Sunday, August 30, 2009

American Can people, remember Nelson Peltz?

In cleaning up older files, I ran across this snip from the Forbes Billionire listings:
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The World's Billionaires
#647 Nelson Peltz
03.11.09, 06:00 PM EST

Wharton dropout had first score with Triangle Industries' acquisition of National Can 1985; sold company for $4.2 billion 1988.

Net Worth:$1.1 bil
Fortune:self made
Source:leveraged buyouts
Age:66
Country Of Citizenship:United States
Residence:Bedford, New York
Industry:Finance
Education:University of Pennsylvania Wharton School, Drop Out,
Marital Status:married, 10 children

Wharton dropout had first score with Triangle Industries' acquisition of National Can 1985; sold company for $4.2 billion 1988. Bought Snapple from Quaker Oats for $300 million; sold company 3 years later to Cadbury Schweppes for $1.5 billion. Develops insights into brands by browsing supermarkets, frequenting fast-food chains. Two years ago, stepped down as chief of holding company Triarc (renamed Wendy's/Arby's Group after merger with Wendy's last fall), stayed on as non-executive chairman. Today controls 22% of Wendy's/Arby's via investment firm Trian. Raised $1 billion for "blank check" company in January 2008; poised to make acquisition.
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I know all the retirees from the American Can Corporation are doing this well. Triangle bought out American Can and combined operations with National Can in the mid 80s and formed the American National Can Corporation in Chicago. Oops, I forgot the company cancelled its promice of life-time benefits with the help of Federal Judge Schultz, a Bush appointee.

Most of the folks at American Can 083 in St. Louis went to Silgan Containers whom also modified its "pension" insurance.

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