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1976 Transactions— All Forms 1974-76 Acquisitions, Mergers and Eauity Increases si m s m m Sauk yphia \ / f Rv tr A n s * * U.S. DEPARTMENT OF COMMERCE Industry and Trade Administration December 1977 IMVESnVBMT INI THE UPdrTEO STATES 1976 Transactions— All Forms 1974-76 Acquisitions, Mergers and Equity Increases ■ fK Z 'S # \ Office of Foreign Investment in the United States M . o ^4TeS 0* * • Bureau of International Economic Policy and Research Industry and Trade Administration # U.S. DEPARTMENT OF COMMERCE • For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C. 20402 December 1977 Contents Page P re fa c e --------------------------------------------------------------------------------------Highlights and Sum m ary__________________________________________ Foreign Direct Investment Activity in 1976 _________________________ Acquisitions, Mergers, and Equity Increases, 1974-76 _________________ Foreign Banking Investment Activity, 1974-76 ______________________ 1 5 7 15 29 Appendices A l. A2. A3. A4. A5. List of Foreign Direct Investments in the United States— Completed Acquisitions, Mergers, and Equity Increases— 1974 _____________ List of Foreign Direct Investments in the United States— Completed Acquisitions, Mergers, and Equity Increases— 1975 _____________ List of Foreign Direct Investments in the United States— Completed Acquisitions, Mergers, and Equity Increases— 1976 _____________ List of Foreign Direct Investments in the United States— Other Completed Transactions— 1976 ______________________________ List of Foreign Direct Investments in the United States—Pending Transactions— 1976 _________________________________________ iii 35 37 39 41 43 Preface Purpose and Scape of Report This report summarizes information on trans actions involving foreign direct investments in the United States. Prepared by the Office of Foreign In vestment in the United States (OFIUS), the report covers all modes of foreign investments for the year 1976 and also summarizes transactions dealing with acquisitions, mergers, and equity increases for the three-year period 1974-76. The data were derived from published materials and the public files of the Federal regulatory agencies. The Office of Foreign Investment in the United States was established by the Department of Com merce to carry out the responsibilities delegated to it under Executive Order 11858 of May 7, 1975, which charged the Secretary with the responsibility, along with other functions, of closely observing, col lecting, and developing data on foreign investments in the United States and preparing analyses and re ports to assist in policy development and for the in formation of the Congress and the general public. This report is in partial fulfillment of that responsi bility as well as the requirements of the International Investment Survey Act of 1976 (Public Law 94472) and Executive Order 11961 of January 19, 1977, which includes the requirement to conduct studies and prepare reports on significant aspects of international investment. Coverage for the year 1976, the first full year of the Office’s operation, extends to all modes of direct investment— acquisitions, mergers, increases in equity holdings in direct investments, joint ven tures, establishment and enlargement of operations through plant construction and expansion, other types of subsidiary operations, real estate purchases and development projects, and the establishment of branches and agencies. In recognition of the broadly expressed interest in acquisitions and foreign banking activity, the Office also probed back into these forms of investment— along with mergers and equity increases—for the years 1974 and 1975, and the report examines the scope and characteristics of such investments over the 1974-76 period. Finally, given the availability of extensive official data, a separate chapter is included on banking, covering all modes of foreign investment in that sec tor for the 1974-76 period. Sources The information contained herein was derived from a number of sources. OFIUS relied heavily on the public record of Federal agencies which have established over 140 report series. These reports, whose frequency and content differ widely, are in most cases filed in connection with the various agen cies’ general regulatory responsibilities, rather than for the specific purpose of providing data on foreign investment. Another limiting factor on the scope and availibility of foreign investment information for publication is that some agencies operate under strict confidentiality requirements which prohibit disclos ure of individual company or transaction data and permit presentation only on an aggregate basis. The primary Federal agency sources were the Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC ), and the Federal Reserve Board. The SEC provided OFIUS with 13-D reports, which must be filed by parties ac quiring more than five percent of the outstanding registered securities of publicly held U.S. firms. The FTC provided nonconfidential information on cases of foreign acquisition of both publicly and privately held U.S. firms. The Federal Reserve Board pro vided regular reports on acquisitions of U.S. banks and on newly established foreign banking subsid iaries, branches, agencies, investment companies, and representative offices. Additional foreign investment data were gathered from newspapers, business and trade journals, and other business reference sources such as the publi cations by Moody’s Standard and Poor, Dun and Bradstreet, and Janes. 1 the first U.S. subsidiary of a foreign subsidiary of a foreign parent which is in turn controlled by an individual directly or indirectly through a personal holding company. Percentage of foreign ownership was determined by multiplying the percent owned by the first U.S. subsidiary by the percentage by which the subsidiary is owned by the first foreign parent. For example, W.R. Grace, which is 12 percent owned by Friedrich Flick Group of West Germany, acquired 100 per cent of Sheplers, Inc. For the purpose of this report, Sheplers is considered to be 12 percent foreign owned. In cases where subsidiaries of the first U.S. subsidiary were involved in the transaction, the de gree of ownership was determined by the same multiplicative progress. For instance, in 1976, Towne Paulsen acquired 100 percent of both Gen erics Pharmaceutical Corp. and Western Research Laboratories. Towne Paulsen is 100 percent owned by Aquitaine North America, a U.S.-based holding company, which is in turn 100 percent-owned by the French company, Elf-ERAP. Since there is an unbroken chain of 100 percent ownership from Towne Paulsen through Aquitaine North America to Elf-ERAP, each of the companies acquired by Towne Paulsen is considered to be 100 percent for eign owned. Had either Towne Paulsen or Aquitaine North America been less than a wholly owned sub sidiary, the degree of partial foreign ownership would have been reflected accordingly. Acquisition refers to a transaction in which title to stock or assets of the U.S. target enterprise is se cured by another person or enterprise. The substan tive result is that one party obtains ownership of another. The term acquisition is used only in cases where the foreign investor did not previously hold, directly or indirectly, any equity interest in the tar get enterprise. If the foreign investor already held an equity interest, and the effect of the transaction was to produce a direct investment (10 percent or more equity ownership) or to increase a direct in vestment, the action was termed an equity increase. In this report merger refers to a transaction which resulted in the dissolution of the acquired business enterprise, either into another already existing or into a reorganized (but not always renamed) com pany. Many mergers were executed under the ac quisition and merger provisions of the corporate laws in the states in which the target companies were incorporated; others were executed through the ab sorption of the acquired assets into the purchaser or a unit of the purchaser. Relationship to Other Data The statistics presented in this report are useful in describing recent foreign investment activities. However, given the unofficial character of much of the information, its incompleteness in many cases, the varied and imprecise terminology used in report ing, and the absence of indications of clear time frames for investment actions, these statistics should be viewed with some reservations, and cannot be compared with other statistical series published by the Federal Government. It is particularly noted that the data are not com parable with those developed by the Department of Commerce’s Bureau of Economic Analysis (BEA) in its benchmark survey of foreign direct investment as of yearend 1974, which was conducted under the authority of the Foreign Investment Study Act of 1974 and submitted with the Department’s 1976 Report to the Congress on Foreign Direct Invest ment in the United States. Nor should these mate rials be compared with balance of payments related data, published on a quarterly and annual basis by BEA and based on a sample of U.S. affiliates of for eign entities. In addition to the characteristics of this report’s data already noted, the source and timing of capital flows are not indicated. Methodology and Terminology Foreign direct investment, as used in this report, means the direct or indirect ownership of 10 percent or more of the voting securities of an incorporated business enterprise, or an equivalent interest in an unincorporated business enterprise. An investment is classified as completed when the assets or properties involved have changed hands, when construction has started for new or expanded plants, or, in the case of joint ventures, when the agreements have been signed. Investments are clas sified as pending when in the stage of tentative an nouncements of investment plans, negotiations, op tion contracts, tender offers in progress, letters of intent, and actions awaiting approval by share holders, boards of directors, or regulatory agencies. In the absence of confirming information, a judg ment has been made whether to describe a trans action as “complete” or “pending”. In identifying the foreign investor, the corporate structure of the investor was scrutinized in an at tempt to discover the ultimate controlling party of the foreign investor. Thus, for example, beneficial ownership would be traced back in a case involving 2 Joint ventures are transactions in which two or more parties establish a new operation to which each contributes according to the provisions of the joint venture agreement. Purchases are used herein to describe realty trans actions— the acquisition of real property other than the assets of an operating business entity. Plant expansion refers to an addition to the capacity of an existing foreign-owned operating facility. A new plant is a new operating facility, established either in conjunction with an existing foreign-owned productive enterprise or as a com pletely new venture. The banking operations of foreign-owned enter prises in the United States covered by this report are either new agencies, branches, or subsidiaries. Agencies, the most numerous organizational form of foreign banking operation in the United States, are not allowed to accept domestic deposits and primarily finance international transactions. Branches, integral parts of the foreign parent banks, can accept domes tic deposits. Subsidiaries, separate legal entities, are owned or controlled by foreign banks but are chartered in the United States, either by the Federal Government or, more often, by a state authority. The three-digit Standard Industrial Classifications (SIC) titles used in the appendices are considered to be the best overall indication of the industrial character of the U.S. investment activity and of the foreign investor. In the case of a single product line, the SIC title for that product was used. In the case of multiple product lines, the SIC title which de scribes the major industrial line was used. In the latter case, the titles used are a matter of judgment and are subject to correction. The most reliable sources for determining the value of transactions were forms filed at the Secur ities and Exchange Commission; but they were use ful only for securities investments. Other values in dicated are derived from nonofficial public sources and may not accurately represent the amount which changed hands and should be considered only as estimates of the value of the transactions. Also, it should be noted that in most cases the total value of a transaction is given, regardless of the source and timing of actual investment funding. 3 Highlights and Summary The review of all forms of foreign investments in the United States during 1976 and of acquisitions, mergers, and equity increases during the three-year period, 1974 through 1976, indicates a continuation of the high level of foreign investment activity which began in 1973. The composition of foreign invest ments in terms of both foreign source countries and U.S. industrial distribution remained essentially un changed. The major European nations, Canada, and Japan remain the most active source countries, with the majority of investments being in the U.S. manu facturing sector, particularly chemicals, metals, and machinery. Acquisitions, mergers, and equity increases ac counted for 58 percent of the foreign investments. There were 93 instances of acquisitions and mergers and an additional 23 investments which represented equity increases by foreign companies in existing holdings. In regard to foreign investments in com pletely new U.S. operations, there were 23 joint ven tures with U.S. partners and 41 other new invest ments including new plant construction and exparision and the establishment of branches and offices. The remaining 18 investments were in the real estate area.* Taking into account those investments trans actions that involved plants or other facilities in more than one location, the 198 completed trans actions accounted for a total of 467 specific sites in 41 states, the District of Columbia, and Puerto Rico. Of these, California, New York, Texas, Illinois, and Pennsylvania accounted for nearly one-half. 1976 Foreign Investment Activity: All Modes A total of 263 foreign direct investments were identified for 1976. One hundred and ninety-eight of these were considered to be completed invest ments according to the methodology discussed in the preface. The values of investments were available for 114 of the 198 completed cases, and these totaled $2.1 billion. The traditional leading source countries— United Kingdom, Japan, Germany, Canada, Belgium, Switz erland, The Netherlands, and France— accounted for the great majority of investments, both in terms of number of transactions and total value. As a group, these countries accounted for 77 percent of the completed transactions and 73 percent of the total value. Only seven completed transactions were identified involving the Middle Eastern oil-producing nations. These transactions had an estimated total value of $308 million. Foreign investments were made in a wide range of U.S. industries, with a concentration in manufactur ing, followed by finance, insurance, and real estate as a group. The leading areas within manufacturing were chemicals and allied products, primary and fabricated metals, and machinery. Wholesale trade was another sector with fairly substantial foreign in vestments in 1976. Acquisitions, Mergers, and Equity Increases: 1974, 1975, 1976 During the three-year period 1974-76 foreign in vestors completed 342 acquisitions, mergers, and equity increases in U.S. firms. Values were available for 238 of these investments, totaling $4.4 billion. Most of these transactions involved majority ownership and a sizable number represented 100 percent ownership by the foreign parent. The tradi tional European source countries, Canada, and Japan accounted for the greatest portion of these investments. The United Kingdom was the major source country for the three-year period. The num ber of transactions were roughly at the same level in each of the three years, but the total reported value of the investments in 1974 was double the values for 1975 and 1976, reflecting generally higher investment values overall during that year. There * “ Real estate” is used here to indicate purchase of property. This should not be confused with purchases or acquisitions of businesses engaged in developing, leasing, selling and owning real property which are covered in the other investment categories. 5 nificant areas of foreign investment during the threeyear period. were 122 acquisitions, mergers, and equity increases in 1974, 104 in 1975, and 116 in 1976. Total re ported transaction values were $2.2 billion in 1974 and $1.1 billion in both 1975 and 1976. The manu facturing sector accounted for the bulk of the trans actions in each of the'three years, with chemicals and allied products being the single most important in dustry group. Metals and machinery were also sig Foreign Banking Investment Activity The 1974-76 period was one of vigorous growth in foreign banking investments. Branches more than doubled, agencies increased by more than half, and the number of subsidiaries increased by a third. 