CONGLOMERATES: Trimming a Colossus

Near the end of every month, 100 top executives from the global empire of Harold S. Geneen, chairman and president of International Telephone & Telegraph Corp., gather in his Manhattan headquarters for one of the best-known staff meetings in the business world. In the near future, however, there could be a significant drop-off in attendance. At the behest of the Justice Department, ITT has agreed to divest itself of six important companies.

Subject to court approval, the parts to be severed are the Canteen Corp., Grinell Corp.'s fire protection division, Avis (Rent a Car) Inc., ITT-Levitt home builders, and the...

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