 common brand name. While Consolidated said the which is 51% owned- by CreueoW shares. Canadian Government's rejection merely 46% by Co. MOODY'S INDUSTRIAL MANUAL 2731 |'A t 1973- Co. set up a new nuclear ?oany based in Paris with Metallurgy This distribution is accomplished primarily through a wholly owned subsidiary and PRINOIPAL PLANTS AND PROPERTIES niaue Nucleaire of Belgium and through company representatives and inde Company operates approx, ill manufactur of France. The new company will pendent distributors. Westinghouse also has ing plants throughout U. S. and 121 in other Franco-Beige de Fabrication de _it(le and will rely on MMNS's dessel Belgium for production. Co. has ?jJfhe capital in the venture. MMK c<"^ Euroiuel 60%. The latter is Itself t5rfiary of Pechiney-Ugme Kuhlmann M^^usot-Loire of France. Co., and Frama- a number of other subsidiaries outside the United States, the majority of which are engaged In the manufacture and sale of elec trical and consumer products. The largest single customer of the Co. is the United States Government, whose pur countries. Principal plant locations by city as lows: East Pittsburgh, Pa. Baltimore. Md. Lester, Pa. Buffalo. N. Y. Sunnyvale. Cal. Bloomfield. N. J. Hamilton. Ont., Canada fol 1975 Co. and 3 other firms were ; l'.w...i contracts by the GGrreeeeKk government ' ffEStruction and management of a S120,'BfSjeouivaienti aircraft support facihty C,' <or Tanagra. Greece. The base will fllESt a maintenance and manufacturing tStar commercial airlines and the Greek *5Job Lockheed Aircraft Corp.'s Lock- 'Aircraft International AG unit will the facility and provide airframe JjLustin Co. was named general con and architect: Co. s International De i Public Systems unit will provide .Scs equipment and maintenance and General Electric Co.'s Technical chases for defense and other purposes, di rectly and through subcontractors, accounted for about 9.6% of the total consolidated sales in 1975. In general, these sales to the United States Government and fees generated through Government-owned Westinghouseoperated facilities are subject to termination and renegotiation procedures prescribed by statute. In early 1975, the then existing five Oper ating "company-like" units of Westinghouse were reorganzied into three such units; In dustry Products. Power Systems and Public Systems. The Consumer Products Company was eliminated and its home equipment and Sharon, Pa. Charleroi. Belgium SUBSIDIARY CREDIT COMPANY WMtlnghoUM Credit Corp.--Pittsburgh, Pm. Engages in extension of credit in trans actions including leverage leasing. BROADCASTING SUBSIDIARIES Westingtious* Breadeasting Co., (N. Y.l-- Owns and operates 7 radio stations and 5 television station*. Radio stations comprise; KDKA. Pittsburgh, Pa., KYW. Philadelphia; WBZ. Boston (operated with WB7.A. Spring field): WOWO, Fort Wayne. Ind., WINS, New _c Co. will provide aircraft engine lamp divisions were transferred to the Public York, WIND. Chicago and KFWB. Los An ^aace and overhaul Systems and Industry- Products Companies, geles. Television stations are WBZ-TV. Boston; {Eyt Joint Venture: In June 1975. notice t=ceived that Co.'s Wyoming Miner * unit and Burlington Northern. Inc. Q a joint venture. Bur West, to ex- respectively. The learning and leisure time activities of the Westinghouse Broadcasting, Learning and Leisure Time Company were transferred to the Public Systems Company. The Westinghouse Broadcasting Co. contin KDKA-TV, Pittsburgh: WJZ. Baltimore; KPIX, in San Francisco and KYW-TV In Philadelphia. 1975 Capital Expenditures were $187,517,000 Burlington lands and adjacent areas ues as a separate subsidiary. against S213.274.000 in 1974. yfeanium and other fissionable materials. ' t the joint agreement, Co. would ac_ an interest in Burlington uranium minIriehts in parts of Montana. Idaho. Wash The following are the mere important products and services of the "company-Uke'' units MANAGEMENT Officers , Oregon, Wisconsin. North Dakota, and ota. INDUSTRY PRODUCTS R. E. Kirby, Chmn. & Chief Exec. Off. M. K. Evans, Vice-Chmn. IMS * PRODUCTS Batteries and battery Lamps and lighting chargers fixtures W. O. Carlsen Vice-Pres. S. F. Miketie fttndpal business acti\-Uy is the manufac|gB ana sale of equipment and components IV the generation, transmission, utilization eontrol of electricity. It is generally remgtai as the second largest producer of Metrical equipment in the world, although 1 relative position varies as to particular M^aen. Controls & Control Equipment Controls Decorative laminates Distribution equipment Electronic tubes Engineering & repair services Low-voltage breakers Magnet Wire Motors Rectifiers Regulators Semiconductor devices Switchboards Transformers S. W. Herwald D. J. Povejsil A. M. Kennedy, Jr. R. F. Pugliese P. J. Lynch Leo Yochum G. F. Mechlin J. B. Ferguson, Vice-Pres. & Contr. W. N. Letson. Vice-Pres.. Ger.. Conn. Be Sec. R. B. Read. Vice-Pres. & Treas. Director-Officers D. C. Burnham G. L. Wilcox . Vo>T produces much of the electrical and Gears and gear Vehicular temperature J. W. Simpson aMtfea mechanical equipment required by motors control equipment r companies, railroads, city transit sys- Industrial computer Wiring devices INDUSTRY PRODUCTS COMPANY and industrial plants; steam and gas systems D. D. Danforth, President _ Mbs; propulsion and electrical equipment Industrial materials E. V. Clarke. Jr.. Executive Vice-Pres.