6 Foreign Direct Investment Activity in 1976 The Office of Foreign Investment in the United States has identified a total of 263 foreign direct investment transactions that were initiated or com pleted in 1976. Of these, 198 transactions were con sidered to have been completed during 1976, based on information available as of June 30, 1977. Value information was available for 114 transactions total ling $2.1 billion. An additional 65 cases were termed pending, either because negotiations were known to be still in progress at the end of 1976 or conclusive information to confirm their completion has not been available. The discussion that follows deals with the 198 completed transactions. Although information regarding the value of each transaction was not al ways available, extensive information usually was obtainable for the larger and more significant cases. Case-by-case listings, which include information on all identified transactions—both pending and com pleted— are provided in the appendices. Source Countries Foreign direct investments in the United States were predominantly by the traditional leading source countries— United Kingdom, Switzerland, Canada, Germany, Japan, France, Belgium, and the Nether lands, as shown in table 1. Sweden also accounted for substantial direct investments. In addition to these 10 major sources, investments were made by parent companies in 18 other foreign nations. T able 1.—Source countries—1976 No./completed cases Country No./cases— value known Value ($ millions) Japan .............................................................................. .. . . ............ Korea (Rep. of) ................................................. ................. Kuwait .............................................................. .................. Luxembourg ...................................................... ...................... Netherlands .................................................................. .................. Netherlands Antilles ............................................................ P anam a.......................................................................... .................. Saudi Arabia ................................................................ ...................... South Africa ................................................................ ...................... Spain .............................................................................. ...................... Sweden ............................................................. .................. Switzerland ...................................................... ...................... United Kingdom ........................................................ ....................... 3 1 15 2 19 1 9 1 26 2 2 2 1 1 1 28 6 2 4 9 1 1 3 2 3 6 11 36 1 1 9 2 11 0 4 1 9 2 2 2 0 1 1 16 4 2 1 8 1 1 3 1 a 3 7 21 30.0 .5 249.8 39.8 187.1 — 95.3 1.6 254.6 4.5 20.1 252.5 — 12.6 4.3 76.2 7.9 32.0 8.4 140.8 30.0 3.5 23.5 16.4 Total ................................................................ ...................... 198 114 2,087.8 A ustralia................................................ ........................ .................... Bahamas ........................................................................ ................. Belgium ........................................................................ .................... Brazil ............................................................................ .................... Canada .......................................................................... .................... Denmark ...................................................................... .................. France ............................................................................ ..................... Germany, E. (Dem. Rep.) ........................................ ................. Germany, W. (Fed. Rep.) ........................................ .................... Greece .......................................................................... ...................... Hong Kong .................................................................. ...................... Iran ................................................................................ ...................... Ireland .......................................................................... .................. Israel .............................................................................. .................. ................. 7 — 71.6 290.7 229.3 turing. Firms from the Netherlands made invest ments in several sectors, with real estate transactions and an acquisition of a U.S. insurance company ac counting for over half of the total value. U.S. Industry Distribution Foreign direct investments in the United States during 1976 were widely distributed throughout major economic sectors. Manufacturing was the leading sector, with 93 investment transactions, and with value data available for 57, totaling $989.3 mil lion. Finance, insurance, and real estate as a group followed with 49 transactions, of which 28 involved a total investment cost of $702.7 million. Other sig nificant sectors were services (22 cases, with 13 re porting $49.9 million) and wholesale trade (11 cases, with 3 reporting $200.5 million). By number of cases, investments were distributed 47 percent in manufacturing, 25 percent in finance, insurance, and real estate, and 11 percent in both services and trade (wholesale and retail). Other industries accounted for the remaining 6 percent. By value, the distribu tion was as follows: manufacturing, 47 percent; finance, insurance, and real estate, 34 perecnt; wholesale and retail trade, 11 percent; services, 2 percent; and other industries, 6 percent. Foreign investments were made in a total of 45 two-digit SIC groups. As shown in table 2, significant industrial categories included chemicals and allied products, real estate, banking, primary and fabri cated metals, nonelectrical machinery, and electric and electronic equipment. The preponderance of foreign investments in the major economic sectors and in the leading subsec tors was accounted for by the major European source countries, Canada, and Japan, as shown by table 3. For example, in manufacturing, the nine leading source countries accounted for 87 percent of all investment transactions and 91 percent of the total value. In the chemicals subsector parent firms from these countries made all but one of the 18 in vestments in 1976. By country, manufacturing investments were led by Belgium, which had substantial investments in metals and chemicals. Germany made important in vestments in chemicals, motor vehicles (Volks wagen), and real estate. Switzerland’s direct invest ments were highlighted by the acquisition of Northrup-King & Co. in the wholesale trade sector, along with an acquisition in the machinery sector. Cana dian investments were distributed primarily among mining, machinery, and real estate. Investments by firms from the United Kingdom were chiefly in manufacturing, with a concentration in the machin ery field. Investments by French, Japanese, and Swedish companies were also primarily in manufac Geographic Distribution In 1976, 198 completed foreign investment trans actions involved 467 sites in 41 states, the District of Columbia, and Puerto Rico. Of the 198 trans actions, 60 percent, measured in terms of the loca tion of a headquarters or of a single facility, were located in New York (49), California (30), Texas (13), and Pennsylvania (13). Of the total 467 sites involved, California (77), New York (61), Texas (32), Illinois (30), and Pennsylvania (29) -ac counted for 49 percent (229 sites). Of the 76 sites in California, Switzerland was responsible for 20, primarily as a result of the acquisitions of Indian Head, Inc. and Libby, McNeil, Libby. The only other state in which a large number of sites were involved in investments from a single source coun try was New York, where investments from the United Kingdom accounted for 12 of the 61 sites there. Three-quarters of the 32 sites in Texas were accounted for by investments from France (7), Germany (9), and the United Kingdom (8). Overall, 76 percent of all sites involved in 1976 transactions were accounted for by U.S. affiliates engaged in manufacturing and 16 percent by firms in some area of finance, insurance, real estate, or services (SIC 60-89). New York and California were the leading states in the latter two categories. New York had 26 sites engaged in the finance, in surance, real estate and services groups: 19 in bank ing, 5 in securities, 1 each in insurance and holding offices, and 5 in services. California had 15 in these areas: 3 in banking, 1 in insurance, 2 in holding offices, 4 in real estate, and 5 in services. Investors from the United Kingdom were the most active of all foreign investors in 1976, with 36 com pleted transactions involving 84 sites. Japanese in vestors, with 28 transactions, accounted for 32 sites, and German investors, with 26 transactions, ac counted for 58 sites. Eleven Swiss investments in volved 84 sites, including the acquisitions of Libby, McNeil, Libby and Indian Head, Inc., which to gether accounted for 73 sites. Major Investment Transactions in 1976 In many instances, a few major cases accounted for a substantial percentage of investment value 8 T a b le 2.— Direct investment distribution by industry subsector of U.S. affiliate 1976 completed transactions—all investment modes1 SIC number 01 10 12 13 14 15 16 17 20 23 26 27 28 29 30 32 33 34 35 36 37 38 39 42 44 47 50 51 52 54 56 58 59 60 62 63 65 67 70 73 78 79 88 89 Short Title Agricultural production—crops ...................................... .................................. Metal mining .................................................................... ................ Bituminous coal and lignite m in in g .............................. .................................. Oil and gas extraction...................................................... ................ Nonmetallic minerals, except f u e ls ................................ .................................. General building contractors .......................................... ................ Heavy construction contractors .................................... .................................. Special trade contractors ................................................ .................................. Food and kindred products ............................................ ................ Apparel and other textile products .............................. ................ Paper and allied products................................................ ................ Printing and publishing.................................................... ................ Chemicals and allied products........................................ ................ Petroleum and coal products .......................................... .................................. Rubber and miscellaneous plastics products................ .................................. Stone, clay, and glass products ................................................................................ .................................. Primary metal industries ..................................................................................................... ................ Fabricated metal products ................................................................................................. .................................. Machinery, except electrical ......................................................................................... .................................. Electric and electronic equipment .................................................................... .................................. Transportation equipment ................................................................................................. .................................. Instruments and related products ........................................................................ .................................. Miscellaneous manufacturing industries ............................................... .................................. Trucking and warehousing ................................................................................................. .................................. Water transportation ...................................................................................................................... .................................. Transportation services .............................................................................................................. .................................. Wholesale trade—durable goods ............................................................................ .................................. Wholesale trade—nondurable g o o d s ................................................................ .................................. Building materials and garden supplies ................................................... .................................. Food stores ........................................................................................................................................................ .................................. Apparel and accessory stores ......................................................................................... .................................. Eating and drinking p la ce s ................................................................................................. .................................. Miscellaneous Retail ....................................................................................................................... .................................. Banking ..................................................................................................................................................................... .................................. Security, Commodity Brokers and Services .................................. .................................. Insurance Carriers ............................................................................................................................... .................................. Real Estate ........................................................................................................................................................ .................................. Holding and Other Investment Offices ................................................... .................................. Hotels and Other Lodging P la c e s ........................................................................ ................................... Business Services ................................................................................................................................... .................................. Motion Pictures ....................................................................................................................................... .................................. Amusement and Recreation Services ............................................................ .................................. Private Households ........................................................................................................................... .................................. Miscellaneous Services .................................................................................................................. .................................. Unknown ................................................................................................................................................................. .................................. Total .............................................................................................................................................................................................. 1 Includes all modes of direct investment including acquisitions, mergers, equity increases, new plant construction, plant expansion, joint ventures, branch openings, and realty purchases. 9 .................................. No./completed cases No./cases— value known Value ($ millions) 1 2 0 3 1 1 1 1 6 2 2 3 18 1 5 4 7 9 14 15 2 3 1 1 1 1 10 2 1 1 2 0 2 0 1 0 0 5 1 2 2 8 1 4 2 5 4 5 11 1 3 0 1 0 0 1 2 1 1 1 1 2 7 3 3 16 2 2 2 2 0 1 1 0 7.4 19.4 — 52.5 — 1.0 — — 67.2 7.5 45.1 53.5 179.5 10.5 32.9 73.7 171.1 33.2 84.4 140.7 28.0 39.8 109 2,034.3 1 2 4 2 19 7 4 19 4 4 4 3 1 1 4 1 198 — 26.0 — — 6.0 194.5 12.0 10.5 6.0 2.0 8.6 43,4 16.3 61.6 560.1 1.2 14.0 9.7 5.3 — 4.3 5.4 — T a b le 3.—Direct investment distribution by industry group of U.S. affiliate and country of foreign parent 1976 completed transactions—all investment m odes1 Belgium Canada France West Germany Japan Netherlands Total Total no./cases .................................. No./cases—value known .................. Value ($ millions) .............................. 15 9 249.8 19 11 187.1 9 4 95.3 26 9 254.6 28 16 76.2 9 8 140.8 6 3 71. 11 7 290.7 36 21 234.1 Mining Total no./cases .................................. No./cases—value known .................. Value ($ millions) .............................. 0 0 — 2 2 53.0 0 0 0 0 0 0 0 0 0 0 1 0 — Total manufacturing Total n o ./c a ses.................................... No./cases—value known .................. Value (S millions) .............................. 9 6 228.8 8 3 42.1 5 3 95.2 9 3 76.0 13 9 51.2 4 3 29.0 5 3 71 j Food & kindred products Total no./cases .............................. No./cases—value known .............. Value ($ millions) ........................ 1 1 5.3 0 0 0 0 0 0 0 0 0 0 0 0 Chemicals & allied products Total no./cases .............................. No./cases—value known .............. Value ($ millions) ........................ 3 1 90.0 1 0 1 0 4 2 48.0 2 2 10.5 1 1 20.0 0 0 Primary & fabricated metals Total no./cases .............................. No./cases—value known .............. Value ($ millions) ........................ 5 4 133.5 2 1 1.6 1 1 46.0 1 0 2 1 2.0 0 0 Machinery & electrical equipment Total no./cases .............................. No./cases—value known .............. Value ($ millions) ......................... 0 0 — 2 1 30.0 0 0 2 0 5 3 20.0 Other Total no./cases .............................. No./cases—value known .............. Value ($ millions) ........................ 