1)         What Were The Critical Incidents In Greyhound’s Growth And

2038 words - 8 pages

1) What were the critical incidents in Greyhound's growth and development over time? Greyhound was growing steadily and straight since its foundation in 1914. Their original business was bus transportation. By 1960 they covered nearly all of North America with its bus transportation and were gaining so much profit that they were looking for new opportunities to invest. The decision was made to diversify. This resulted in a conglomerate of three different major businesses in the end of 1963: bus transportation, bus manufacturing, and financial services. Gerry Trautman was appointed CEO in 1966. He kept on diversifying and expanding Greyhound.But with this expansion and diversification strategy Greyhound was not always right. Between 1970 and the mid-90's there were several critical incidents which had important influences on Greyhound's growth and development. Trautman tried to diversify into many related and unrelated businesses to gain from synergies and make Greyhound more recession-proof. After acquiring many transport related businesses, he purchased Armor & Co. in 1970 (his biggest acquisition), sold of several divisions, and what remained was the profitable Dial division and Armor's food division. Greyhound moved into a business where they had no experience. In the 70's several acquisitions proved to be unprofitable, but in 1978 Trautman bought the Verex Corporation a big private insurer. Now Greyhound structure had changed; they had now five major business: services/food services and food and consumer products were added. But the first serious problems became apparent in 1980, when Armor's food division dropped from a profit of $22 million in the last year to a loss of $1.7 billion. With making Teets CEO of the food service group, Armor soon ran more efficient. In 1981 Teets became the new CEO of Greyhound. Greyhound's food division remained a weak competitor, so Teets sold it in 1983. This had been another major incident, as well as a new deregulated bus transportation market, which caused hard competition. Because of Inertia and not being efficient (because of being kinda Monopolist in this business), Greyhound paid more wages (30-50% more than their competitors). In 1987 Greyhound sold its bus lines and even tried to sell most of its financial businesses. From now on Teets concentrated more and more on the consumer products division; he bought Purex (1985) and some others. The next important incident was that the sold Greyhound Bus Lines company declared bankruptcy. In order to distance from that Teets changed the company's name to Greyhound Dial (GD), which also marked the company's new focus on the consumer products division. But after reporting a loss of the Dial's division, GD's stock price plunged. Nevertheless Teets kept on acquiring, and bought Breck. To stress the future focus even more they changed the company's name in 1991 to Dial Corp. Then Dial sold its financial services division completely. After this...

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