 First edition cover | |
| Author | Robert Sobel |
|---|---|
| Country | United States |
| Language | English |
| Subject | Business history, ITT Corporation |
| Genre | Non-fiction |
| Publisher | Times Books |
Publication date | October 1982 |
| Media type | |
| Pages | 421 pp. (hardcover) |
| ISBN | 0812910281 |
ITT: The Management of Opportunity is a non-fiction book about ITT Corporation by American business writer and historian Robert Sobel. The book was initially published by Times Books in 1982. [1] [2]
In this book, Sobel concentrates on the history of ITT Corporation, one of the world's largest conglomerates. Back in the 1970s and 80s, the corporation acquired many various businesses—from a financial services companies to the famous Sheraton Hotels and Resorts (in those years known as ITT Sheraton), sometimes doing 20 deals a month.
A conglomerate is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries under one corporate group. A conglomerate usually has a parent company that owns and controls many subsidiaries, which are legally independent but financially and strategically dependent on the parent company. Conglomerates are often large and multinational corporations that have a global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions, spin-offs, or joint ventures.
ITT Inc., formerly ITT Corporation, is an American worldwide manufacturing company based in Stamford, Connecticut. The company produces specialty components for the aerospace, transportation, energy and industrial markets. ITT's three businesses include Industrial Process, Motion Technologies, and Connect and Control Technologies.
Starwood Hotels and Resorts Worldwide, Inc. was one of the largest companies that owned, operated, franchised and managed hotels, resorts, spas, residences, and vacation ownership properties. It was acquired by Marriott International in 2016. Starwood was founded in 1969 as a real estate investment trust. In 1995, it was acquired and reorganized by Barry Sternlicht, who was its chairman until 2005 and founder of the Starwood Capital Group. Starwood had 11 brands and owned, managed, or franchised 1,297 properties comprising 370,000 hotel rooms in approximately 100 countries.
Ling-Temco-Vought (LTV) was a large American conglomerate which existed from 1961 to 2001. At its peak, it was involved in aerospace, airlines, electronics, steel manufacturing, sporting goods, meat packing, car rentals, and pharmaceuticals, among other businesses.
Marriott International, Inc. is an American multinational company that operates, franchises, and licenses lodging brands that include hotel, residential, and timeshare properties. Marriott International owns over 30 hotel and timeshare brands with 8,785 locations and 1,597,380 rooms across its network. Marriott International is headquartered in Bethesda, Maryland. The company is the successor to the hospitality division of the Marriott Corporation, founded by J. Willard Marriott (1900–1985) and his wife Alice Marriott (1907–2000).
Sheraton Hotels and Resorts is an American international hotel chain owned by Marriott International. As of June 30, 2020, Sheraton operates 446 hotels with 155,617 rooms globally, including locations in North America, Africa, Asia Pacific, Central and South America, Europe, the Middle East and the Caribbean, in addition to 84 hotels with 23,092 rooms in the pipeline.
Harold "Hal" Sydney Geneen, was an American businessman most famous for serving as president of the ITT Corporation.
The Desert Inn, also known as the D.I., was a hotel and casino on the Las Vegas Strip in Paradise, Nevada, which operated from April 24, 1950, to August 28, 2000. Designed by architect Hugh Taylor and interior design by Jac Lessman, it was the fifth resort to open on the Strip, the first four being El Rancho Vegas, The New Frontier, Flamingo, and the El Rancho. It was situated between Desert Inn Road and Sands Avenue.
Charles Bates "Tex" Thornton was an American business executive who was the founder of Litton Industries.
Four Points by Sheraton is an American multinational hotel brand operated by Marriott International that targets business travelers and small conventions. As of June 30, 2020, Marriott operated 291 properties worldwide under the Four Points by Sheraton brand, with 53,054 rooms. In addition, Marriott had 130 planned hotels with 27,342 additional rooms.
Robert Sobel was an American professor of history at Hofstra University and a well-known and prolific writer of business histories.
The Sheraton Grand London Park Lane is a 5 Star hotel on Piccadilly, London.
Rand Vincent Araskog was an American manufacturing executive, investor, and writer who served as the CEO of ITT Corporation. During his time as the CEO between 1979 and 1998 he was known for divesting the conglomerate of multiple businesses including hotels, rental cars, and insurance to retain its focus on its core telecom businesses.
Royal Little was the American founder and chair of Textron, and is considered to be the father of conglomerates.
The Federal Telegraph Company was a United States manufacturing and communications company that played a pivotal role in the 20th century in the development of radio communications.
Exelis Inc., was a global aerospace, defense, information and services company created in October 2011 as a result of the spinoff of ITT Corporation's defense business into an independent, publicly traded company. The company was headquartered in Tysons Corner, Virginia, USA and was led by CEO and President David F. Melcher. The Washington Post highlighted Exelis as a top company in the Washington, D.C. region in 2011. It was acquired by the Harris Corporation for $4.75 billion in 2015.
Gerhard Alois Westrick was a German lawyer and businessman who represented several major American companies in Germany before World War II. He was known for his efforts during a trip to New York in 1940 to gain support for the Nazi government. Later he turned against the regime.
The Fairfax at Embassy Row was a historic luxury hotel at 2100 Massachusetts Avenue NW in Washington, D.C., in the United States. It opened in 1927 and operated under various owners and names until closing permanently in 2021. The Fairfax is designated as a contributing property to the Dupont Circle Historic District and the Massachusetts Avenue Historic District.
Conglomerate discount is an economic concept describing a situation when the market values a diversified group of businesses and assets at less than the sum of its parts. The explanation of this phenomenon comes from a conglomerate's inability to manage various and different businesses as well as do focused companies. Therefore, the market penalizes a multi-division firm and attaches a lower multiple to its earnings and cash flows, thus creating the discount. However, the opposite concept, called conglomerate premium, also exists.
The ITT Wars: An Insider's View of Hostile Takeovers is a non-fiction book about ITT Corporation written by its CEO Rand Araskog. The book was published by Henry Holt & Co. in 1989.