0 0 — 3 1 10.5 3 2 49.2 2 1 28.0 Wholesale trade Total no/cases .................................... No./cases—value known .................. Value ($ millions) .............................. 2 1 3.5 0 0 0 0 1 0 Subtotal All others Total 159 88 1600.2 39 26 487.6 198 114 2087.8 0 0 — 3 2 53.0 3 2 18.9 6 4 71.9 6 5 97.4 22 13 204.9 81 48 896.2 12 9 93.1 93 57 989.3 1 1 2.2 2 1 28.7 4 3 36.2 2 2 39.2 6 5 75.4 1 0 — 4 2 11.0 17 8 179.5 2 1 28j 0 0 — 3 1 1.9 16 9 213.0 1 1 1.3 17 10 214.3 3 2 9.0 2 1 15j 1 1 42.0 9 6 105.1 24 14 221.1 5 4 8.5 29 18 229.6 4 3 18.7 0 0 1 1 28. 3 3 53.2 4 3 58.2 20 14 246.4 3 2 44.1 23 16 290.5 4 1 6.0 0 0 1 0 1 1 191.0 2 0 — 11 3 200.5 0 0 — 11 3 200.5 Sweden Switzer- United land Kingdom 1 0 — 18 8 179.5 T a b le 3.—Direct investment distribution by industry group of U.S. affiliate and country of foreign parent 1976 completed transactions all investment modes1—Continued Belgium Canada France West Germany Japan Netherlands Sweden Switzerland United Kingdom Subtotal All others 0 0 — 0 0 — 1 0 — 1 1 6.0 10 6 39.1 0 0 10 6 39.1 3 3 82.2 0 0 — 2 1 2.3 3 3 6.4 34 20 352.1 15 8 350.6 49 28 702.7 0 0 — 0 0 — 1 1 2.3 1 1 2.1 12 5 10.8 8 2 32.6 20 7 43.4 Retail trade Total no/cases .................................... .............1 No./cases—value known .................. .............1 Value ($ millions) .............................. .............10.5 10 00 — — 20.0 2 2 2.6 Total finance, insurance & real estate Total n o ./c a ses.................... No./cases—value known .. Value ($ millions) .............. 4 4 86.5 4 1 0.1 10 4 158.6 6 3 9.0 3 1 0.1 3 0 — 2 1 7.0 4 2 Total Banking Total n o ./c a se s................ No./cases—value known Value (S millions) ........ 0 0 — 2 2 6.3 Real estate Total n o ./c a se s................ No. / cases—value known Value ($ millions) ........ 0 0 — 1 1 80.0 0 0 — 5 3 133.6 1 1 1.9 2 2 51.8 0 0 — 0 0 — 1 1 3.3 10 8 270.6 5 5 309.6 15 13 580.2 1 1 0.2 1 0 — 2 1 25.0 3 2 7.1 1 1 30.4 0 0 — 1 0 — 1 1 1.0 12 7 70.7 2 1 8.4 14 8 79.1 3 2 5.5 0 0 — 1 0 — 1 1 3.6 0 0 — 0 0 — 8 4 16.8 15 7 25.9 7 6 24.0 22 13 49.9 0 0 — 1 0 — 1 1 26,0 0 0 — 0 0 — 0 0 — 5 2 33.4 2 1 1.0 7 3 34.4 Other Total n o ./c a se s................ No./cases—value known Value (S millions) ........ 2 1 7.0 Services Total no/cases .................... No./cases—value known .. Value ($ millions) .............. 0 0 — Other industries Total no /cases .................... No./cases—value known .. Value ($ millions) .............. 1 0 — 1 0 — 1 Includes all modes of direct investment including acquisitions, mergers, equity increases, new plant construction, plant expansion, joint ventures, branch openings, and realty purchases. 2 0 — 2 0 — 1 1 7.4 T able 4.—Location of U.S. affiliate operations related to completed 1976 foreign investment transactions N o ./co m pleted trans actions Total no. /sites Sweden Switzer land United Kingdom A ll others __ — 2 — — 1 __ — 3 — — — 1 — 20 — — — __ — 9 — 3 1 __ — 14 — — — 1 1 *55 2 2 3 __ — 5 1 2 — __ — 15 1 2 1 — 1 1 — 2 2 — — — — — 2 — — — — — — — — — — — — — — — — — — 1 — — — 1 — 2 1 — — — — — — 5 — — 4 4 1 — — 2 — — — 1 — — — 1 — — — 2 1 — — — — 2 — — 2 1 1 1 — — — — — 1 — 3 2 4 — — — — 1 2 22 — 1 — — — 5 2 — — 2 — 2 6 1 1 1 1 — — — — — 2 1 1 — — — — 1 — 26 — — — — — 1 — — — 1 2 — — 1 1 — — — 10 11 — 29 8 3 2 2 11 2 9 7 15 5 1 8 1 3 12 30 11 1 13 3 3 28 3 4 3 22 — 2 5 12 8 — 2 — — — 1 — — — 1 — — — — 1 — 1 — 1 — — 1 4 1 — — — — — — 1 1 1 — — 1 4 5 — — — — — 6 6 — 4 1 2 4 — 3 — 1 — 1 1 3 5 — 5 1 — 6 — — 1 — 4 1 3 2 3 — 1 — 1 3 — 12 2 — — 1 — 4 1 — 1 8 — 2 2 4 2 353 Canada France Germany Japan __ — 30 2 6 4 1 1 76 5 6 4 __ — 1 1 1 2 __ — 8 1 — — __ — 6 — — — __ — 7 2 — — __ 3 8 3 2 7 4 — 1 — 2 — 2 6 5 1 — 3 2 1 5 49 3 — 3 — 1 13 1 1 1 13 — 2 1 3 1 1 8 3 16 12 3 30 9 3 3 2 12 2 11 9 16 6 1 9 3 4 14 61 12 1 13 3 3 29 3 5 4 32 1 3 6 13 8 1 8 — — 2 1 — 3 — — — — — — 1 — 1 — — — 2 — — 1 — — 1 — 1 1 — — — 1 1 — — — — — — 4 — 2 1 — 1 1 4 — 1 — — 1 — 5 — — 1 4 — — 3 — — 6 — — — 7 — — — 1 — 1 1 2 — 5 1 1 1 1 — — 1 2 1 — — 1 — — 3 7 1 — 3 — — 2 — 1 1 9 — — — 2 1 — — — 2 1 — — — — — — — — Total 198 467 1 1 — 5 — 1 — — 1 1 — — 2 — — .— — — 5 2 2 — 2 1 — 5 — 1 2 1 — — — — — — — 1 1 39 26 — 48 Services, finance insurance, real estate Nether lands Belgium Alabama ............... Arkansas ............... California ............. Colorado ............... Connecticut ......... Delaware ............. District of Columbia ......... Florida .................. Georgia ............... Hawaii .................... Illinois .................. Indiana .................. Iowa ...................... Kansas .................... Kentucky ............. Louisiana ............. Maine .................... Maryland ............. Massachusetts . . . M ichigan ............. Minnesota ........... Mississippi ........... Missouri ............... Nevada .................. New Hamphire . . New Jersey ......... New York ........... North Carolina . . North Dakota . . . Ohio ...................... Oklahoma ............. Oregon .................. Pennsylvania . . . . Rhode Island . . . South Carolina .. Tennessee ............. Texas ...................... Utah ...................... Vermont ................ Virginia ............... Washington ......... W isconsin ............. Puerto R ico ......... Unknown ............. ......... U.S. industry (No. /sites) Country of foreign parent (N o./sites) 1 6 1 2 — — 1 1 — — 2 — — 3 5 — — — — — — — — — 2 — — 1 2 58 32 — — — — — — — — — 12 — 16 — 84 1 84 — 1 — — 1 2 68 Manufac turing Trade — — 5 — — — — — — 1 — 1 — 1 3 23 73 — A ll other __ — 1 1 — — 1 — — 1 — — — — — 1 — — — — — — — 2 — 1 1 — — — — — — — — — 4 1 1 1 — — — 2 18 totals, both for particular source countries and for the U.S. industries in which the investments were made. The United Kingdom accounted for the greatest number of completed cases, 36, with three account ing for more than half of the $226 million invested. General Cable Corp. of Greenwich, Connecticut, which is 20 percent owned by British Insulated Cal endars Cables, Ltd., a large metal refining and cable producing company, acquired the Sprague Electric Company of North Adams, Massachusetts, a manufacturer of electronic and electrical circuit components, for about $68 million. BTR, Ltd. of London, a manufacturer of rubber and thermo plastics products, acquired S.W. Industries of Provi dence, Rhode Island, a producer of rubber roll coverings and other products for the textile and paper industries, for about $30 million. Also, for more than $20 million, Hanson Trust Ltd., a British investment management company, through its U.S. subsidiary, Hanson Industries, Inc. of New York, acquired the remaining outstanding common shares that it did not already own of Hygrade Food Prod ucts Corp. of Southfield, Michigan. Of the other 33 United Kingdom cases, 19 were in the manufacturing sector and had a total known value of $78 million; 8 were in the services sector, valued at $17 million; the remaining 6 transactions had a combined value of about $12 million. Volkswagenwerke, A.G. of Germany began implementing its plans to product its Rabbit automobile in New Stanton, Pennsylvania, with an initial investment of about $28 million. VW’s investment is expected to rise to nearly $200 million by the time the plant is brought into production. Four West German banks, led by the Deutsche Bank of Frankfurt, combined to purchase an 80 percent interest in the Pennzoil Plaza, Houston, Texas, for more than $90 million, and the Friedrich Flick Group purchased the Entex Building in the same city for about $40 million. These three investments, totaling $150 million, ac count for more than half of West Germany’s $256 million investment total for the year. In a fourth case, American Cyanamid Co. of Wayne, New Jer sey and Rohm GmbH, Darmstadt, established a joint venture company, CY /R O Industries in San ford, Maine, to manufacture and market products for the acrylic plastic sheet market in the United States. The venture, capitalized at $46 million, will combine Cyanamid’s production capabilities with Rohm’s research and technology. Twenty-three other West German transactions were identified with a combined known value of about $69 million. Switzerland’s U.S. investment activity was domi nated by one of the largest transactions of the year, the acquisition by Sandoz Ltd., a multinational manufacturer of pharmaceuticals, dyestuffs and agrochemicals, of the Minneapolis-based seed con cern, Northrup King and Company, for more than $190 million. Thyssen-Bornemisza, Inc. of New York, the U.S. subsidiary of the Swiss Thyssen Group, an international industrial holding company, principally owned by Hans Heinrich ThyssenBornemisza, invested $32 million to acquire the re maining shares that it did not already own of Indian Head, Inc. of New York, an industrial machinery manufacturer, plus another $42 million to acquire the Peerless Pump Division of the FMC Corporation of California. Of the remaining 8 identified Swiss cases, 4 were in the manufacturing sector, 1 was in mining, 2 in finance, insurance and real estate, and 1 was in retail trade. From Canada, Northern Telecom, Ltd. of Mon treal, a subsidiary of Bell Canada, purchased the Illinois telephone equipment manufacturer, Cook Electric Co. of Morton Grove, for $30 million. Canada Development Corporation, a large holding company, which already owned a substantial number of shares of Texasgulf, Inc. of New York, a diversi fied industrial products manufacturer, increased its equity in the company with an additional $50 mil lion purchase of preferred stock. Another large hold ing company and real estate developer, Cadillac Fairview Corporation of Toronto, invested $80 mil lion in four industrial parks, one in Maryland and three in California, owned by Cabot, Cabot and Forbes of Boston, Massachusetts. Sixteen other cases, with a combined identified value of about $27 million, covered a variety of industrial sectors, including 1 venture in mining, 7 in manufacturing, 1 in retail trade, 3 in finance and insurance, 3 in serv ices and 1 in other industries. Other major investment activity during the year included a joint venture between Bank Omran of Teheran, Iran and Joseph Canizaro Interests of New Orleans, Louisiana to begin construction of Canal Place, a complex of offices, hotels, retail malls, and residential buildings that will ultimately cost over $500 million. Although the specific financial arrange ments are not known, $250 million have been attrib uted to the Iranian interest, thus accounting for nearly all of Iran’s investment total. The Australian newspaper entrepreneur, Rupert Murdoch, expanded 13 into the U.S. market with his $30 million acquisition of the New York Post Corporation, while the Brazil ian agribusiness company, Copersucar, purchased the California food processor, Hills Brothers Coffee, Inc., for nearly $39 million, one of the few Brazilian foreign investment transactions. Petrofina, S.A., the Belgian petroleum holding company, through its U.S. subsidiary, American Petrofina, Inc. of Texas, joined with Hercules, Inc. of Wilmington, Delaware, to create Hercofina, to produce and market terephthalates (the basic raw materials for polyesters). American Petrofina’s initial investment of $90 mil lion would ultimately double to $180 million. The Ohio Steel Tube Company of Shelby, Ohio, a sub sidiary of the Copperweld Corporation, which is in turn wholly owned by the French metals conglom erate, Societe IMETAL, began the first phase of a plant expansion program at an initial projected cost of $46 million. Investment Modes Investment transactions in 1976 have been clas sified in five major modes: (1) acquisitions (includ ing mergers); (2) equity increases; (3) joint ven tures with U.S. parties; (4) real estate purchases and developments; and (5) “other new activities.” The latter category includes establishment of subsid iaries, offices, agencies and branches; new plant construction; and plant expansions. Data on invest ments by these modes are provided in table 5. Table 5.— Direct investments by mode and country of foreign parent 1976 completed transactions Belgium .................................... Canada .................................... F ra n ce...................................... Germany ................................ Jap an ........................................ Netherlands ............................ Sweden .................................... Switzerland.............................. United Kingdom .................... Sub-total ...................... All others ................................ Total ............................ No. of transactions Mergers and acquisitions Equity increases Joint ventures 15 19 9 26 28 9 6 11 36 159 39 198 9 15 4 6 5 7 4 7 21 78 15 93 2 2 2 3 5 1 — 3 2 20 3 23 1 1 — 6 8 — 1 — 3 20 3 23 Acquisitions and equity increases accounted for 58 percent of the completed transactions. This high percentage is believed to be in part attributable to the reporting requirements on such activity at the Federal level which presumably permitted more complete coverage than for the other investment modes. As discussed in the preface, information on real estate transactions is particularly elusive, and the 18 real estate transactions identified herein are simply those widely publicized. Firms from the United Kingdom, Canada, Belgium, Switzerland, and the Netherlands accounted for 59 acquisitions— Real estate — 1 — 4 1 1 — — 1 8 10 18 Other new activities 3 — 3 7 9 — 1 1 9 33 8 41 nearly two-thirds of the total from all sources. Ac quisitions and equity increases accounted for about 90 percent each of Canadian, Swiss, and Dutch in vestments, about 75 percent in the case of Belgium, and nearly two-thirds of United Kingdom invest ments. Real estate investments reported were widely diffused with respect to source countries. Of the 75 acquisitions for which specific foreign ownership shares were known, 54 cases were in the greater than 50 percent ownership range. Thirtynine of these investments were 100 percent acquisi tions. Table 6.—Acquisitions, mergers, and equity increases, 1976 (percentage share acquired by number o f transactions) Acquisitions and m ergers...................... Equity increases .................................... Total ............................................ 0-50.0% 50.1-99.9% 100% Unknown Total 21 9 30 15 8 23 39 5 44 18 1 19 93 23 116 14 Acquisitions, Mergers, and Equity Increases, 1974-76 During the three-year period 1974-76, foreign investors completed a total of 342 acquisitions of, mergers with, and equity increases in U.S. firms. Value data were available for 238 transactions, totaling $4.4 billion. As noted earlier, these trans actions involved a level of 10 percent or more for eign ownership of voting shares, or the equivalent interest in the case of unincorporated enterprises. Actual foreign control of the U.S. firms cannot be assumed in all cases. There was, however, a clear pattern of majority ownership by the foreign inves tors. In the 313 cases where specific levels of for eign ownership were known, there were 233 with more than 50 percent foreign ownership. Of these, 155 affiliates were wholly owned by the foreign parent. The leading source country for the three-year period was the United Kingdom, with a total of 68 investments in existing U.S. companies. The 54 cases for which values were identified had a total of $1.2 billion. The other major source countries were Switzerland, France, the Netherlands, Canada, Ger many, Japan, and Belgium. Sweden, Italy, South Africa, and Saudi Arabia were the only other coun tries with significant levels of these modes of invest ment activity during the three years, although the number and value of such investments from these countries were substantially below those from the major source countries. A summary of the invest ments in the form of acquisitions, mergers, and equity increases from all sources is provided in table 8. U.S. Industry Distribution Foreign acquisitions, mergers, and equity in creases in U.S. companies during the three-year period were primarily in the manufacturing sector, which accounted for 221, or about two-thirds, of the total 342 transactions. At the two-digit SIC level, electric and electronic equipment (SIC 36) was the leading industry group with 40 investments, with value data available for 32 totaling $745.9 million. Nonelectrical machinery (SIC 36) followed with 34 transactions, with values available for 18 total ing $246.4 million. Chemicals and allied products (SIC 28) had 33 transactions, with values available for 17 totaling $425 million. Mining, the finance, insurance and real estate category, and wholesale trade were also important major sectors for foreign direct investments. This pattern held generally true for each of the 3 years. The number and value of foreign investment trans actions in each two-digit industry group are shown in tables 9, 10, 11, and 12. Source Country Transaction Composition There were 122 transactions in 1974, with values identified for 84 totaling nearly $2.2 billion. In 1975, there were 104 transactions, with values indi cated for 76 amounting to rtiore than $1.1 billion. Foreign investments in these modes in 1976 pro duced 116 transactions, with values available for 81 totaling over $1.1 billion. T able 7.—Acquisitions, mergers, and equity increases, 1974-76 (percentage share acquired by number of transactions) Year 1974 1975 1976 Total .................................. 0-50.0% 50.1-99.9% 100.0% Unknown 27 23 30 80 25 30 23 78 69 42 44 155 1 9 19 29 15 Total 122 104 116 342 T a b le 8.— Acquisitions, mergers, and equity increases1—1974, 1975, 1976—By country of parent of U.S. affiliate Australia ............................ Bahamas ............................ Belgium .............................. Brazil .................................. Canada ................................ Denmark ............................ France ................................ Germany, W........................ Greece ................................ Hong Kong ........................ Ireland ................................ Israel .................................. Italy .................................... Japan .................................. Korea .................................. Kuwait ................................ Luxembourg ...................... Mexico ................................ N etherlands........................ Netherlands A n tille s........ Panama .............................. Rep. of South Africa Saudi A ra b ia ...................... Spain .................................. Sweden ................................ Switzerland ........................ United Kingdom .............. Venezuela .......................... T o t a l........................ Total no./ cases 1974 No./cases —value known 1 1 5 0 16 1 9 15 0 1 0 0 5 9 0 0 0 0 9 0 0 3 1 0 3 10 33 0 122 1 1 5 0 9 1 6 7 0 1 0 0 4 5 0 0 0 0 4 0 0 3 1 0 1 7 28 0 84 Value ($ millions) 20.2 1.9 93.1 — 259.7 5.0 157.4 158.6 — 0.7 — — 85.5 11.4 — — — — 174.8 — — 78.0 9.4 — 52.6 212.2 860.0 — 2,180.5 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. Total no./ cases 0 1 1 0 21 0 12 10 0 0 3 0 2 12 0 2 0 1 10 2 0 3 1 1 1 8 12 1 104 1975 No./cases —value known 0 1 0 0 8 0 10 9 0 0 3 0 2 10 0 2 0 1 6 2 0 3 1 0 1 7 9 1 76 Value ($ millions) _ 2.5 — — 43.9 — 239.4 196.9 — — 7.2 — 25.1 118.8 — 23.0 — 0.2 140.8 6.1 — 56.3 10.0 — 0.6 56.2 171.3 20.0 1,118.3 Total no./ cases 1976 No./cases —value known 1 1 11 2 16 0 6 10 2 1 1 1 0 10 1 1 3 0 8 0 1 0 3 0 4 10 23 0 116 1 1 6 2 9 0 3 5 2 1 0 1 0 9 1 1 1 0 7 0 1 0 3 0 3 7 17 0 81 Value ($ millions) 30.0 0.5 49.8 39.8 105.6 — 49.3 48.5 4.5 14.1 — 12.6 — 45.7 0.7 10.0 8.4 — 124.8 — 3.5 — 23.5 — 71.6 290.7 214.8 — 1,148.4 Total no./ cases Total No./cases —value known 2 3 17 2 53 1 27 35 2 2 4 1 7 31 1 3 3 1 27 2 1 6 5 1 8 28 68 1 342 2 3 11 2 26 1 19 21 2 2 3 1 6 24 1 3 1 1 17 2 1 6 5 0 5 21 54 1 241 Value ($ millions) 50.2 4.9 142.9 39.8 409.2 5.0 446.1 404.0 4.5 14.8 7.2 12.6 110.6 175.9 0.7 33.0 8.4 0.2 440.4 6.1 3.5 134.3 42.9 — 124.8 559.1 1,246.1 20.0 4,447.2 T a b le 9.— Direct investment distribution by industry subsector of U.S. affiliate completed acquisitions, mergers, and equity increases—19741 SIC number 02 12 13 20 22 23 24 25 26 27 28 30 32 33 34 35 36 37 38 39 47 50 51 53 54 56 59 60 63 65 67 73 Total no./cases Short title Agriculture, forestry, and fish in g.................................. Agricultural production—livestock .............................. Bituminous coal and lignite mining ............................ Oil and gas extraction ................................................... Manufacturing .................................................................. Food and kindred products............................................. Textile mill products....................................................... Apparel and other textile products ............................ Lumber and wood products, except furniture........... Furniture and fixtures..................................................... Paper and allied products............................................... Printing and publishing ................................................. Chemicals and allied products .................................... Rubber and miscellaneous plastics products............... Stone, clay, and glass products .................................... Primary metal industries ............................................... Fabricated metal products ............................................. Machinery, except electrical ........................................ Electric & electronic equipment .................................. Transportation equipm ent............................................... Instruments and related products ................................ Miscellaneous manufacturing industries ..................... Transportation and public u tilities................................ Transportation service ................................................... Wholesale trade ................................................................ Wholesale trade—durable goods .................................. Wholesale trade—nondurable goods ............................ Retail trade ...................................................................... General merchandise stores .......................................... Food stores ...................................................................... Apparel and accessory sto re s........................................ Miscellaneous retail ....................................................... Finance, insurance, and real estate .............................. Banking ............................................................................. Insurance carriers ............................................................ Real estate ........................................................................ Holding and other investment offices .......................... Services ............................................................................... Business services .............................................................. Total .................................................................. 1 1 6 1 5 88 8 3 1 2 1 3 9 10 1 3 4 5 12 16 1 6 3 1 1 9 6 3 4 1 1 1 1 11 5 1 1 4 2 2 122 No. /cases— value known Value ($ millions) 1 1 6 1 5 55 7 2 1 2 1 2 5 6 1 2 3 3 4 9 1 3 3 1 1 6 4 2 3 1 1 1 0 11 5 1 1 4 1 1 84 9.4 9.4 617.7 37.3 580.4 1,196.5 117.6 106.4 0.7 3.9 4.4 6.8 87,7 228.0 96.0 26.0 7.9 15.0 28.1 434.2 6.0 6.6 21.2 0.9 0.9 73.0 16.0 57.0 31.1 20.2 8.2 2.7 NA 248.7 189.3 17.2 0.2 42.0 3.2 3.2 2,180.5 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. Investors from the United Kingdom were most active in these investment modes in 1974, engaging in 33 transactions, with values available on 28 total ing $860 million, nearly 40 percent of total invest ments in these forms that year. The largest part of this value was accounted for in a single transaction, the $480 million acquisition of Signal Oil and Gas Company of Texas by Burmah Oil Co., Ltd., a large holding company. In other large transactions, Lloyds Bank Ltd. acquired the First Western Bank and Trust Co. of California for $115 million, United Biscuit (Holdings) Ltd. acquired the Illinois bakery products company, Keebler Co., for $62 million, and Barclays Bank Ltd. of London acquired the First Westchester National Bank of New York for $52 million. The remaining 29 transactions were spread 17 T able 10.—Direct investment distribution by industry subsector of U.S. affiliate completed acquisitions, mergers, and equity increases—19751 SIC number 10 13 20 22 24 26 27 28 30 32 33 34 35 36 37 38 42 49 50 51 54 56 60 63 67 70 73 79 80 Short title Total no./cases No./cases— value known Mining ............................................................................... Metal mining .................................................................... Oil and gas extraction .................................................... Manufacturing ................... .............................................. Food and kindred products............................................ Textile mill products........................................................ Lumber and wood products, except furniture .......... Paper and allied products .............................................. Printing and publishing .................................................. Chemicals and allied products ...................................... Rubber and miscellaneous plastic products................ Stone, clay, and glass products...................................... Primary metal industries ................................................ Fabricated metal products.............................................. Machinery, except electrical ........................................ Electric & electronic equipment .................................. Transportation equipment .............................................. Instruments and related products.................................. Transportation and public u tilities................................ Trucking and warehousing ............................................ Electric, gas and sanitary services ................................ Wholesale trade ................................................................ Wholesale trade—durable goods .................................. Wholesale trade—nondurable goods ............................ Retail trade ...................................................................... Food stores ........................................................................ Apparel and accessory stores ........................................ Finance, insurance and real esta te................................ Banking .............................................................................. Insurance carriers ............................................................ Holding and other investment offices .......................... Services ............................................................................... Hotels and other lodging p la c e s.................................... Business services .............................................................. Amusement and recreation services ............................ Health services .................................................................. Total ...................................................................... 3 1 2 65 2 3 1 2 3 13 3 2 5 2 15 11 1 2 2 1 1 12 5 7 5 4 1 10 4 1 5 7 1 4 1 1 104 3 1 2 45 2 2 0 2 1 7 3 0 3 1 10 11 1 2 1 0 1 8 4 4 3 2 1 10 4 1 5 6 1 3 1 1 76 Value ($ millions) 96.2 35.7 60.5 672.2 40.9 7,2 — 0.7 9.0 164.5 29.9 — 97.5 11.0 134.0 169.9 7.0 0.6 37.5 — 37.5 85.8 22.6 63.2 55.3 55.3 — 141.7 84.8 24.1 32.8 29.6 0.2 21.6 5.3 2.5 1,118.3 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. throughout the major industrial sectors, with the preponderance, 21, in various manufacturing cate gories. British investments in these categories dropped sharply in 1975, with only 12 transactions identified, of which 9 accounted for a total known value of $171 million, the largest being the $68 million ac quisition of American Chain and Cable Co. Inc. of Connecticut by the large power generating equip ment manufacturer, Babcock and Wilcox, Ltd. Sir James Goldsmith, through his holding company, Cavenham (USA) Inc., acquired the New Jerseybased food chain, Grand Union Co., for $34 million, while the Hawker Siddeley Group, Ltd., through its Canadian subsidiary, acquired the Minnesota elec trical services company, Onan Corp., for $38 mil lion. Other smaller investments were made in the wholesale trade, services, and in the finance, insur ance and real estate sector. As discussed in greater detail in chapter I, the United Kingdom accounted for three major acquisi tions in 1976: the $68 million acquisition of Sprague Electric Company (electronic and electrical circuit components) by a U.S. affiliate of British Insulated Callendars Cables, Ltd.; the $30 million acquisition of S.W. Industries (products for textile and paper 18 T a b le 11.-—Direct investment distribution by industry subsector of U.S. affiliate completed acquisitions, mergers, and equity increases—19761 SIC number 10 13 14 15 16 17 20 23 26 27 28 29 30 32 33 34 35 36 37 38 39 42 50 51 52 54 56 58 59 60 62 63 65 67 70 73 78 89 Short title Total no./cases No./cases— value known Mining ............................................................................... Metal mining .................................................................. Oil and gas extraction .................................................... Nonmetallic minerals except fuels ................................ Construction ...................................................................... General ’building contractors ........................................ Heavy construction contractors .................................... Special trade contractors . , ............................................ Manufacturing .................................................................. Food and kindred products............................................ Apparel and other textile products .............................. Paper and allied products .............................................. Printing and publishing .................................................. Chemicals and allied products ...................................... Petroleum and coal products.......................................... Rubber and miscellaneous plastics products................ Stone, clay, and glass products...................................... Primary metal industries ................................................ Fabricated metal products .............................................. Machinery, except electrical .......................................... Electric and electronic equipment ................................ Transportation equipment .............................................. Instruments and related products.................................. Miscellaneous manufacturing industries ...................... Transportation and public u tilities............................ Trucking and warehousing.............................................. Wholesale trade ................................................................. Wholesale trade—durable g o o d s.................................... Wholesale trade—nondurable g o o d s.............................. Retail tra d e......................................................................... Building materials and garden supplies........................ Food stores ........................................................................ Apparel and accessory stores ........................................ Eating and drinking places ............................................ Miscellaneous r e ta il.......................................................... Finance, insurance, and real estate .............................. Banking .............................................................................. Security, commodity brokers and services .................. Insurance carriers ............................................................ Real estate ........................................................................ Holding and other investment offices............................ Services ............................................................................... Hotels and other lodging places .................................... Business services .............................................................. Motion pictures ................................................................ Miscellaneous services...................................................... Total ........................................................................ 4 1 2 1 3 1 1 1 68 6 2 1 2 10 1 5 4 5 7 7 13 1 3 1 1 1 4 2 2 8 1 1 2 3 1 19 7 6 3 1 2 9 4 3 1 1 116 3 1 2 0 1 1 0 0 46 5 1 1 2 4 1 4 2 3 3 4 13 0 3 0 1 1 3 1 2 4 1 1 1 0 1 16 7 3 3 1 2 7 2 3 1 1 81 Value ($ millions) 55.5 3.0 52.5 _ 1.0 1.0 _ _ 639.7 75.4 7.5 28.6 53.0 32.5 10.5 32.9 73.7 25.1 31.2 84.3 145.2 — 39.8 — 26.0 26.0 200.5 6.0 194.5 36.5 12.0 10.5 6.0 — 8.0 158.3 43.4 16.3 61.6 35.8 1.2 30.9 14.0 11.2 0.3 5.4 1,148.4 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. industries) by BTR Ltd.; and the $20 million ac quisition by Hanson Trust Ltd. of the remaining shares of Hygrade Food Products Corp. The Canadians ranked next in the acquisition area of investments during the period. In 1974, there were 16 transactions, with values reported for 9 totaling $260 million. The number increased to 21 in 1975, but the 8 transactions with reported values totaled only $44 million. However, most of the 1974 total was accounted for by a single transaction, the 19 T a b le 12.—Direct investment distribution by industry subsector of U.S. affiliate completed acquisitions, mergers, and equity increases—1974, 1975, 19761 SIC number 02 10 12 13 14 15 16 17 20 22 23 24 25 26 27 28 29 30 32 33 34 35 36 37 38 39 42 47 49 50 51 52 53 54 56 58 59 60 62 63 65 67 70 73 78 79 80 89 Total no./cases Short title Agriculture, forestry, and fishing ................................ Agriculture production—livestock ........................ . . . Mining ............................................................................... Metal mining .................................................................... Bituminous coal and lignite m in in g .............................. Oil and gas extraction .................................................... Nonmetallic minerals except fuels .............................. Construction ...................................................................... General building contractors .......................................... Heavy construction contractors .................................... Special trade contractors ................................................ Manufacturing .................................................................. Food and kindred products............................................ Textile mill products........................................................ Apparel and other textile products.............................. Lumber and wood products, except furniture............ Furniture and fixtures .................................................... Paper and allied products .............................................. Printing and publishing .................................................. Chemicals and allied products........................................ Petroleum and coal products ........................................ Rubber and miscellaneous plastics products................ Stone, clay, and glass products...................................... Primary metal industries ................................................ Fabricated metal products .............................................. Machinery, except electrical .......................................... Electric and electronic equipment ................................ Transportation equipment .............................................. Instruments and related products.................................. Miscellaneous manufacturing industries ...................... Transportation and public u tilities................................ Trucking and warehousing.............................................. Transportation services.................................................... Electric, gas, and sanitary services................................ Wholesale trade ................................................................ Wholesale trade—durable goods .................................. Wholesale trade—nondurable g o o d s.............................. Retail trade ...................................................................... Building materials and garden supplies ...................... General merchandise sto re s............................................ Food stores ........................................................................ Apparel and accessory stores ........................................ Eating and drinking places ............................................ Miscellaneous retail ........................................................ Finance, insurance, and real esta te................................ Banking .............................................................................. Security, commodity brokers and services .................. Insurance carriers ............................................................ Real esta te.......................................................................... Holding and other investment offices .......................... Services ............................................................................... Hotels and other lodging p la c e s.................................... Business services .............................................................. Motion pictures ................................................................ Amusement and recreation services.............................. Health services .................................................................. Miscellaneous services...................................................... Total ........................................................................ 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. 20 1 1 13 2 1 9 1 3 1 1 1 221 16 6 3 3 1 6 14 33 1 9 9 14 14 34 40 3 11 4 4 2 1 1 25 13 12 17 1 1 6 4 3 2 40 16 6 5 2 11 18 5 9 1 1 1 1 342 No./cases— value known 1 1 12 2 1 9 0 1 1 0 0 146 14 4 2 2 1 5 8 17 1 8 4 9 7 18 33 2 8 3 3 1 1 1 17 9 8 10 1 1 4 3 0 1 37 16 3 5 2 11 14 3 7 1 1 1 1 241 Value ($ millions) 9.4 9.4 769.4 38.7 37.3 693.4 — 1.0 1.0 — 2,508.4 233.9 113.6 8.2 3.9 4.4 36.1 149.7 425.0 10.5 158.8 99.7 130.5 57.2 246.4 749.3 13.0 47.0 21.2 64.4 26.0 0.9 37.5 359.3 44.6 314.7 122.9 12.0 20.2 74.0 8.7 — 8.0 548.7 317.5 16.3 102.9 36.0 76.0 63.7 14.2 36.0 0.3 5.3 2.5 5.4 4,447.2 Dutch investments each year were dominated by the actions of the multinational conglomerate, Philips Gloielampenfabrieken. The Philips acquisi tion of Magnavox Co., the Indiana radio and tele vision manufacturer, for $135 million, accounted for most of the 1974 acquisition value total. The remaining transactions were in the electronics, chem icals, communications, petroleum and life insurance industries. In 1975, the Dutch made a series of acquisitions valued at more than $20 million each led by Philips Gloielampenfabrieken, which acquired Synetics Corp. of California, an electronic components pro ducer, for $44 million. Philips also invested an addi tional $29 mililon in North American Philips Corp. of New York and another $26 million in the Mag navox radio and television company. The insurance holding company, Nationale-Nederlanden NV, pur chased the Wisconsin National Life Insurance Com pany for $24 million and Estel NV Hoesch-Hoogovens acquired the California industrial machinery company, Envirotech Corp., for $18 million. Smaller investments were made in the textile, publishing, and chemicals industries. German investments in the acquisition area num bered 15 in 1974, of which 7 reported values total ing $159 million. In 1975, there were 10 trans actions, with 9 providing value data adding to $197 million. The number of transactions dropped to 9 in 1976, with 4 reporting a total value of $47 mil lion. Hoechst AG, the large chemical manufacturer, acquired Foster Grant Co. Inc., a Massachusetts producer of plastics products for $96 million in 1974. Eleven other investments were made in vari ous manufacturing categories. Germany ranked sec ond in value in these modes of investment in 1975, with about 60 percent accounted for by the Fried rich Flick Group, which purchased a 12 percent in terest in the large New York-based, multi-product company, W.R. Grace and Co. A corporation con trolled by Hugo Mann acquired the Fed Mart Corp. food store chain in California for $22 million, while Hille and Muller GmbH purchased a division of the Wheeling-Pittsburgh Steel Corp. of Ohio for $20 million. The remaining German acquisitions were in the chemicals, miscellaneous plastics, and farm ma chinery industries. In 1976 there were moderate sized German acquisitions in retail trade and real estate. Other significant investments in the acquisition/ merger/equity increase category during 1974 in $230 million acquisition of ESB Inc. (electrical equipment) by the International Nickel Co. No ac quisitions of exceptional value were recorded in 1975, but in 1976 there were three significant devel opments: the $30 million purchase of Cook Electric Co. (telephone equipment) by a subsidiary of Bell Canada; the $50 million increase in Canadian De velopment Corporation’s equity in Texasgulf, Inc. (diversified industrial products); and Cadillac Fairview Corporation’s $80 million acquisition of indus trial parks owned by Cabot, Cabot and Forbes. There were 9 French investments in the acquisi tion/merger/equity increase category in 1974, with 6 transactions reporting an aggregate value of $157 million. In 1975, 12 transactions were recorded, with 10 reporting investments valued at $239 mil lion. The activity dropped in 1976, with 6 trans actions, of which 3 reported values totaling $49 million. The $76 million acquisition of a division of the Arkla Chemical Corp. of Arkansas by Gardinier SA was the largest 1974 transaction, followed by the $37 mililon purchase of three divisions of the New York-based Hawley Fuel Corp. by Usinor et Societe Metallurgique de Normandie SA, a primary metals producer. In 1975, the French accounted for more than 20 percent of the total recorded value of all identified transactions that year. The largest French transaction involved the successful bid by the diversified holding company, Societe IMETAL, for the controlling interest in the Pennsylvania steel producer, Copperweld Corp., for $75.5 million. In two other successful bids, the Schlumberger family, through their U.S. affiliate, Schlumberger, Ltd., a company providing oil and gas field services, ac quired the Illinois manufacturer of transformers, Sangamo Electric Company, Inc., for $63 million, while the large government-controlled multinational petroleum and natural gas conglomerate, Elf-ERAP also acquired the New York petroleum company, Westrans Industries, Inc., for $56.4 million. In another transaction costing about $25 million, ElfERAP also acquired certain assets of Pruett and Hughes Company, a wholesale petroleum distributor in Arkansas, Mississippi and Kansas. French invest ments in 1976 were of lesser magnitude. Dutch investment transactions in these modes totaled 9 in 1974, with 4 reporting $175 million in aggregate value. In 1975 there were 10 transactions, with values reported for 6 totaling $141 million, and in 1976 there were 8 transactions, with 7 reporting a total value of $125 million. 21 eluded the acquisition of Indian Head Inc., the New York-based textile company, by the Swiss holding company, H.H. Thyssen-Bornemisza, for $97 mil lion; the purchase of a division of the Celanese Corp. by the Belgian industrial chemical producer, Solvay et Cie. SA, for $77 million; and the invest ment by the Italian Agnelli and Nasi families of $70 million in Bantam Books, Inc. of New York. In 1975, major investments included the $25 mil lion acquisition of a division of Swedlow, Inc., a California plastics products manufacturer, by the Italian conglomerate, Montedison S.p.A. The AngloAmerican Group of South Africa, primarily through its Canadian subsidiary, Hudson Bay Mining and Smelting Co., Ltd., acquired Inspiration Consoli dated Copper Co. of New Jersey and Lena Chemi cals International, Inc. of Iowa for $36 and $21 million respectively. Finally, the Swiss food products conglomerate, Nestle Alimentana SA, acquired Libby, McNeil, Libby, the Illinois fruit and vegetable processor, for $24 million. In addition to those previ ously mentioned, major developments in 1976 in cluded the $30 million acquisition of the New York Post by Rupert Murdoch of Australia and the pur chase by Copersucar of Brazil of Hills Brothers Coffee, Inc. for $39 million. Tables 13, 14, and 15 provide a breakdown by major source countries and major industry groups of foreign acquisitions, mergers and equity increases for the years 1974, 1975, and 1976 respectively. 22 T able 13.—Direct investment distribution by industry group of U.S. affiliate and country of foreign parent completed acquisitions, mergers, and equity increases— 19741 Belgium Total Total n o ./c a se s.................................... no./cases—value k n o w n .................... value ($ millions) .............................. 5 5 93.1 Mining Total n o ./c a se s.................................... no./cases—value k n o w n .................... value ($ millions) .............................. 0 0 — Total manufacturing Total n o ./c a se s.................................... no./cases—value k n o w n .................... value ($ millions) .............................. 4 4 84.9 Canada France West Germany Japan Nether^ lands Sweden Switzer land 16 9 259.7 9 6 157.4 15 7 158.6 9 5 11.4 9 4 174.8 3 1 52.6 10 7 212.2 1 1 3.2 1 1 37.3 0 0 — 13 6 248.2 6 3 104.0 12 5 130.7 Food & kindred products Total n o ./c a se s................................ no./cases—value known ................ value ($ millions) .......................... 0 0 — 0 0 — 0 0 — 0 0 — Chemicals & allied products Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 1 1 77.0 0 0 — 0 0 — 3 2 30.2 Primary & fabricated metals Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 2 2 4.9 2 1 5.3 0 0 — 1 0 — 4 3 234.0 2 0 — Machinery & electrical equipment Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... Other Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... Wholesale trade Total n o ./c a se s.................................... no./cases—value k n o w n .................... value ($ millions) .............................. 0 0 — 1 1 3.0 0 0 — 7 2 8.9 0 0 — 0 0 — 8 5 11.4 1 1 1.5 1 1 17.0 7 2 140.6 0 0 — 3 1 52.6 United Kingdom Sub total All others Total 33 28 860.0 109 72 1979.8 13 12 200.7 122 84 2180.5 0 0 — 1 1 480.3 4 4 537.8 2 2 79.9 6 6 617.7 7 5 154.7 22 18 175.7 82 49 1102.8 5 5 87.3 87 54 1190.1 6 5 109.7 7 6 111.2 0 0 7 6 111.2 1 1 2.0 9 5 152.5 0 0 9 5 152.5 0 0 9 6 22.9 0 0 — 0 0 — 0 0 — 1 0 — 1 0 — 2 1 43.3 3 2 1.1 0 0 — 0 0 — 0 0 — 1 1 11.6 9 6 22.9 3 0 — 3 1 2.8 5 2 140.6 2 1 52.6 0 0 — 8 5 30.4 27 12 460.4 1 1 1.9 28 13 462.3 4 3 104.0 5 3 100.5 1 1 6.0 1 0 — 0 0 — 5 4 111.4 6 6 22.0 30 20 355.8 4 4 85.4 34 24 441.2 1 1 6.1 2 1 1.4 0 0 0 0 1 1 55.6 3 2 9.1 8 5 72.2 1 1 0.8 9 6 73.0 0 0 — 1 0 — — — T a b le 13.—Direct investment distribution by industry group of U.S. affiliate and country of foreign parent completed acquisitions, mergers, and equity increases— 19741—Continued Belgium Retail trade Total n o ./c a ses.................................... no./cases—value k n o w n .................... value ($ millions) .............................. 1 1 8.2 Nether lands Canada France West Germany 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 1 1 10.0 1 1 26.5 0 0 — 1 1 17.2 0 0 — Japan Sweden Switzer land 1 0 — United Kingdom Sub total All others Total 2 1 8.2 2 2 22.9 4 3 31.1 6 6 194.0 11 11 254.7 1 1 0.4 12 12 255.1 0 0 — Total finance, insurance & real estate Total n o ./c a se s.................................... no./cases—value k n o w n .................... value ($ millions) .............................. 0 0 — Banking Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 4 4 187.4 4 4 187.4 0 0 — 4 4 187.4 Real estate Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 1 1 0.2 1 1 0.2 0 0 — 1 1 0.2 Other Total n o ./c a se s................................ no./cases—value known ................ value (S millions) .......................... 0 0 — 1 1 5.1 1 1 10.0 1 1 26.5 0 0 — 1 1 17.2 0 0 — 1 1 6.4 6 6 67.1 Services Total n o ./c a se s.................................... no./cases—value known .................... value ($ millions) .............................. 0 0 — 1 1 3.2 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — Other industries Total n o ./c a se s.................................... no./cases—value known .................... value ($ millions) .............................. 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 1 1 5.1 0 0 — 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. 1 1 1.9 1 1 1.9 0 0 — 1 1 0.9 1 1 3.2 1 1 0.9 1 1 0.4 1 0 — 1 1 9.4 7 7 67.5 2 1 3.2 2 2 10.3 T able 14 —Direct investment distribution by industry group of U.S. affiliate and country of foreign parent completed acquisitions, mergers, and equity increases— 19751 West Germany Japan Netherlands Sweden 12 10 239.4 10 9 196.9 12 10 118.8 10 6 140.8 1 1 0.6 1 1 4.1 1 1 56.4 0 0 — 0 0 — 0 0 — 1 0 — 14 5 30.6 6 4 143.1 8 7 166.3 7 7 37.3 9 5 116.7 Food & kindred products Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 1 1 16.5 0 0 — 0 0 — 0 0 — 0 0 — Chemicals & allied products Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 1 1 0.3 1 0 — 5 4 141.6 0 0 — Primary & fabricated metals Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 1 0 — 1 0 — 2 1 75.5 1 1 20.0 0 0 — Machinery & electrical equipment Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 7 2 13.5 3 3 67.6 0 0 — 6 6 30.3 Other Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 4 1 0.3 0 0 — 2 2 4.7 1 1 7.0 2 0 — Wholesale trade Total n o ./c a se s.................................... no./cases—value known .................... value (S millions) ................................ 0 0 — 1 1 9.2 1 1 25.0 1 1 9.0 3 1 9.6 0 0 — Belgium Canada Total Total n o ./c a se s.................................... no./cases—value known .................... value ($ millions) ................................ 1 0 — 21 8 43.9 Mining Total n o ./c a se s.................................... no./cases—value known .................... value ($ millions) ................................ 0 0 — Total manufacturing Total n o ./c a se s.................................... no./cases—value known .................... value ($ millions) ................................ France 3 1 1.0 0 0 — 4 4 115.7 Subtotal All others Total 12 9 171.3 87 60 967.9 17 16 150.4 104 76 1118.3 0 0 — 0 0 — 2 2 60.5 1 1 35.7 3 3 96.2 6 5 33.3 5 4 79.6 57 38 607.5 8 8 64.7 65 46 672.2 0 0 — 1 1 24.4 0 0 — 2 2 40.9 0 0 — 2 2 40.9 0 0 — 2 1 1.0 0 0 — 12 7 143.9 1 1 20.6 13 8 164.5 0 0 — 5 2 95.5 2 2 13.0 7 4 108.5 1 1 0.5 2 2 70.1 24 19 298.3 2 2 5.6 26 21 303.9 0 0 — 2 2 7.4 3 2 9.5 14 8 28.9 3 3 25.5 17 11 54.4 0 0 — 1 1 20.0 10 7 83.3 2 1 2.5 12 8 85.8 0 0 — 1 1 0.6 0 0 — 1 1 0.6 Switzer- United land Kingdom 8 7 56.2 0 0 — 3 2 10.5 T a b le 14.—Direct investment distribution by industry group of U.S. affiliate and country of foreign parent completed acquisitions, mergers, and equity increases— 19751—Continued Belgium Canada France West Germany Japan Nether lands 1 1 21.6 0 0 — 0 0 — 0 0 — 0 0 — 2 2 71.9 1 1 24.1 0 0 — Sweden Sub total All others 1 1 33.7 4 2 55.3 1 1 _* 5 3 55.3 1 1 2.9 1 0 — 7 5 99.7 3 3 42.0 10 8 141.7 1 1 2.9 0 0 — 3 3 74.8 1 1 10.0 4 4 84.8 Switzer United Kingdom land Total Retail trade Total n o ./c a se s.................................... no./cases—value known .................... value ($ m illions)................................ 0 0 — 2 0 — Total finance, insurance & real estate Total n o ./c a ses................................ no./cases—value k n o w n .................... value ($ m illions)................................ 0 0 — 1 0 — Banking Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 0 0 — 0 0 — 0 0 — 2 2 71.9 0 0 — 0 0 — Real estate Total n o ./c a se s................................ no./cases—value k n o w n ................ value (S millions) .......................... 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — Other Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — 1 0 — 1 1 0.8 0 0 — 0 0 — 1 1 24.1 0 0 — 0 0 — 1 0 — 4 2 24.9 2 2 32.0 6 4 56.9 Services Total n o ./c a se s.................................... no./cases—value known .................... value ($ m illion s)................................ 0 0 — 1 1 _* 3 3 14.1 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 1 1 10.0 5 5 24.1 2 2 5.5 7 7 29.6 Other industries Total n o ./c a se s .................................... no./cases—value known .................... value ($ m illion s)................................ 0 0 — 1 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 0 0 — 1 1 37.5 2 1 37.5 * Less than $50,000. 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. 0 0 — 1 1 0.8 0 0 — 0 0 — 2 1 37.5 T a b le 15.