SECURITIES: Viscose Sale

Sir Edward Peacock, who arrived in the U.S. in January to knock down Great Britain's investments in privately-owned American corporations (TIME, Jan. 20), took his biggest step first this week. His initial sale: huge American Viscose Corp., world's largest rayon manufacturer.

As a private company (95% held by Britain's Courtaulds, Ltd.), American Viscose has made no financial reports. But the trade knows it has been a consistent money maker, estimates that the company is worth $100-$150,000,000.

Purchaser is an investment-banking syndicate headed by Morgan, Stanley & Co., Inc. and Dillon, Read & Co. which will pay $40,000,000 down and...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!