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Old 05-07-2013, 05:25 AM
 
147 posts, read 161,622 times
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Eventhough Buffet and the contract state the company will stay in Pittsburgh, I am more worried about 3G's CEO making a lot of changes. Granted this company is in a much better position than Burger King was, so hopefully the changes are minimal.

I couldn't imagine living in Pittsburgh without Heinz HQ here, it's a big piece of its past and history.

The news still frightens me.
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Old 05-07-2013, 06:53 AM
 
Location: Western PA
3,715 posts, read 5,277,524 times
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This is 21st century corporate life. Analysts are short-sighted and look at every quarter instead of long-range. Programmed computer trading can sink a company in minutes. Value for shareholders is the overwhelming concern. Cuttiing costs to the bone is the mantra, and they don't care how they do it, since they don't see people, only printouts. The new owners of Heinz could care less about the past and history. They're looking to make lots and lots of money in this deal. Happens every day, so no city can assume that a venerable company is immune to these forces.

Gone are the days when George Westinghouse could build a bucolic town for his workers along with parks, schools and libraries. General Electric even built the town of Lawrence Park outside of Erie to be an English-garden-type town in the first part of the 20th century.
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Old 05-07-2013, 08:29 AM
 
Location: Crafton via San Francisco
3,463 posts, read 4,142,516 times
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Quote:
Originally Posted by Geeo View Post
This is 21st century corporate life. Analysts are short-sighted and look at every quarter instead of long-range. Programmed computer trading can sink a company in minutes. Value for shareholders is the overwhelming concern. Cuttiing costs to the bone is the mantra, and they don't care how they do it, since they don't see people, only printouts. The new owners of Heinz could care less about the past and history. They're looking to make lots and lots of money in this deal. Happens every day, so no city can assume that a venerable company is immune to these forces.

Gone are the days when George Westinghouse could build a bucolic town for his workers along with parks, schools and libraries. General Electric even built the town of Lawrence Park outside of Erie to be an English-garden-type town in the first part of the 20th century.
Well said. It's a brave new world. I once had a lowly audio-visual support job that allowed me access to very high level meetings (board of directors, annual shareholders, international advisory committee) at a major bank and all I can say is that you are absolutely right. It is simply about the bottom line always and forever. Don't believe otherwise. Employees, the greater good of the city/state/country/world, the environment, mean nothing. I was at an International Advisory meeting where they were discussing whether or not to continue investing in apartheid era South Africa (I'm dating myself here). They were actually talking about the morality of it. I couldn't believe it. Did they actually have souls? No. After they had been talking for a while, the CEO of a major oil company interrupted and said "gentleman, this is all well and good, but the question is will we make money?". This brought them back down to earth and they voted to continue investing. Remember that boards of directors have a legal and fiduciary responsibility to make money for the shareholders no matter what they as individuals believe. I know that many of the men at the table that day would have told you that they were personally repulsed by apartheid. I hope Heinz continues in Pittsburgh, but if they do, it won't be because the new owners care about the city.
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Old 05-07-2013, 08:42 AM
 
7,112 posts, read 8,826,336 times
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It was that bonehead CEO Michael Jordan (RIP) that broke up Westinghouse. Westinghouse should be where GE is now but Jordan bought CBS and paid for it by selling off parts of Westinghouse and running off to (naturally) New York to be the head of CBS.

Not sure what Heinz can do other than expand into more foreign markets and maybe buy up more companies at home. The ketchup and pickle market is not expanding. But a move of Heinz executives to say New York is not unreasonable especially if Heinz wants more growth overseas. Cincinnati is lucky that P&G is loyal to its home base. Heinz used to own other brands like 9-Lives and StarKist but sold them to focus on improving the value of the stock. Till then, Heinz was mostly a stock you'd own for its payment of dividends.
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Old 05-07-2013, 02:10 PM
 
147 posts, read 161,622 times
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Originally Posted by juliegt View Post
Remember that boards of directors have a legal and fiduciary responsibility to make money for the shareholders no matter what they as individuals believe.
Corporations do not have a responsibility to make money for their share holders no matter what...

They have the right to pick and chose what they do within their own moral and ethical views.
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Old 05-07-2013, 02:37 PM
 
43,012 posts, read 98,712,725 times
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Originally Posted by MathmanMathman View Post
Not sure what Heinz can do other than expand into more foreign markets and maybe buy up more companies at home. The ketchup and pickle market is not expanding. But a move of Heinz executives to say New York is not unreasonable especially if Heinz wants more growth overseas.
The foreign markets are exploding for Heinz. Interestingly, foreign ketchup has different ingredients to appeal to many regional tastes.
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Old 05-07-2013, 02:43 PM
 
5,895 posts, read 6,090,333 times
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Originally Posted by Hopes View Post
The foreign markets are exploding for Heinz. Interestingly, foreign ketchup has different ingredients to appeal to many regional tastes.
They also make a heck of alot more stuff for foreign markets too - Campbell's soup is near impossible to find in the UK but the shelves are full of all kinds of Heinz soups for example (& of course they love their Heinz beans there)
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Old 05-07-2013, 02:50 PM
 
Location: Pittsburgh
6,114 posts, read 7,881,225 times
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Originally Posted by UKyank View Post
(& of course they love their Heinz beans there)
On toast, for some reason.
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Old 05-07-2013, 02:53 PM
 
11,087 posts, read 7,588,144 times
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Quote:
Till then, Heinz was mostly a stock you'd own for its payment of dividends.
Until the era of the 401K, the payment of dividends is the reason people bought stocks.

With a huge pot of money contributed by mostly financial illiterates, the games began.
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Old 05-07-2013, 03:03 PM
 
43,012 posts, read 98,712,725 times
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Quote:
Originally Posted by UKyank View Post
They also make a heck of alot more stuff for foreign markets too - Campbell's soup is near impossible to find in the UK but the shelves are full of all kinds of Heinz soups for example (& of course they love their Heinz beans there)
They must like their soup in the UK. I'd love to find a good canned potato soup. So far, none of them are worthy. Totally off topic, but why has google included the UK into US google searches? It annoys me to no end because half of the search results aren't relevant for what I'm trying to find.
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