—Direct investment distribution by industry group of U.S. affiliate and country of foreign parent completed acquisitions, mergers, and equity increases— 19761 Belgium Canada France West Germany Japan Netherlands Sweden Total Total n o ./c a se s.............................. no./cases—value k n o w n .............. value ($ millions) ........................ 11 6 49.8 17 10 107.1 6 3 49.3 9 4 47.0 10 9 45.7 8 7 124.8 4 3 71.6 10 7 290.7 23 17 214.8 Mining Total n o ./c a se s.............................. no./cases—value k n o w n .............. value ($ millions) ........................ 0 0 — 2 2 53.0 0 0 — 0 0 — 0 0 0 0 0 0 1 0 Total Manufacturing Total n o ./c a se s.............................. no./cases—value k n o w n .............. value ($ millions) ........................ 6 3 28.8 8 3 42.1 4 2 49.2 7 6 32.6 4 3 29.0 4 3 71.6 Food & kindred products Total no./cases............................ no./cases—value k n o w n .......... value ($ millions) .................... 1 1 5.3 0 0 — 0 0 — 0 0 0 0 1 0 — 1 0 — Chemicals & allied products Total n o ./c a se s.......................... no./cases—value k n o w n .......... value ($ millions) .................... 2 0 — Primary & fabricated metals Total n o ./c a se s.......................... no./cases—value known .......... value ($ millions) .................... 3 2 23.5 Machinery & electrical equipment Total n o ./c a se s.......................... no./cases—value known .......... value ($ millions) .................... Other Total n o ./c a se s.......................... no./cases—value k n o w n .......... value ($ millions) .................... Wholesale trade Total n o ./c a se s.............................. no./cases—value known .............. value ($ millions) ........................ 4 1 2.0 0 0 — 2 1 2.0 — — 2 2 10.5 1 1 20.0 0 0 1 0 3 1 1.6 0 0 — 1 0 — — 0 0 — 2 1 30.0 0 0 — 0 0 — 2 2 19.9 0 0 — 2 1 10.5 3 2 49.2 1 0 — 3 2 2.2 0 0 — 0 0 — 1 1 6.0 1 1 3.5 0 0 — Subtotal All others Total 98 66 1000.8 18 15 147.6 116 81 1148.4 0 0 — 3 2 53.0 1 1 2.5 4 3 55.5 6 5 97.4 16 11 193.9 59 37 546.6 8 8 63.1 67 45 609.7 0 0 1 1 2.2 2 1 28.7 4 3 36.2 2 2 39.2 6 5 75.4 0 0 1 0 0 0 — 10 4 32.5 0 0 — 10 4 32.5 — — — 3 1 1.9 13 5 55.0 1 1 1.3 14 6 56.3 1 1 42.0 7 6 105.1 15 13 221.0 4 4 8.5 19 17 229.5 1 1 28.6 3 3 53.2 4 3 58.2 17 12 201.9 1 1 14.1 18 13 216.0 0 0 1 1 191.0 1 0 4 3 200.5 0 0 4 3 200.5 2 1 28.0 — 2 2 9.0 1 1 15.0 0 0 0 0 — — — Switzer- United land Kingdom — 0 0 — — T a b le 15.—Direct investment distribution by industry group of U.S. affiliate and country of foreign parent completed acquisitions, mergers, and equity increases— 19761—Continued Retail trade Total n o ./c a se s.................................... no./cases—value k n o w n .................... value (S millions) .............................. Total finance, insurance & real estate Total Total n o ./c a se s.................................... no./cases—value k n o w n ................ value ($ millions) .......................... Canada 1 1 10.5 1 0 — 0 0 — 3 3 6.5 22 1 0.1 11 1 25.0 2 2 6.3 1 1 0.1 0 0 — 0 0 — 0 0 — 1 1 0.2 1 0 — 1 1 25.0 3 2 5.5 0 0 — 0 0 — 0 0 — 0 0 — 2 1 7.0 Banking Total n o ./c a se s............................ no./cases—value k n o w n ............ value ($ millions) ...................... 0 0 — Real estate Total n o ./c a se s............................ no./cases—value k n o w n ............ value (S millions) ...................... 0 0 — Other Total n o ./c a se s............................ no./cases—value k n o w n ............ value ($ millions) ...................... 2 1 7.0 Services Total n o ./c a se s................................ no./cases—value k n o w n ................ value ($ millions) .......................... 0 0 — Other industries Total n o ./c a se s................................ no./cases—value known ................ value ($ m illions)............................ 1 0 — 0 0 — 0 0 — 1 Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. West France Germany Belgium 4 2 20.0 Nether^Japan lands 0 0 — 0 0 — 2 2 7.1 SwitzerSweden land United Kingdom Sul> total others All 0 0 — Total 0 0 — 1 0 — 1 1 6.0 8 4 36.5 2 2 66.2 00 0 — — 11 1 2.3 2 2 3.1 15 15 13 117.3 4 3 41.0 19 16 158.3 0 0 — 0 0 — 0 0 — 1 1 2.3 1 1 2.1 5 5 10.8 2 2 32.6 7 7 43.4 0 0 — 1 1 35.8 0 0 — 0 0 — 1 1 35.8 0 0 — 1 1 35.8 1 1 30.4 0 0 — 0 0 — 1 1 1.0 9 7 70.7 2 1 8.4 11 8 79.1 0 0 — 1 1 3.6 0 0 — 0 0 — 3 3 11.8 7 6 20.9 2 1 10.0 9 7 30.9 0 0 — 1 1 26.0 0 0 — 0 0 — 0 0 — 2 1 26.0 3 2 31.0 5 3 57.0 2 2 7.1 0 0 — 8 4 36.5 Foreign Banking Investment Activity, 1974-76 This chapter provides a detailed review of foreign investment activity in the U.S. banking sector. Al though there have been a few acquisitions of exist ing U.S. banks by foreign banks or individuals, the vast majority of foreign banking operations are direct establishments of new entities in five basic forms: agencies, branches, subsidiaries, investment companies, and representative offices. The choice of organizational form selected by foreign banks varies widely in states which allow foreign banking. Factors governing the choice are objectives, country of origin, available capital, and the differing powers, legal restrictions, and obliga tions of the basic organizational alternatives. Federal and State Laws The decision to enter the U.S. market and in what form is influenced by Federal laws as well as by in dividual state laws which govern the entry and type of permissible operation within the state. Federal law makes no provision for foreign banks to estab lish U.S. representative offices, agencies or branches in this country, but it does permit them to establish subsidiary banks by obtaining charters from the Comptroller of the Currency. However, a foreign bank or other foreign company that wishes to estab lish a subsidiary bank in the United States must obtain the prior approval of the Board of Governors of the Federal Reserve System to become a bank holding company and thereafter, is subject to the provisions of the Bank Holding Co. Act. Thirty-six states make no provision for the direct entry of for eign banks beyond representative offices. Fourteen states, however, do have provisions for agency, branch, or subsidiary operations by foreign banks, including New York, California, and Illinois, and the trend in recent years has been towards such legislation. Types of Organizations Agencies are permitted to carry on general bank ing activities but not to accept domestic deposits subject to withdrawal, sell certificates of deposit, or exercise trust powers. They engage primarily in wholesale banking and international transactions. Branches, integral parts of the parent banks, can accept deposits and engage in general retail bank ing, under state-imposed reserve and other require ments. Subsidiaries are separate legal entities chartered in the United States, but owned and controlled by the foreign parent. They are subject to the same regulatory, supervisory, and reporting requirements as domestic banks and can perform the same range of services as their domestic counterparts. Investment companies perform some general banking functions, but they cannot accept deposits. Under certain circumstances, they may accept or issue credit balances. Representative offices are the most restricted form of foreign bank establishment. They perform serv ices for the parent bank but do not engage in bank ing operations for their own account, serving pri marily as public relations devices. Structure of Foreign Banking Entities Foreign banks continue to occupy an important position in the U.S. banking sector, although the growth rate of foreign investment in U.S. banking declined in 1975 and 1976 from a 1974 peak. At the end of 1973, there were 124 foreign-owned banking institutions submitting monthly reports to the Fed eral Reserve System. The reports were submitted by 62 agencies, 32 branches, 27 subsidiaries, and 3 in vestment companies. (The Federal Reserve does not receive reports from representative offices.) Total assets of foreign-owned banking institutions were $37.3 billion, of which $31.4 billion were agency, branch, and investment company assets and $5.9 billion were subsidiary commercial bank assets. By yearend 1976, there were 202 foreign-owned banking entities reporting to the Federal Reserve Board on a monthly basis, an increase of 78 re 29 T a b le 16 .—Foreign bank entrants by country and type, porters from yearend 1973. Almost half of these reporters began operations during 1974. Foreignowned agencies totaled 91, branches 70, subsidiaries 36, and investment companies 5. Branches more than doubled; agencies increased by 50 percent; and subsidiaries by 33 percent. By yearend 1976, total assets of foreign-owned banking institutions were $75.8 billion, an increase of over 100 percent from the yearend 1973 level. Assets of agencies, branches, and investment com panies were $60.1 billion while assets of subsidiary commercial banks were $15.7 billion, more than two and one-half times the yearend 1973 figure. 2 3 1 1 7 9 1 4 1 2 3 18 3 2 2 5 1 3 8 2 78 2 3 — — 1 1 — 2 — — 1 9 1 2 1 4 — — 1 2 30 _ _ Invest ment company Sub sidiary Foreign direct investments in U.S. banking in the three-year period were made principally by parent companies in Japan, West Germany, the United Kingdom, and France. Sixteen other countries made banking investments, including several from Spain and Hong Kong. Table 16 summarizes foreign bank entrants by country and type. A complete listing of foreign banking investments in the 1974-76 period is provided in tabels 17, 18 and 19. Branch Source Countries Agency Australia ................ Brazil ...................... China (Rep. of) .. Colombia ................ France .................... Germany, F. R. Greece .................... Hong Kong ............ In d ia ........................ Israel ...................... Italy ........................ Japan .................... Korea (Rep. of) .. Mexico .................... Netherlands............ Spain ...................... Sweden ................ Switzerland .......... United Kingdom . Venezuela .............. Total ........ Total 1974—76 _ — 1 1 4 6 1 2 1 2 2 4 1 — 1 — — 2 6 — 34 — — — 1 2 — — — — — 5 1 — — 1 — — 1 — 11 — — — 1 — — — — — — — — — — — 1 1 — — 3 Table 17.— Foreign bank entrants in 1974 Country Foreign investor U.S. bank City Type Credit Lyonnais Credit Lyonnais Chicago Branch Banque Nationale de Paris French-American Banking Corp. New York Investment company Banque Nationale de Paris Banque Nationale de Paris Chicago Branch Credit Lyonnais Credit Lyonnais Paris Los Angeles Agency Commerzbank AKT Commerzbank AKT Chicago Branch Dresdner Bank Dresdner Bank Chicago Branch Dresdner Bank Dresdner Bank AG Frankfort Los Angeles Agency Union Bank of Bavaria Union Bank of Bavaria New York Branch Greece ................................... National Bank of Greece National Bank of Greece SA Chicago Branch Italy ....................................... Banca Commerciale Italiana Banca Commerciale Italiana Chicago Branch Banca Commerciale Italiana Banca Commerciale Italiana Los Angeles Agency Banco di Roma Banco di Roma New York Branch Switzerland ........................... Swiss Bank Corp. Swiss Bank Corp. Chicago Branch United Kingdom ................ Barclays Group Barclays Bank International Ltd. Chicago Branch European-American Group European Banking Co., Ltd. Chicago Branch France ................................... Germany, F.R........................ 30 T ab le Country 17.—Foreign bank entrants in 1974—Continued Foreign investor U.S. bank City Type Lloyds-Bolsa International Bank Lloyds Bank International, Ltd. Chicago Branch National Westminster Bank National Westminister Bank, Ltd. Chicago Branch European-American Group European-American Banking Corp. San Francisco Agency Banco do Brasil Banco do Brasil Los Angeles Agency Banco Mercantile de Sao Paulo Banco Mercantile^ Sao Paulo New York Agency Colombia ........................ __ Banco de Bogata Banco de Bogata New York Branch Mexico ............................ Banco de Commercio Banco de Commercio Los Angeles Agency Hong Kong .................... Hong Kong Shanghai Bank Hong Kong Shanghai Bank Agency New York Agency Hong Kong Shanghai Bank Hong Kong Shanghai Bank Chicago Agency Hong Kong Shanghai Bank Hong Kong and Shanghai Banking Corp. Seattle Branch Taiyo Kobe Bank Taiyo Kobe Bank, Ltd. Seattle Agency Bank of Tokyo Bank of Tokyo of California San Francisco Subsidiary Bank of Tokyo Bank of Tokyo, Ltd. Agency Seattle Agency Hokkaido Takushoku Hokkaido Takushoku Los Angeles Agency Industrial Bank of Japan The Industrial Bank of Japan, Ltd. Los Angeles Agency Mitsubishi Bank Mitsubishi Trust and Banking Corp. New York Agency Mitsui Bank The Mitsui Trust and Banking Co., Ltd. New York Agency Sanwa Bank The Sanwa Bank, Ltd. Chicago Office Chicago Branch Sumitomo Bank The Sumitomo Bank, Ltd. Chicago Branch Saitama Bank Saitama Bank Los Angeles Agency Brazil .............................. Japan .............................. 31 T a b le 18 .—Foreign bank entrants in 1975 Cbuntry Foreign investor U.S. Bank City Type Franc© ............................ Compagnie de Suez Banque de 1* Indochine Chicago Branch Germany, F.R.................. Union Bank of Bavaria Union Bank of Bavaria Chicago Branch Westdeutsche Landesbank Westdeutsche Landesbank New York Branch Algemene BK Nederland Algemene Bank Nederland NV Chicago Branch Algemene BK Nederland Algemene Bank Nederland Los Angeles Agency Banco Urquijo Banco Urquijo New York Agency Banco de Bilbao Banco de Bilbao New York Agency Sweden ............................ Svenskahandelsbanken Nordic-American Banking Corp. New York Investment company Switzerland...................... Union Bank of Switzerland Union Bank of Switzerland New York Branch United Kingdom .......... Standard-Chartered Group The Chartered Bank Chicago Branch Lloyds-International Bank Lloyds Bank of California Los Angeles Subsidiary European-American Group European Banking Co., Ltd. Chicago Branch Brazil .............................. Banco Real Banco Real Los Angeles Agency Mexico ............................ Banco National de Mexico Banco National de Mexico Los Angeles Agency V enezuela........................ Banco Union CA Banco Union CA New York Agency Banco Union CA Banco Ind de Venezuela CA New York Agency Hong Kong .................... Hong Kong and Shanghai Bank Hong Kong and Shanghai Bank Branch New York Branch India ................................ State Bank of India State Bank of India Chicago Branch Isr a el................................ Bank Leumi Le-Israel Bank Leumi Le-Israel Chicago Branch Bank Hapoalim Bank Hapoalim, BM New York Branch Bank of Tokyo California First Bank San Francisco Subsidiary Fuji Bank Fuji Bank and Trust Co. New York Subsidiary Mitsui Bank Mitsui Bank of California Los Angeles Subsidiary Tokai Bank Tokai Bank of California Los Angeles Subsidiary Kyowa Bank Kyowa Bank Agency Los Angeles Agency Long-Term Credit Bank Long-Term Credit Bank of Japan New York Branch Korea Exchange Bank Korea Exchange Bank Branch Chicago Branch Korea Exchange Bank Korea Exchange Bank of Calif. Los Angeles Subsidiary International Commerce Bank of China International Commerce Bank of China Branch Chicago Branch Netherlands .................... Spain ................................ Japan ................................ Korea, (Rep. of) .......... China (Rep. of) ............ 32 T a b le 19.—Foreign bank entrants in 1976 Country France ............................ Foreign investor U.S. Bank City Type Union de Banques Arabes et Francaises U.B.A.F. Arab-American Bank New York Subsidiary Banque Nationale de Paris Banque Nationale de Paris New York Branch Bank Fur Gemeinwirtschaft AG Bank Fur Gemeinwirtschaft New York Branch Berlin Handels and Frankfort Berlin Handels and Frankfort Bank New York Subsidiary Deutsche Genossenschaftsbank Deutsche Genossenschaftsbank New York Subsidiary Banco Hispano-Americano Banco Hispano-Americano New York Agency Banco de Santander First National Bank of Puerto Rico Hato Rey, Puerto Rico Subsidiary Banco de Vizcaya Banco de Vizcaya New York Agency Switzerland .................... Baer American Banking Corp. Baer American Banking Corp. New York Investment company Japan .............................. Toyo Trust and Banking Co., Ltd. Toyo Trust and Banking Co., Ltd. New York Branch Bank of Tokyo Tokyo Bancorp International Houston Agency Korea, (Rep. of) .......... Commercial Bank of Korea Commercial Bank of Korea New York Agency Australia ........................ Bank of New South Wales Bank of New South Wales New York Agency Australia & New Zealand Banking Group Australia & New Zealand Banking Group New York Agency Germany, F.R................. . . . Spain ................................ 33 A ppe n d ix A l . —List of Foreign Direct Investments in the United States—completed acquisitions, mergers, and equity increases—1974 l SOURCE COUNTRY US COMPANY AUSTRALIA-------- BUFFUMS' BAHAMAS---------- -PRINTEX CORP BELGIUM---------- -ALAN WOOD STEEL CO CELANESE'S POLYETHYLENE BUSINESS FOOD TOWN STORES INC ROGUE VALLEY PLYWOOD INC THOMPSON PIPE STEEL CO CANADA----------- -ARMSTRONG DRILLING'S US DRILLING AVM FLORIDA'S CIRCUIT BOARD OPERATIONS ENERSEX LTD ESB INC FAR WEST FINANCIAL CORP INDUSTRIAL AMERICA CORP JALART HOUSE'S US MAGAZINES KEY WEST CITIZEN LACLEDE STEEL CO NEWBURGH EVENING NEWS RIBLET PRODUCTS' ALUMINUM DIV SUNCOAST COLOR PRESS INC TCC INC TIMES-JOURNAL OF ST THOMAS LTD URBAN FIBERS INDUSTRIES INC WALPOLE WOODWORKERS INC DENMARK__________ - ATWOOD OCEANICS INC FRANCE----------- - A R K L A CHEMICAL'S FERTILIZER DIV BANCAL TRI-STATE CERTAINTEED PRODUCTS CORP CUSTOMLINE CONTROL PRODUCTS INC DYMO INDUSTRIES INC GARCIA CORP HAWLEY COALMINING CORP NATL CEMENT CO INC WESTINGHOUSE'S INFILCO DIV HONG KONG-______ - D O N SOPHISTICATES INC ITALY------------ - A R G U S INC BANTAM BOOKS INC RONSON CORP SCM'S CALCULATOR SERVICE BUSINESS SEAPORT CORP JAPAN____________ -ATL A S FABRICATOR'S TRUCK PLANT CASCADE STEEL ROLLING MILLS INC DAVOS INC DIAMOND PERFORATED METALS CO ELECTRA RADIO CORP IMC MAGNETICS CORP ISOTHERMICS INC LAWSON PRODUCTS CORP MOTOROLA'S HOME TELEVISION BUSINESS NETHERLANDS.