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Gulf & Western is only the latest company to follow the newly fashionable divestiture route. Such firms as Beatrice Foods, Quaker Oats and General Electric have all sold off major holdings during the past year. In 1969 cigarette maker RJ. Reynolds attempted to diversify by buying Sea-Land Industries, an ocean transportation firm, for some $500 million. But last week Reynolds let it be known that it is considering raising anchor on Sea-Land. The 1960s was the decade of the big buy-up; the 1980s may be the years of the big selloff.