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| 1988 |
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William Powe succeeds retiring John McClester as Westinghouse Financial
Services chairman. Company acquires Gould's naval torpedo business. Begins the process of
divesting people mover and transit car division by forming a joint venture with AEG
subsidiary of Germany's Daimler Benz. Raises dividend. |
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| 1989 |
|
Sells $1.2 billion-a-year transmission and distribution business to ABB
Asea Brown Boveri, a Swedish-Swiss venture. Sells $500 million-a-year elevator division to
Schindler, of Switzerland. Acquires Legacy and Metropolitan Broadcasting Companies and two
furniture concerns, Shaw-Walker and Reff. Raises dividend. |
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| 1990 |
|
Sells 7Up-bottling operation. Acquires Knoll International furniture.
Signs a support agreement that makes parent company responsible for covering any debts and
losses at its financial services subsidiary. Board approves 2-for-1 stock split and raises
dividend. |
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| Chapter 4:
Big Money and Bad Choices |
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