____ - A E ROJET GENERAL CORP'S BIOLOGICAL DIV BURNDY CORP'S TAPE CABLE PRODUCT LINE CINCINNATI MILACRON'S ADVANCE DIV EDAX INTL INC MAGNAVOX CO THE NATL COMPONENTS INDUSTRIES INC NATL OIL CO PEERLESS INSURANCE CO TELTRONICS INC REP/S AFRICA— __ - B O N D INDUSTRIES INC OVERSEAS SECURITIES CO TREND EXPLORATION LTD SAUDI ARABIA.___ - ARIZONA-COLORADO LAND & CATTLE CO STATE US INDUSTRY CA CA PA TX NC OR CO OH FL CA PA CA FL AZ FL MO NY IN CA TX VI CA MA TX AR CA PA NJ CA NJ NY AL VA NY MI NY NJ NY PA CA OR NY CA NJ NY NJ NY IL CA CT NJ IL IN FL CA NH FL NY NY CO AS DEPARTMENT STORES ELECTRONIC COMPONENTS ft ACCESSORIES BASIC STEEL PRODUCTS PLASTICS MATERIALS ft SYNTHETICS GROCERY STORES MILLWORK ft VENEER ft PLYWOOD FABRICATED STRUCTURAL METAL OIL AND GAS FIELD SERVICES ELECTRONIC COMPONENTS ft ACCESSORIES GENERAL INDUSTRIAL MACHINERY MISC ELECTRICAL EQUIPMENT HOLDING OFFICES SPECIAL INDUSTRY MACHINERY PERIODICALS NEWSPAPERS BASIC STEEL PRODUCTS NEWSPAPERS MISC FABRICATED METAL PRODUCTS COMMERCIAL PRINTING COMPUTER ft DATA PROCESSING SERVICES NEWSPAPERS MISC CONVERTED PAPER PRODUCTS MISC WOOD PRODUCTS CRUDE PETROLEUM ft NATURAL GAS AGRICULTURAL CHEMICALS HOLDING OFFICES MISC NON-METALLIC MINERAL PRODUCTS ELECTRIC EQUIPMENT MANIFOLD BUSINESS FORMS WHOLESALE SPORTING ft HOBBY GOODS COAL MINING HYDRAULIC CEMENT REFRIGERATION ft SERVICE MACHINERY WOMEN'S ft MISSES' OUTERWEAR PHOTOGRAPHIC EQUIPMENT ft SUPPLIES BOOKS MISC MANUFACTURING INDUSTRIES COMPUTER ft DATA PROCESSING SERVICES WHOLESALE MOTOR VEHICLES & PARTS MOTOR VEHICLES ft EQUIPMENT BASIC STEEL PRODUCTS MEAT PRODUCTS FABRICATED STRUCTURAL METAL WHOLESALE ELECTRICAL GOODS ELECTRICAL INDUSTRIAL APPARATUS HEATING ft PLUMBING EQUIPMENT REFRIGERATION ft SERVICE MACHINERY RADIO & TV RECEIVING EQUIPMENT MEDICAL INSTRUMENTS ft SUPPLIES ELECTRONIC COMPONENTS ft ACCESSORIES PAINTS ft ALLIED PRODUCTS ELECTRICAL INDUSTRIAL APPARATUS RADIO ft TV RECEIVING EQUIPMENT ELECTRONIC COMPONENTS ft ACCESSORIES CRUDE PETROLEUM ft NATURAL GAS LIFE INSURANCE COMMUNICATION EQUIPMENT MEN'S ft B O V S CLOTHING STORES MISC INVESTING O I L ft GAS FIELD SBKVXCSS LIVESTOCK ASSETS EMPLOY ($millions| EES 25.8 146.1 37.0 15.9 315.1 510.5 22.1 125.5 1500 175 3456 300 1215 135 300 50 15 17000 221 940 3600 154 2.6 5.7 91.1 14.4 3047.0 391.7 104.0 86.5 2.6 18.5 98.5 12.9 7.1 34.0 12.9 .1 10 350 140 450 385 3858 8270 40 6104 2800 400 300 1216 600 6689 650 190 300 333 1140 100 65 650 35 150.6 140 300 330.9 77.1 62.4 1.0 163.0 450 22 485 3625 12 100 1700 1ooes not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. FOREIGN BENEFICIAL OWNER ■s»ss*ssittsstisit»isstiastiisaisa«ttiB DAVID JONES LTD ANGLO CO LTD EMPAIN FAMILY SOLVAY ft CIE SA ETABLISSEMENTS DELHAIZE FRERES EMPAIN FAMILY EMPAIN FAMILY CHIEFTAIN DEVELOPMENT CO BELL TELEPHONE CO OF CANADA MACMILLAN BLOEDEL LTD INTL NICKEL CO OF CANADA BELZBERG SAMUEL ft WILLIAM MACMILLAN BLOEDEL LTD QUEBECOR INC THOMSON K R IVACO INDUSTRIES LTD THOMSON K R ALCAN ALUMINUM LTD BOWES PUBLISHERS LTD BRONFMAN CHARLES R FAMILY THOMSON K R ACMILLAN BLOEDEL LTD ACMILLAN BLOEDEL LTD REDERIET OCEAN AS GARDINIER SA ROTHSCHILD EDMOND DE COMPAGNIE FINANCIERS DE SUEZ COMPAGNIE LEBON SA PRICEL SA ETABLISSEMENTS CARPANO USINOR ft SOCIETE METALLURGIQUE/NORMANDIE PAPETERIES DE VIZILLE SA DEGREMONT FAMILY YUEN HAMLET SINDONA MICHELE AGNELLI ft NASI FAMILIES ITALY GOVERNMENT OF ING C OLIVETTI ft C SPA SINDONA MICHELE TOYOTA MOTOR C O LTD ITOH C ft CO LTD OKURAYA CORP TOYO MENKA KAISHA LTD KANEMATSU-GOSHO K K NIPPON MINIATURE BEARING CO LTD MARUBENI CORP SASAKURA ENGINEERING CO MATSUSHITA ELECTRIC INDUSTRIAL CO LTD AKZO NV AKZO NV AKZO NV PHILIPS GLOEILAMPENFABRIEKEN PHILIPS GLOEILAMPENFABRIEKEN PHILIPS GLOEILAMPENFABRIEKEN ROYAL DUTCH SHELL GROUP NATIONALE-NEDERLANDEN NV AKZO NV TRUMP JULIUS ft EDMOND ANGLO-AMERICAN G R OUP ANGLO-AMERICAN GROUP KHASHOGGI ADNAN INDUSTRY/FOREIGN BENEFICIAL OWNER HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES INDUSTRIAL INORGANIC CHEMICALS GROCERY STORES HOLDING OFFICES HOLDING OFFICES CRUDE PETROLEUM ft NATURAL GAS C OMMUNICATION SERVICES NEC LOGGING CAMPS ft CONTRACTORS FERROALLOY ORES HOLDING OFFICES LOGGING CAMPS ft CONTRACTORS PERIODICALS NEWSPAPERS HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES NEWSPAPERS HOLDING OFFICES HOLDING OFFICES LOGGING CAMPS ft CONTRACTORS LOGGING CAMPS ft CONTRACTORS HOLDING OFFICES AGRICULTURAL CHEMICALS MISC INVESTING HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES ELECTRICAL INDUSTRIAL APPARATUS PRIMARY METAL INDUSTRIES PAPER MILLS FABRICATED STRUCTURAL METAL WOMEN'S ft MISSES' OUTERWEAR HOLDING OFFICES HOLDING OFFICES PETROLEUM REPINING OFFICE ft COMPUTING MACHINES HOLOING OFFICES MOTOR V EHICLES ft EQUIPMENT TEXTILE MILL PRODUCTS GENERAL BUILDING CONTRACTORS WHOLESALE MISC DURABLES WHOLESALE MISC DURABLES G ENERAL INDUSTRIAL MACHINERY WHOLESALE MISC DURABLES REFRIGERATION ft SERVICE MACHINERY RADIO ft T V RECEIVING EQUIPMENT CHEMICALS ft ALLIED PRODUCTS CHEMICALS & ALLIED PRODUCTS CHEMICALS ft ALLIED PRODUCTS ELECTRIC LIGHT ft WIRING EQUIPMENT ELECTRIC LIGHT ft WIRING EQUIPMENT ELECTRIC LIGHT ft WIRING EQUIPMENT HOLDING OFFICES HOLDING OFFICES CHEMICALS ft ALLIED PRODUCTS WOMEN'S READY-TO-WEAR CLOTHES HOLDING OFFICES HOLDING OFFICES BANKING SECTION ($millions) 20.2 1.9 2.0 77.0 8.2 3.0 2.9 3.2 .6 230.0 5.1 3.4 5.3 8.0 3.2 .9 5.0 75.5 10.0 24.0 4.5 6.1 37.3 .7 1.6 70.0 13.1 .8 6.0 .6 1.5 2.8 .5 134.7 5.9 17.0 17.2 2.7 .4 74.9 9.4 A ppe n d ix A l . —List of Foreign Direct Investments in the United States—completed acquisitions, mergers, and equity increases—1974—Continued1 SOURCE COUNTRY Oi ON US COMPANY SWEDEN----------- CARDWELL MACHINE CO NATL UNION ELECTRIC CORP VISTRON'S THERMOSETTING FACILITY SWITZERLAND_____ AIRWICK INDUSTRIES INC BATES MANUFACTURING CO FUNK SEEDS INTL HAMILTON WATCH CO INDIAN HEAD INC KOLLMORGEN'S GOERZ-INLAND SYSTEMS DIV OWENS ILLINOIS' PECKER SYSTEMS DIV REPUBLIC NEW YORK CORP SCHWARZ FAO CO TANNER CHARLES S CO UNITED KINGDOM-- ATKINS KROLL CO ATLAS CHAIN 6 PRECISION PRODUCTS CO BASKIN ROBBINS ICE CREAM CO BI-STATE INC'S GRAIN ELEVATORS BUTTENHEIM PUBLISHING CORP CHLORIDE CONNREX CORP COUNTY BANK SANTA BARBARA CARPINTERIA ELECTRON TECHNOLOGY INC FALCONER CO THE FEARON PUBLISHERS INC FIRST WESTCHESTER NATL BANK/NEW ROCHELLE FIRST WESTERN BANK & TRUST CO HARRIS' LANGSTON DIV IDEAL PURE MILK CO INC KAY CORP KEEBLER CO LANDMARK LAND CO INC LIBERTY NATL BANK/SAN FRANCISCO NATL MINE SERVICE CO NORTH CHEMICAL CO INC PILLSBURY'S FARMS DIV PRECISION GRINDING WHEEL CO INC SCRIPTO INC SIGNAL OIL 6 GAS CO SPIEGL FOODS INC STEEL SERVICE CO SYSTEMATICS INC TASTY COOKIE CO PLANT TFI COMPANIES INC TIME INDUSTRIES INC TRAVEL SYSTEMS INTL WATER REPINING CO INC WITTE ENGINE CORP WEST GERMANY.----APPALACHIAN RESOURCES CO APPLIED RADIATION CORP BASIC CERAMICS INC'S PLANT CHEMETRON'S CATALYSTS DIV CLOROX CO THE CONCO SURGICAL PRODUCTS CONNECTICUT BANDAGE MILLS INC FOSTER GRANT CO INC MICRON CORP NACHMAN CORP NATL LABORATORIES CORP RAFFERTY-BROWN STEEL CO RAXON FABRICS CORP RD PRODUCTS INC ROTAMIST CORP PATE US INDUSTRY VA CT MA NJ NY IL PA NY PA PA NY NY SC CA PA CA WA MA FL CA NJ MD CA NY CA NJ IN VA IL OK CA PA GA GA PA GA TX CA TN NJ KY IL IL IL OH KS WV CA NC KY CA CO CO MA VT IL MO MA NY NY NY SPECIAL INDUSTRY MACHINERY HOUSEHOLD APPLIANCES PLASTICS MATERIALS & SYNTHETICS SOAPS 6 CLEANERS TEXTILE FINISHING WHOLESALE MISC NONDURABLE GOODS WATCHES & CLOCKS TEXTILE MILL PRODUCTS OPHTHALMIC GOODS OPTICAL INSTRUMENTS & LENSES HOLDING OPFICES MISC SHOPPING GOODS STORES SOAPS & CLEANERS WHOLESALE MOTOR VEHICLES & PARTS GENERAL INDUSTRIAL MACHINERY DAIRY PRODUCTS FARM PRODUCT RAW MATERIALS PERIODICALS MISC ELECTRICAL EQUIPMENT COMMERCIAL BANKING ELECTRONIC COMPONENTS 6 ACCESSORIES MISC CONVERTED PAPER PRODUCTS PERIODICALS COMMERCIAL BANKING COMMERCIAL BANKING SPECIAL INOUSTRY MACHINERY DAIRY PRODUCTS WHOLESALE LUMBER BAKERY PRODUCTS REAL ESTATE COMMERCIAL BANKING CONSTRUCTION & RELATED MACHINERY SOAPS & CLEANERS MEAT PRODUCTS MISC NON—METALLIC MINERAL PRODUCTS PENS PENCILS 6 OFFICE SUPPLIES OIL & GAS FIELD SERVICES CANNED SPECIALTY PRODUCTS FABRICATED STRUCTURAL METAL COMMUNICATION EQUIPMENT BAKERY PRODUCTS MEAT PRODUCTS PAPERBOARD CONTAINERS & BOXES ARRANGEMENT OF TRANSPORTATION REFRIGERATION 6 SERVICE MACHINERY ENGINES 6 TURBINES HOLDING OPFICES COMMUNICATION EQUIPMENT GENERAL INDUSTRIAL MACHINERY INDUSTRIAL INORGANIC CHEMICALS CHEMICALS 6 ALLIED PRODUCTS WHOLESALE MACHINERY & EQUIPMENT MEDICAL INSTRUMENTS & SUPPLIES MISC PLASTICS PRODUCTS WHOLESALE GROCERIES HOUSEHOLD FURNITURE DRUGS BASIC STEEL PRODUCTS NARROW FABRIC MILLS MISC MANUFACTURING INDUSTRIES GENERAL INDUSTRIAL MACHINERY ASSETS EMPLOYFOREIGN BENEFICIAL OWNER ($millions|! EES 170 SVBNSKA T.ANDSTICKS AB 3000 ALLMANA SVENSKA ELEKTRISKA AB 96.6 PERSTORP AB 780 CIBA—GEIGY SA 17.6 2300 MARCUS ADOLPH & OTHERS 71.0 -’IGY SA 56.0 548 CIBA—G‘ SOCIETE SUISSEPOUR L'INDUSTRIE HORLOGERE 15.7 353.5 15500 THYSSEN H H—BORNEMISZA 225 BUHRLE FAMILY 130 BUHRLE FAMILY SAFRA EDMOND J 1141.5 302 FRANZ CARL WEBER-GRUPPE 105 CIBA-GEIGY SA 335 INCHCAPB 6 CO LTD 500 RENOLD LTD 17.3 325 LYONS J 6 CO LTD TATE & LYLE LTD 300 MORGAN-GRAMPIAN LTD 28.3 1600 CHLORIDE GROUP LTD BARCLAYS BANK OF LONDON .8 75 EMI LTD 500 MCCORQUODALE 6 CO LTD 5.8 PITMAN SIR ISAAC 6 SONS 1.0 35 BARCLAYS BANK OF LONDON 214.0 1350.0 2038 LLOYDS BANK LTD/LONDON 700 IMPERIAL GROUP LTD 226 LYONS J & CO LTD 1778 BOWATER CORP LTD 109.3 77.4 7700 UNITED BISCUIT HOLDINGS LTD EAGLE STAR INSURANCE CO 21.7 STANDARD & CHARTERED BANKING GROUP LTD 96.4 34.2 1095 PITZWILTON LTD BARROW HEPBURN GROUP LTD 1.6 750 IMPERIAL GROUP LTD 237 UNICORN INDUSTRIES LTD 1500 WILKINSON MATCH LTD 21.8 1782 BURMAH OIL CO LTD 340.1 250 DALGETY LTD 75 CONSOLIDATED GOLD FIELDS. LTD 5 GUEST KEEN NETTLEFOLDS LTD LYONS J & CO LTD 952 LYONS J 6 CO LTD 57.3 700 JEFFERSON SMURFIT GROUP LTD 18.6 31 SWAN RYAN INTL LTD 5.7 185 GUTHRIE CORP LTD 38 HAWKER SIDDELEY GROUP LTD 188 VEBA AG 5.9 125 SIEMENS AG FRIEDRICH FLICK KG BANKHAUS H AUFHAUSER KG 6400 HENKEL KG A 251.6 KARL OTTO BRAUN KG 60 KARL OTTO BRAUN KG 2648 HOECHST AG 162.1 285 HUSSEL AG 4.3 900 KORF WILLY 14.2 HOECHST AG 100 HILLE 6 MULLER GMBH 160 SEIDENWEBEREIBN FAMILY 29 FORSTER WOLFGANG 6 HERMAN 1.0 15 VEBA AG 1Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. INDUSTRY/FOREIGN BENEFICIAL OWNER WOOD BUILDINGS fc MOBILE HOMES ELECTRICAL INDUSTRIAL APPARATUS MISC CHEMICAL PRODUCTS CHEMICALS & ALLIED PRODUCTS MISC INVESTING CHEMICALS & ALLIED PRODUCTS WATCHES & CLOCKS HOLDING OFFICES HOLDING OFFICES SPECIAL INDUSTRY MACHINERY HOLDING OFFICES MISC SHOPPING GOODS STORES CHEMICALS & ALLIED PRODUCTS HOLDING OFFICES ELECTRIC EQUIPMENT CANNED SPECIALTY PRODUCTS SUGAR & CONFECTIONERY PRODUCTS PERIODICALS MISC PLASTICS PRODUCTS BANKING RADIO & TV RECEIVING EQUIPMENT BOOKS COMMERCIAL PRINTING BANKING BANKING HOLDING OFFICES CANNED SPECIALTY PRODUCTS HOLDING OFFICES BAKERY PRODUCTS FIRE & MARINE 6 CASUALTY INSURANCE BANKING AGRICULTURAL CHEMICALS METAL CANS 6 SHIPPING CONTAINERS HOLDING OFFICES MISC NONMETALLIC MINERAL PRODUCTS MISC MANUFACTURING INDUSTRIES HOLDING OFFICES FARM PRODUCT RAW MATERIAL IRON ORES BASIC STEEL PRODUCTS CANNED SPECIALTY PRODUCTS CANNED SPECIALTY PRODUCTS PAPER MILLS ARRANGEMENT OF TRANSPORTATION PLASTICS MATERIALS & SYNTHETICS PERIODICALS HOLDING OFFICES ELECTRICAL 6 ELECTRONIC EQUIPMENT HOLDING OFFICES HOLDING OFFICES CHEMICALS & ALLIED PRODUCTS MEDICAL INSTRUMENTS & SUPPLIES MEDICAL INSTRUMENTS & SUPPLIES MISC CHEMICAL PRODUCTS HOLDING OFFICES PRIMARY METAL INDUSTRIES MISC CHEMICAL PRODUCTS BASIC STEEL PRODUCTS SYNTHETICS WEAVING MILLS MISC INVESTING HOLDING OFFICES COST OF TRAN SACTION (SmilXions) 52.6 43.3 9.6 55.6 2.4 96.8 2 .6 1.9 3.1 6.4 3.6 5.1 4.8 .6 2.4 1.6 52.0 115.0 19.9 3.2 6.0 62.4 .2 15.6 4.4 2 .0 23.1 2 .0 8 .0 480.3 11.0 11.6 10.0 4.4 .9 .4 26.5 9.5 20.7 96.0 1.4 4.4 .1 A p pe n d ix A2.—List of Foreign Direct Investments in the United States—completed acquisitions, mergers, and equity increases—19751 US COM o SOURCE COUNTRY , x O* ^ US COMPANY BAHAMAS----------MOTOR PARTS INDUSTRIES INC BELGIUM----------YALE STEEL CORP CAN AOA-----------CHERRY-BURRELL CO CHIPPER MACHINE fc ENGINEERING COR® CONTROL DATA'S NASHVILLE PLANT DBSA INDUSTRIES INC DHJ INDUSTRIES INC FIBREBOARD CORP GROVE VALVE fc REGULATOR CO INC HABITANT SHOPS INC INTL INSURANCE HOLDINGS LOCK HAVEN EXPRESS PRINTING CO LOUIS STORES INC MORGAN ENGINEERING CO NATL BREWING CO NATL DISTRIBUTION SERVICE INC NATL GYPSUM'S LIME PLANT NATL TEA CO OIL FIELD MACHINE 6 SUPPLY CO INC OIL FIELD SPIRALERS INC PAN OCEAN OIL CORP RON AMER PHARMACEUTICALS LTD TCC INC FRANCE----------- BANCAL TRI-STATE CBS' PROFESSIONAL PRODUCTS DEPARTMENT COPPERWELD CORP HOLMES PROTECTION INC HOWMET CORP NEEDHAM HARPER fc STEERS INC NOR AM BIOLOGICAL'S PRACTIONATION DIV NUCLEONIC PRODUCTS CO PRfJET fc HUGHES' OIL fc GAS PROPERTIES SANGAMO ELECTRIC CO TOWNE PAULSON fc CO WESTRANS INDUSTRIES INC IRELAND----------NATL MINE SERVICE CO PORTEC INC TIME INDUSTRIES INC ITALY____________ ARGUS INC SWEDLOW'S ACRYLIC SHEET DIV JAPAN------------ AMCO INDUSTRIES INC AMERICAN VIDEONETICS CORP CENTINELA BANK COMPUTER OPTICS INC EMERSON ELECTRIC'S FISHER DIV HONEYWELL'S SAN DIEGO COMPUTER PLANT HOOVER-NSK BEARING INC INTL EQUIPMENT. CO INC OPTEL CORP SNO JET'S SNOMOBILE DIV SOUTHERN CALIFORNIA FIRST NATL BANK WESTERN GRAIN EXCHANGE INC KUWAIT-----------KIRBY BUILDING SYSTEMS INC KIRBY REAL ESTATE INVESTMENT CORP MEXICO___________ ATLAS HOTELS INC NETHERLANDS_____ CUSTOM CHEMICAL CO DUTTON E P fc CO INC ENVIROTECH CORP MAGNAVOX CO THE MCNEIL INDUSTRIES' NYLON CARPET PLANT NORTH AMERICAN PHILIPS CORP SHANCO PLASTICS fc CHEMICAL CO SIGNETICS CORP STEPAN CHEMICAL'S RESIN OIV WISCONSIN NATL LIFE INSURANCE CO STATE OS INDUSTRY IBttBStttttBttaStBtMStaatStttttStSB NY WHOLESALE MOTOR VEHICLES fc PARTS CT IRON fc STEEL FOUNDRIES IA SPECIAL INDUSTRY MACHINERY O R SPECIAL INDUSTRY MACHINERY TN OFFICE fc COMPUTING MACHINES NH CONSTRUCTION fc RELATED MACHINERY NY WHOLESALE APPAREL fc PIECE GOODS CA PAPERBOARD MILLS CA MISC FABRICATED METAL PRODUCTS MI MISC WOOD PRODUCTS OB HOLDING OFFICES PA NEWSPAPERS CA GROCERY STORES OH CONSTRUCTION fc RELATED MACHINERY MD BEVERAGES GA PUBLIC WAREHOUSING PA CONCRETE GYPSUM fc PLASTER PRODUCTS IL GROCERY STORES TX CONSTRUCTION fc RELATED MACHINERY TX CONSTRUCTION fc RELATED MACHINERY NY CRUDE PETROLEUM fc NATURAL GAS CA DRUGS TX COMPUTER fc DATA PROCESSING SERVICES CA HOLDING OFFICES NY COMMUNICATION EQUIPMENT PA BASIC STEEL PRODUCTS NY MISC BUSINESS SERVICES CT PRIMARY REFINING/NONFERROUS METALS NY ADVERTISING FL MEDICAL fc DENTAL LABORATORIES CA HOUSEHOLD APPLIANCES AK WHOLESALE PETROLEUM PRODUCTS IL ELECTRIC EOUIPMENT CA DRUGS NY CRUDE PETROLEUM fc NATURAL GAS PA CONSTRUCTION fc RELATED MACHINERY IL BASIC STEEL PRODUCTS IL PAPERBOARD CONTAINERS fc BOXES MI PHOTOGRAPHIC EQUIPMENT fc SUPPLIES CA MISC PLASTICS PRODUCTS IL WHOLESALE MOTOR VEHICLES fc PARTS CA OFFICE fc COMPUTING MACHINES CA BANKING CT OFFICE fc COMPUTING MACHINES NY RADIO fc TV RECEIVING EQUIPMENT CA OPFICE fc COMPUTING MACHINES MI GENERAL INDUSTRIAL MACHINERY KY WHOLESALE MACHINERY fc EQUIPMENT NJ ELECTRONIC COMPONENTS fc ACCESSORIES TX MISC TRANSPORTATION EQUIPMENT CA COMMERCIAL BANKING OR PARM PRODUCT RAW MATERIALS TX FABRICATED STRUCTURAL METAL TX HOLDING OFFICES CA HOTELS fc MOTELS fc TOURIST COURTS NJ MISC CHEMICAL PRODUCTS NY BOOKS CA GENERAL INDUSTRIAL MACHINERY IN RADIO fc TV RECEIVING EQUIPMENT NC YARN fc THREAD MILLS NY ELECTRICAL fc ELECTRONIC EQUIPMENT NY PLASTICS MATERIALS fc SYNTHETICS CA ELECTRONIC COMPONENTS fc ACCESSORIES IL PLASTICS MATERIALS fc SYNTHETICS WI LIFE INSURANCE FOREIGN BENEFICIAL OWNER INDUSTRY/POREIGN BENEFICIAL OWNER COST OP TRAN SACTION ($*illions| taaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa; 6.8 133 33.6 1297 34.4 348.0 243.3 800 3000 6300 650 150 .5 30 1000 85 150 242.3 .8 20000 93.0 68 5.7 3047.0 252 3858 158.3 16.1 444-4 32.6 4654 1300 9873 687 3.0 99 97.6 3.2 35.9 53.9 57.0 18.9 10.8 7081 24.7 .4 275 3.2 206 38 100 285 1297 1948 700 1111 8 450 5.5 300 884.0 1844 26.7 241.2 318.1 1160 80 140 8600 15200 887.9 31500 46.1 5789 87.3 133 408 *Ooes not include other direct investnent modes such as new plant construction, plant expansion, and join jw ASSETS BM OLOY* ($millionsl EES ANGLO CO LTD EMPAIN FAMILY CANADIAN PACIFIC LTD BOW VALLEY INDUSTRIES CORP BELL CANADA CANADIAN PACIPIC LTD DOMINION TEXTILES LTD ROMAN STEPHEN B ALBERTA GAS TRUNK LINE CO MACMILLAN BLOEDEL LTD SCOTTISH YORK HOLDINGS LTD THOMSON K R GARFIELD W fc WESTON W CANADIAN PACIFIC LTD ROTHMANS OF PALL MALL CANADA LTD ABITI PAPER CO LTD RAVELSTON CORP LTD GARFIELD W fc WESTON W BRALORNE RESOURCES LTD BRALORNE RESOURCES LTD CUMMINGS JACK fc ROBERT HELIX INVESTMENTS LTD BRONFMAN CHARLES R FAMILY ROTHSCH'lLD EDMOND DE THOMSON—BRANDT SA SOCIETE IMETAL SOCIETE GENERALE DE PROTECTION INCENDIE SOCIETE PECHINEY UGINE KUHLMANN AGENCE HAVAS SA RHONE PAULENC SA THOMSON-BRANDT SA FRANCE GOVERNMENT OF SCHLUMBERGER LTD FRANCE GOVERNMENT OP FRANCE GOVERNMENT OF FITZWILTON LTD O'FLAHERTY MICHAEL P JEFFERSON SMURFIT GROUP SINDONA MICHELE MONTEDISON SPA TOYOTA MOTOR CO LTD OMRON TATEISI ELECTRONICS CO TOKAI BANK LTD HATTORI FAMILY SANYO ELECTRIC CO LTD KYOTO CERAMIC CO NIPPON SEIKO KK NISSAN MOTOR CO LTD MITSUBISHI CORP KAWASAKI HEAVY INDUSTRIES BANK OF TOKYO MARUBENI CORP ALGHANIM YUSUF A fc SONS ALGHANIM YUSUF A fc SONS BUSTAMANTE CARLOS NETHERLANDS GOVERNMENT OP ELSEVIER PUBLISHING CO NV ESTEL HOESCH-HOOGOVENS NV PHILIPS GLOEILAMPENFABRIEKEN AKZO NV PHILIPS GLOEILAMPENFABRIEKEN NETHERLANDS GOVERNMENT OP PHILIPS GLOEILAMPENFABRIEKEN NETHERLANDS GOVERNMENT OF NATIONALB-NEDERLANDEN NV HOLDING OFFICES HOLDING OFFICES RAILROADS HOLDING OFPICES TELEPHONE COMMUNICATION RAILROADS HOLDING OFFICES RETAIL LUMBER fc WfJILDING MATERIALS GAS PRODUCTION fc DISTRIBUTION LOGGING CAMPS fc CONTRACTORS HOLDING OFFICES NEWSPAPERS MISC INVESTING RAILROADS HOLDING OFFICES HOLDING OFFICES HOLDING OFPICES HOLDING OFFICES MOTOR VEHICLES fc EQUIPMENT MOTOR VEHICLES fc EQUIPMENT MISC INVESTING HOLDING OFFICES HOLDING OFFICES MISC INVESTING HOUSEHOLD APPLIANCES HOLDING OPFICES MISC BUSINESS SERVICES HOLDING OFFICES ADVERTISING HOLDING OFFICES HOUSEHOLO A®PLIANCES CRUDE PETROLEUM fc NATURAL GAS OIL fc GAS SERVICES CRUDE PETROLEUM fc NATURAL GAS CRUDE PETROLEUM fc NATURAL GAS AGRICULTURAL CHEMICALS WHOLESALE MOTOR VEHICLES fc PARTS PAPER MILLS HOLDING OFPICES DRUGS MOTOR VEHICLES fc EQUIPMENT ELECTRONIC COMPONENTS fc ACCESSORIES BANKING WATCHES fc CLOCKS HOLDING OFFICES ROLLING fc DRAWING/NONFERROUS METALS GENERAL INDUSTRIAL MACHINERY MOTOR VEHICLES fc EQUIPMENT WHOLESALE MISC DURABLE GOODS SHIPBUILDING fc REPAIRING BANKING WHOLESALE MISC DURABLE GOODS WHOLESALE MISC DURABLE GOODS WHOLESALE MISC DURABLE GOODS MISC INVESTING INDUSTRIAL INORGANIC CHEMICALS PERIODICALS HOLDING OFFICES HOLDING OFFICES HOLDING OFPICES HOLDING OPFICES INDUSTRIAL INORGANIC CHEMICALS HOLDING OFFICES INDUSTRIAL INORGANIC CHEMICALS HOLDING OFFICES 2.5 12.0 1.5 9.2 .3 4.1 .3 .0 .8 3.0 75.5 11.0 .6 2.5 1.6 25.0 63.0 56.4 4.8 2 .0 .4 .1 25.0 9.6 .1 3.9 5.0 .1 12.0 10.6 2.5 7.0 68.0 11.0 12.0 .2 17.9 25.5 43.8 1 .0 24.1 A ppe n d ix A 2. —List of Foreign Direct Investments in the United States—completed acquisitions, mergers, and equity increases—1975—Continued1 SOURCE COUNTRY u> 00 US COMPANY NETH ERLANDS/ANT _JCURTIS MATHES CORP LION COUNTRY SAFARI INC .REP/S AFRICA____ BONO INDUSTRIES INC INSPIRATION CONSOLIDATED COPPER CO TERRA CHEMICALS INTL SAUDI ARABIA____ BANK OF THE COMMONWEALTH SPAIN____________POMPEIAN INC SWEDEN__________ -AERO SYSTEMS ENGINEERING INC SWITZERLAND------BATES MANUFACTURING CO INC LEXINGTON INSTRUMENTS CORP LIBBY MCNEIL & LIBBY PLASTILINE INC POLYCAST TECHNOLOGY CORP REPUBLIC NEW YORK CORP ROGERS BROTHERS' SEEO DIV SYNFLEUR SCIENTIFIC LABORATORIES INC UNITED KINGDOM— .AJAX MAGNETHERMIC CORP AMERICAN CHAIN & CABLE CO INC DWOSKIN'S WALLCOVERING OPERATIONS GRAND UNION CO HEALTH ADVANCEMENT INC KAY CORP KMSI INC ONAN CORP SEED 6 FARM SUPPLY INC THRESHOLD TECH INC VIKING PRESS INC WALLACE MURRAY'S ABRASIVE DIV VENEZUELA._______INTL BASIC ECONOMY CORP WEST GERMANY.