Corporations: Living on Breakdowns

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G. & W. has ranged afar from auto parts to take over such firms as Chicago's Miller Manufacturing (steel castings and forgings), Connecticut's Mal Tool (aerospace components) and Long Island's Unicord Inc. (musical instruments). Outside of G. & W., Bluhdorn and some other associates in the past two years have bought control of New York City's Ward Foods (TipTop bread) and the Bohack supermarket chain (196 stores). When acting for G. & W., Bluhdorn often uses stock instead of cash to buy out companies, shuns ailing firms. "We have no time to be doctors," he says. The deal for New Jersey Zinc will involve $150 million in cash and stock and is expected to be completed in December. It will give G. & W. quite a boost, raising its overall annual sales rate to $300 million.

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