-- 1 the United States Navy and the marine electrical and electronic systems, POWER SYSTEMS Comp. Be Materials A. J. Hendry, Exec. Vice-Pres.--Control 'asidntation and other equipment for the ce industry; residential and commerair conditioning equipment and certain ier products. Westinghouse develops, and furnishes nuclear power plant :ent and fuel fabrication for the gen- of electricity. At Dec. 31, 1975. Wesse had 115 nuclear power plants operunder construction or on order. The ration is an important manufacturer of r7 products for the United States Govat and performs certain research and pment work solely for United States anent in two Government-owned fa It supplies products to the construc- Distribution apparatus Distribution transformers Feed-water heaters Large motors Meters and instruments Nuclear fuel fabrication Nuclear steam supply systems Offshore nuclear power plants Power circuft breakers Power transformers Relays Steam condensers Steam and gas turbines and generators Switchgear Water-wheel generators i Industry. manages rental properties and In conventional construction activi- PUBLIC SYSTEMS ^.Jncluding community and recreation Airborne and ground- Home security development and saies. based radar systems various educational services and Aircraft electrical Large industrial fans L^Ei"r to schools and develops, sells and t^^oners instruction courses in languages, systems Missile launching and Central residential air handling systems sent and other disciplines. Westing* Hbsidianes bottle and distribute varjoit drink brands in important market operate resort hotels and manufacture, g*f and sell wrist watches and other *ees under the Longines-Wittnauer tod Jubilee trade names. JUjnnghouse Credit Corp. engages in the of credit secured by real or per- ^gjProperty. or both, in consumer goods. _equipment, real estate transactions transactions, including leverage conditioning Ocean science and equipment systems Commercial-Industrial Real estate air-conditioning development and equipment management Construction Resort hotels Educational services, Soft drink bottling research and and distributing instruction Transportation Electronic counter equipment measures Underwater search Electro-optical and detection systems equipment Equipment F. E. Spindler. Exec. Vice-Pres.--Industry Equip. Be Services R. V. Gavert, Jr., Vice-Pres.--Ind. Prod. Mktg. T. W. Landrum. Vice-Pres.--Lamp Divs. G. E. Nietfeld. Pres.--Westinghouse Electric Supply Co. C. E. Price. Vice-Pres.--Ind. Services Divs. J. C. Sheehan. Pres.--Thermo King Corp. D. D. Stark. Vice-Pres.--Motor Divs. T. H. Tyaack. Vice-Pres.--Process Equip. Be Systems Divs. POWER SYSTEMS COMPANY G. C. Hurlbert, Pres. M. J. McDonough, Exec. Vice-Pres.--Trans mission and Distrih. S. C. Rengel, Exec. Vice-Pres.--Nuclear Ener gy Systems Theodore Stem, Exec. Vice-Pres.--Power Generation N. A. Beldecos. Vice-Pres.--Large Rotating Apparatus Div. A. L. Bethel. Vice-Pres.--Uranium Resources J. O. Campbell, Vice-Pres.--Power Systems Mktg. E. J. Cattabiani, Vice-Pres.--Steam Turbine Div. J. J. Tavlor. Vice-Pres.--Water Reactor Divs. J. M. Vallace, Vice-Pres.--Power Systems Projs. Div. PUBLIC SYSTEMS COMPANY T. J. Murrin. Pres. Elevators and electric Underwater weapons H. J. Brudner, pres.--Westinghouse Learning ghouse Broadcasting Co. owns and stairways systems Corp. ____television stations located in Furniture Watches J. C. Marous, Jr., Exec. Vice-Pres.--Construc Boston, Philadelphia. Pittsburgh Heating equipment tion |S|/rancxsco. and seven radio stations N. V. Petrou. Exec. Vice-Pres.--Defense ostn- Chicago, Fort Wayne. Los Westinghouse Research Laboratories in D. L. Ritchie, Exec. Vice-Pres.--Leisure Time . ew York. Philadelphia and Fitts- suburban Pittsburgh. Pa. employs approxi Industries mately 1700 scientists, engineers and support J. P. Taravella, Pres.--Community Devel. PjJJiproducts of the Co., such as motors personnel to conduct a broad program of W. A. Coates. President--Westinghouse Ele fc-- "Pi devices, are used by other manu --.r~a7l Tt?omponents for their products. Westinghouse's products are sold i M Jiff* through main and branch of- Mn organizations of the Co. and. in m j' through independent distribu- dealers. Further. Westinghouse Wants and other facilities for the basic and applied research, advanced devel opment, and creative engineering in areas of present and future importance to the Cor poration. Some recent results of these efforts include significant innovations in solid state power conditioning, electrochemical energy storage, high power laser technology, coal gasification, solar energy conversion, and su vator Co. W. E. Johnson. Vice-President--Transp. Div. C. R. Rhine, Vice-Pres.--Constr. Prods. WESTINGHOUSE BROADCASTING CO. D. H. McGannon, Chairman CORPORATE WORLD RELATIONS .,,re And repair of equipment of Its per-conducting machinery. Investigations are C. H. Weaver. Exec. Vice-Pres. |J)j. othere^6 ant* ^uipment manufact .^^tise distributes electrical and conducted in close cooperation with engi neering and development laboratories loca ted at the company's manufacturing plants E. W. Beeby. Vice-Pres.--Far East F. P. Cotter. Vice-Pres.--Govt. Affairs S. F. Davies. Vice-Pres.--Atlantic Region J. E. Evans, Vice-Pres.--Southwestern Reg. primarily those manufac- as well as satellite research operations at J. E. Goetz. Jr.. Vice-Pres --Western Reg. ie Co., outside the United States. West Lafayette. Ind. and Waltz Mill, Pa. H. H. Gray, Vice-Pres.--Southeastern Region