____ BIO-DYNAMICS INC CLOROX CO THE PED-MART CORP THE FOSTER GRANT CO INC GRACE W R 6 CO HEXAGON LABORATORIES INC NOR-AM AGRICULTURAL PRODUCTS INC TEXFI INDUSTRIES INC TEXTILANA CORP WHEELING-PITTSBURGH'S DIV •TATE TX GA NY NJ IA MI MO MN NY MA IL FL CT NY ID NY OH CN TX NJ NY VA MI MN MO NJ NY IL NY IN GA CA MA NY NY IL NC CA OH os INDUSTRY RADIO & TV RECEIVING EQUIPMENT MISC AMUSEMENT/RECREATION SERVICES MEN'S & BOYS' CLOTHING STORES COPPER ORES AGRICULTURAL CHEMICALS COMMERCIAL BANKING WHOLESALE GROCERIES COMMUNICATION EQUIPMENT TEXTILE FINISHING MISC ELECTRICAL EQUIPMENT CANNED SPECIALTY PRODUCTS PLASTICS MATERIALS & SYNTHETICS MISC PLASTICS PRODUCTS BANKING WHOLESALE MISC NONDURABLE GOODS SOAPS & CLEANERS GENERAL INDUSTRIAL MACHINERY CONSTRUCTION & RELATED MACHINERY WHOLESALE MISC DURABLE GOODS GROCERY STORES HOLDING OFFICES WHOLESALE LUMBER MISC BUSINESS SERVICES ELECTRIC SERVICES WHOLESALE MISC NONDURABLE GOODS MEASURING 6 CONTROLLING INSTRUMENTS BOOKS MISC NONMETALLIC MINERAL PRODUCTS HOLDING OFPICES DRUGS CHEMICALS 6 ALLIED PRODUCTS GROCERY STORES MISC PLASTICS PRODUCTS INDUSTRIAL INORGANIC CHEMICALS DRUGS WHOLESALE MISC NONDURABLE GOODS KNITTING MILLS INDUSTRIAL ORGANIC CHEMICALS BASIC STEEL PRODUCTS' US COMPANY EMPLOY ASSETS FOREIGN BENEFICIAL OWNER (Smillionst EES 900 HAIFA HOLDINGS NV 21.4 76 WINGS NV 9.5 3625 TRUMP JULIUS 6 EDMONO 50.3 2307 ANGLO-AMERICAN GROUP 156.0 551 ANGLO-AMERICAN GROUP 75.1 1426 PHAROAN GHAITH 1054.0 HISPANOLIVA SA 15 GRANGES AB 3.8 2500 MARCUS ADOLPH & OTHERS 71.4 25 SANDOZ AG 1.0 6200 NESTLE ALIMENTANA SA 303.0 220 FISCHER GEORGE LTD 7.2 200 CATTINVEST AG 6.3 SAFRA EDMOND J 1141.5 250 SANDOZ AG 35.8 70 NESTLE ALIMENTANA SA 590 GUTHRIE CORP LTD 24.6 8200 BABCOCK & WILCOX LTD 235.1 REED INTL LTD 22000 GOLDSMITH JAMES 335.8 32 PLESSEY CO LTD THE 1 .2 BOWATER CORP LTD 93.1 BURMAH OIL CO INC HAWKER SIDDELEY GROUP LTD TATE 6 LYLE LTD 27 EMI LTD 285 PEARSON S 6 SON LTD 67 UNICORN INDUSTRIES LTD 1300 ORGANIZACION ADAC CA 32.7 614 BOEHRINGER MANNHEIM GMBH 16.5 6200 HENKEL K DR 251.6 4200 MANN HUGO 83.5 2648 HOECHST AG 162.1 60200 FRIEDRICH FLICK KG 2524.0 70 BOEHRINGER INGELHEIM GROUP 2.3 76 SCHERING AG 11.3 5030 KUTTNER FAMILY 165.9 100 HENKEL GMBH 750 HILLE 6 MULLER GMBH 1Doe8 not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. INDUSTRY/FOREIGN BENEFICIAL OWNER HOLDING OFFICES HOLDING OFFICES WOMEN'S READY-TO-WEAR STORES HOLDING OFPICES HOLDING OFFICES MISC INVESTING FATS & OILS APPAREL FROM FABRIC MISC INVESTING INDUSTRIAL INORGANIC CHEMICALS CANNED SPECIALTY PRODUCTS SPECIAL INDUSTRY MACHINERY HOLDING OFFICES HOLDING OFFICES INDUSTRIAL INORGANIC CHEMICALS CANNED SPECIALTY PROOUCTS PLASTICS MATERIALS & SYNTHETICS GENERAL INDUSTRIAL MACHINERY HOLDING OFFICES HOLDING OFPICES COMMUNICATION EOUIPMENT HOLDING OFFICES OIL & GAS EXTRACTION MEASURING 6 CONTROLLING INSTRUMENTS SUGAR & CONFECTIONERY PRODUCTS RADIO & TV RECEIVING EOUIPMENT HOLDING OFFICES MISC NONMETALLIC MINERAL PRODUCTS HOLDING OFFICES INDUSTRIAL ORGANIC CHEMICALS MISC INVESTING FURNITURE & HOME FURNISHINGS STORES MISC CHEMICAL PROOUCTS HOLDING OFFICES MISC CHEMICAL PROOUCTS MISC CHEMICAL PRODUCTS KNITTING MILLS LEATHER & TANNING FINISHING BASIC STEEL PRODUCTS COST OF TRAN SACTION ($iullions) .8 5.3 .0 35.7 2 0 .6 10.0 .6 6.5 .5 24.4 1.0 .9 2.9 2 0 .0 2.4 67.7 9.0 33.7 1.5 10.0 37.5 .5 9.0 2 0 .0 17.3 9.2 21.6 4.0 110.8 4.3 9.0 .7 2 0 .0 A p pe n d ix A 3. —List of,Foreign Direct Investments in the United States—completed acquisitions, mergers, and equity increases—1976 X SOURCE COUNTRY US COMPANY NEW YORK POST CORP ,MOS TECHNOLOGY INC AG-MET INC DREXEL BURNHAM LAMBERT GROUP INC FOOD TOWN STORES GERWAIN CHEMICAL CORP KEYSTONE RESOURCES INC NEWTON REFINING CORP & NORTHEAST OIL INC PHOENIX STEEL CORP OfJINCY CHAS E k CO STALEY A E MANUFACTURING CO STANDARD °AINT 6 VARNISH CO VALLEY CONSOLIDATED INDUSTRIES INC BRAZIL.________ HILLS BROTHERS COFFEE INC SIERRACIN CORP CANAO*.________ APCO MINERALS INC'S GOLD & SILVER MINES CLIFT HOTEL COOK ELECTRIC CO DALE MABRY STATE BANK FABRAL CORP FAR WEST FINANCIAL CORP FIRST BANK OF GULFPORT GENERAL RESOURCES CO RSFINRRY CORP HAVEN RESTAURANT ORGANIZATION HELMAN E INTERCONTINENTAL ALLOYS GORP LEXITRON CORP MIC IIGAN BRICK QUALITY INN WOOOLAKE TEXASGULF INC TIMBERLINE TRAILERS WORLD WIDE LEASE .BANCAL TRI-STATE CORP BLYTH EASTMAN OILLION & CO CERTAIN-TEED PRODUCTS CORP COPLAY CEMENT MANUFACTURING CO INC LAMBERT MANUFACTURING CO PETER COOPER CORP GREECE___ _______ .THERMO 1 ELECTRON CORP THERMO ELECTRON CORP HONG KONG__ .BULOUA WATCH CO INC IRELAND-___ .DUNFEY FAMILY CORP ISRAEL----.AMERICAN BANK & TRUST CO JAPAN-----.ANN KLEIN & CO CIRCLE RUBBER CORP COMPUTER OPTICS INC DYNARIC INC NL INDUSTRIES' PAINT PLANT PACIFIC GUARDIAN LIFE INSURANCE CO SHINTECH INC SU3ARU OF AMERICA INC WAINWIGHT H C & CO WARWICK ELECTRONICS KUWAIT______ .ATLANTA CENTER LTD LUXEMBOURG__ .BAKER WEEKS & CO REYNOLDS SECURITIES INTL INC UNION CARBIDE’S PIPELINE DIV NETHERLANDS----- AIRPAX ELECTRONICS INC GAINSVILLE MACHINE CO INC MIDWESTERN UNITED LIFE INSURANCE CO ROBERTSON DISTRIBUTION SYSTEMS ROUSE CO SCWNACfE INC SES INC UOP INC'S DIV AUSTRALIA-__ BAHAMAS____ BELGIUM____ US INDUSTRY US COMPANY ASSETS (Smillionsl NEWSPAPERS ELECTRONIC COMPONENTS & ACCESSORIES PRIMARY REFINING/NONFERROUS METALS SECURITY BROKERS & DEALERS GROCERY STORES PLASTICS MATERIALS & SYNTHETICS SECONDARY REFINING/NONFERROUS METAL WHOLESALE PETROLEUM & PRODUCTS BASIC STEEL PRODUCTS SECURITY BROKERS & DEALERS GRAIN MILL PRODUCTS PAINTS & ALLIED PRODUCTS MISC SPECIAL TRADE CONTRACTORS MISC FOOD PREPARATIONS & PRODUCTS COATING ENGRAVING S ALLIED SERVICES GOLD & SILVER ORES HOTELS & MOTELS & TOUPIST COURTS COMMUNICATION EOUIPMENT COMMERCIAL BANKING FABRICATED STRUCTURAL METAL HOLDING OFFICES COMMERCIAL BANKING PETROLEUM REFINING EATING & DRINKING PLACES PLASTICS MATERIALS & SYNTHETICS ' SECONDARY REFINING/NONFERROUS METAL OFFICE 6 COMPUTING MACHINES STRUCTURAL CLAY PRODUCTS HOTELS & MOTELS & TOURIST COURTS CRUDE PETROLEUM 6 NATURAL GAS MISC TRANSPORTATION EQUIPMENT MISC BUSINESS SERVICES COMMERCIAL BANKING SECURITY BROKERS & DEALERS MISC NONMETALLIC MINERAL PRODUCTS HYDRAULIC CEMENT MISC APPAREL & ACCESSORIES MISC CHEMICAL PRODUCTS ELECTRONIC COMPONENTS & ACCESSORIES ELECTRONIC COMPONENTS & ACCESSORIES WATCHES & CLOCKS HOTELS & MOTELS & TOURIST COURTS COMMERCIAL BANKING' WOMEN'S & MISSES' OUTERWEAR FABRICATED RUBBER PRODUCTS NEC OFFICE & COMPUTING MACHINES MISC PLASTICS PRODUCTS PAINTS & ALLIED PRODUCTS LIFE INSURANCE PLASTICS MATERIALS S SYNTHETICS WHOLESALE MOTOR VEHICLES & PARTS SECURITY BROKERS & DEALERS RADIO & TV RECEIVING EOUIPMENT HOTELS & MOTELS 6 TOURIST COURTS SECURITY BROKERS i DEALERS SECURITY BROKERS & DEALERS HEAVY CONSTRUCTION EXC HIGHWAY ELECTRICAL & ELECTRONIC EQUIPMENT SPECIAL INDUSTRY MACHINERY LIFE INSURANCE TRUCKING & WAREHOUSING REAL ESTATE OPERATORS S. LESSORS ELECTRICAL & ELECTRONIC EOfJIPMENT MISC BUSINESS SERVICES CHEMICALS & ALLIED PRODUCTS employ ees 1300 40.0 21.0 103.0 343.0 11.0 21.0 5.0 511.0 1155 3034.0 202.0 49.0 49.0 263 0 * 263.0 4.0 13.0 14.J i4.j 52.0 230.0 12.0 170.0 6.0 MURDOCH RUPERT COMMODORE INTL LTD BMPAIN FAMILY BRUXELLES LAMBERT SA CIE 1400 ETABLISSEMENT DELHAIZB FRERES & CIE BMPAIN FAMILY BRUXELLES LAMBERT SA CIE EMPAIN FAMILY 2500 EMPAIN FAMILY BRUXELLES LAMBERT SA CIE 3800 BRUXELLES LAMBERT SA CIE PETROFINA SA 200 EMPAIN FAMILY 900 COPERSUCAR 559 SERVITEC AG HOME OIL CO LTD FOUR SEASONS HOTELS LTD 1000 BELL TELEPHONE CO OF CANADA ROYAL TRUST CO THE 130 ALCAN ALUMINIUM LTD 2?0 BELZBURG FAMILY ROYAL TRUST CO THE ASAMERA OIL CORP LTD LA3ATT JOHN LTD CANADA DEVELOPMENT CORP 40 ALCAN ALUMINIUM LTD 400 GENSTAR LTD JANNOCK CORP LTD WESrWATER SACRAMENTO INC 4900 CANADA DEVELOPMENT CORP NEONEX INTL LTD CORNAT INDUSTRIES LTD ROTHSCHILD BARON EDMOND DE 2000 FINANC ERE DE SUEZ CIE 9100 FINANCIERS DE SUEZ CIE SOCIETE DE CIMENTS FRANCAIS KLAMM RICK ROUSSELOT SA 300 PETRONOME GROUP 1300 SOLIMAN S OLAYAN 7300 STELUX MANUFACTURING CO LTD 4000 AER LINGUS 300 BANK LEUMI LE-ISRAEL BM FAKIHYO CO LTD 100 FUJI LATEX CO LTD ?09 HATTORI FAMILY 50 DAINIPPON INK & CHEMICALS CO LTD ASAHIPEN KK $0 MEIJI MUTUAL LIFE INSURANCE CO 50 SHIN-ETSU CHEMICAL CO LTD 100 FUJI HEAVY INDUSTRIES LTD 245 NOMURA SECURITIES CO LTD 3650 SANYO ELELCTRIC CO LTD KUWAIT INVESTMENT CO 400 ARABE BT INTLE DINVESTISSSMENT CIE 3100 ARABE ET INTLE DINVESTISSEMENT CIE SOCIETE FINANCIERS EUROPEENB S90 PHILIPS GLOEILAMPENFABRIEKEN 200 VEREHIGDE MACH-FAB NV 350 NATIONALS NSDERLANDEN NV 1300 PAKHOED HOLDING NV HEXALON BV ROYAL DUTCH SHELL GROUP ROYAL DUTCH SHELL GROUP NAARDEN INTL NV ^Does not include other direct investment nodes such as new slant construction, olant exoansion, and ioint ventures. FOREIGN BENEFICIAL OWNER 400 INDUSTRY/FOREIGN BENEFICIAL OWNER NEWSPAPERS OFFICE & COMPUTING MACHINES HOLDING OFFICES HOLDING OFFICES GROCERY STORES HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES HOLDING OPFICES HOLDING OPFICES HOLDING OFFICES HOLDING OFFICES FIELD CROPS HOLDING OFFICES CRUDE PETROLEUM & NATURAL GAS HOTELS & MOTELS & TOURIST COURTS TELEPHONE COMMUNICATION BANKING HOLDING OFFICES MISC INVESTING BANKING HOLDING OFFICES HOLDING OFFICES HOLDING OPFICES HOLDING OFFICES HOLDING OFFICES STRUCTURAL CLAY PRODUCTS HOTELS & MOTELS & TOURIST COURTS HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES MISC INVESTING HOLDING OFFICES HOLDING OFFICES HYDRAULIC CEMENT MISC INVESTING MISC CHEMICAL PRODUCTS DEEP SEA FOREIGN TRANSPORTATION MISC INVESTING WATCHES & CLOCKS CERTIFIED AIR TRANSPORTATION BANKING MISC TEXTILE GOODS FABRICATED RUBBER PRODUCTS NEC WATCHES & CLOCKS MISC CHEMICAL PRODUCTS PAINTS & ALLIED PRODUCTS LIFE INSURANCE DRUGS MOTOR VEHICLES & EOUIPMENT SECURITY BROKERS & DEALERS ELECTRICAL INDUSTRIAL APPARATUS HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES HOLDING OFPICES ELECTRIC LIGHT 6 WIRING EQUIPMENT HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES COST OF TRAN SACTION ($.nilllonsl 11.5 7.0 10.5 3.5 12.0 33.5 1.3 3.0 30.0 2.0 4.0 50.0 1.5 0.1 3.4 1 .1 14.1 2 .0 9.6 .2 .5 6 .2 10.0 6 .0 .9 10.3 10.0 3.4 3.0 30.4 26.0 35.fl 1.0 3.6 20.0 A ppe n d ix A 3. —List of Foreign Direct Investments in the United States—completed acquisitions, mergers, and equity increases—1976—Continued1 SOURCE CO'J'ITRY CJ.1PANY PANAMA,.__________ AIKEN INDUSTRIE*? INC S KOREA-_________ BARRILINI/LOPT CANDY SAUDI ARABIA-____ ARABIAN SHIELD DEVELOPMENT CO BAN*? OP THE COMMONWEALTH WALLACE SAM P CO SWEDES----------- BBP GROUP INC OISSTON INC INGERSOLL STEEL CO OXFORD p ENDAPLEX CO SWITZERLAND------ BOREL RESTAURANT CORP DUNCAN ELECTRIC CO INC PMC CORP’S PEERLESS PUMP DIV INDIAN HEAD INC LIBBY MCNEIL 6 LIBBY NORTHRUP KIN'S & CO PLASTILINE INC REPUBLIC NEW YORK CORP l’EXAS REINFORCED PLASTIC CORP VERMONT MARBLE CO UNITED KINGDOM___ ALAMO ALUMINUM ALLIED ARTISTS INDUSTRIES INC CAMCO INC COGAR CORP COLGEMS MUSIC CORP AND SCREEN GEMS EDO CORP FIRST STATE BANK OP NORTHERN CALIFORNIA HYGRADE FOOD PRODUCTS CORP INVESTMENT ANNUITY MCDONOUGH’S UNIVERSAL EQUI°MENT RENTAL MILLER I & SONS CO QUAKER OATS' MARX TOYS DIV REPINED SYRUPS & SUGARS' REPINERY REPLACEMENT PRODUCTS INDUSTRIES CORP SARASOTA ENGINEERING SEAL—RITE INDUSTRIES INC SHM NUCLEAR CORP SINGER CO'S BUSINESS^MACHINES DIV SPRAQUE ELECTRIC CORP STANDARD MICRO-SYSTEMS SW INDUSTRIES TEK BEARING CO UNITEK CORP WEST GERMANY _ART WIRE 6 STAMPING CO INC CLOROX CO EL TORITA—FIESTA RESTAURANTS INC PED-MART CORP GENERAL FIRE & CASUALTY INC HANOY CITY INC ROBINTECH INC SHEPLERS INC WARNER LAMBERT CO'S MEPERA CHEMICALS DIV US INDUSTRY US COMPANY ASSETS ($Hlllions) ELECTRICAL 6 ELECTRONIC EQUIPMENT SUGAR 6 CONFECTIONARY PRODUCTS CRUDE PETROLEUM & NATURAL GAS COMMERCIAL BANKING NON—RESIDENTIAL CONSTRUCTION ELECTRONIC COMPONENTS & ACCESSORIES CUTLERY/HAND TOOLS 6 HARDWARE BASIC STEEL PRODUCTS MISC CONVERTED PAPER PRODUCTS EATING S DRINKING PLACES MEASURING S CONTROLLING INSTRUMENTS GENERAL INDUSTRIAL MACHINERY GLASS & GLASSWARE/PRESSED S BLOWN CANNED SPECIALTY PRODUCTS WHOLESALE MISC NONDURABLE GOODS MISC PLASTICS PRODUCTS COMMERCIAL BANKING PLASTICS MATERIALS & SYNTHETICS DIMENSION STONE FABRICATED STRUCTURAL METAL MOTION PICTURE PRODUCTION CONSTRUCTION & RELATED MATERIAL OFFICE & COMPUTING MACHINES MISC PUBLISHING COMMUNICATION EQUIPMENT COMMERCIAL BANKING MEAT PRODUCTS HOLDING OFFICES MISC BUSINESS SERVICES APPAREL 6 ACCESSORY STORES TOYS & SPORTING GOODS SUGAR b CONFECTIONARY PRODUCTS FABRICATED STRUCTURAL METAL ENGINEERING/ARCHITECTURAL SERVICES FABRICATED STRUCTURAL METAL MISC ELECTRICAL EQUIPMENT OFFICE & COMPUTING MACHINES COMMUNICATION EQUIPMENT COMMUNICATION EQUIPMENT FABRICATED RUBBER PRODUCTS NEC WHOLESALE MACHINERY 6 EQUIPMENT MSOICAL INSTRUMENTS 6 SUPPLIES MISC PABRIft/VTED METAL PRODUCTS SOAPS & CLEANERS EATING & DRINKING PLACES MISC SHOPPING SOODS STORES FIRE & MARINE & CASUALTY INSURANCE RETAIL LUMBER & BUILDING MATERIALS MISC PLASTICS PRODUCTS FAMILY CLOTHING STORES INDUSTRIAL INORGANIC CHEMICALS EMPLOYEES 30.0 1.4 1054.0 47.0 2 1 .0 33.0 26.0 4.0 13.0 326.0 354.0 114.0 16.0 1517.0 1400 2600 350 1310 250 1250 1000 1100 1000 14500 7200 3200 714 250 31.0 32.0 550 1000 23.0 63.0 73.0 52.0 1320 225 3500 135 23.0 9500 69 509 200 1200 270.0 6200 93.0 14.0 4100 113.0 2 .0 24.0 ^Does not include other direct investment modes such as new plant construction, plant expansion, and joint ventures. 1200 1500 345 FOREIGN BENEFICIAL OWNER NORLIN CORP SUN MYUNG MOON GROUP OP SAUDI ARABIAN INVESTORS PHAROAN GHAITH PHAROAN GHAITH AB SOPORS SANDVIK AB AXEL JOHNSON GROUP ESSELTE AB NESTLE ALIMENTANA SA LANDIS GYR GROUP HH THYSSEN BORNEMISZA HH THYSSSN BORNEMISZA NESTLE ALIMENTANA SA SANDOZ LTD FISCHER GEORGE LTD SAPRA EDWARD J CIBA—GEIGY CORP PLUESS STAUFER AG RIO TINTO ZINC LTD MERCHANT SECURITIES LOANS LTD PEARSON S & SON LTD PLESSEY CO LTD THE EMI LTD CLABIR EUROPE LTD LLOYDS BANK LTD HANSON TRUST LTD SAVE & PROSPER GROUP LTD SPARROW G W & SONS LTD DEBENHAMS LTD DUNBES-COMBEX MARX LTD TATE & LYLE LTD RIO TINTO ZINC CORP LTD REDLAND LTD RIO TINTO ZINC CORP LTD EMI LTD PLESSSY CO LTD THE BRITISH INSULATED CALLENDERS CABLES LTD ABINGWORTH LTD BTR LTD HUGH RUSSEL LTD BOC INTL LTD DURRWACHTER-DODUCO KG E OR HENKEL GMBH FRIEDRICH FLICK GROUP MANN HUGO ALLIANZ—VERSICHERUNGS AG FRIEDRICH FLICK GROUP CHEMISCHE WERKE HULS AG FRIEDRICH FLICK GROUP SCHERING AG INOUSTSY/POREI'SN BENEFICIAL QWNE* MUSICAL INSTRUMENTS MISC INVESTING MISC INVESTING MISC INVESTING MISC INVESTING PRIMARY METAL INDUSTRIES MISC SPECIAL TRADE CONTRACTORS HOLDING OFFICES PERIODICALS CANNED SPECIALTY PRODUCTS MEASURING i CONTROLLING INSTRUMENTS HOLDING OFFICES HOLDING OFFICES HOLDING OFFICES INDUSTRIAL INORGANIC CHEMICALS IRON 6 STEEL FOUNDRIES MISC INVESTING CHEMICALS 6 ALLIED PRODUCTS INDUSTRIAL INORGANIC CHEMICALS LEAD i ZINC ORES SECURITY BROKERS & DEALERS HOLDING OFFICES COMMUNICATION EQUIPMENT RADIO & TV RECEIVING EQUIPMENT RANKIN'! HOLDING OFFICES HOLDING OFFICES DEPARTMENT STORES TOY* & SPORTING GOODS SUGAR & CONFECTIONARY PRODUCTS LEAD & 2INC ORES CONCRETE GYPSUM & PLASTER PRODUCTS LEAD 4 ZINC ORES RADIO & TV RECEIVING EQUIPMENT COMMUNICATION EQUIPMENT POLLING & DRAWING/NONPERROUS METALS INVESTMENT OFFICES MISC PLASTICS PRODUCTS WHOLESALE MACHINERY f. EQUIPMENT INDUSTRIAL INORGANIC CHEMICALS PRIMARY REPINING/NONFERROUS METALS CHEMICALS & ALLIED PRODUCTS HOLDING OFFICES FURNITURE 6 HOME FURNISHING STORES INSURANCE HOLDING OFFICE* CHEMICALS & ALLIED PRODUCTS HOLDING OFFICES CHEMICALS & ALLIED PRODUCTS C O S T Qp TRAN S A C T ! Q< ($-nillions) 3.5 .7 2.5 2 0 .0 1.0 15.0 23.0 23.6 20.5 42.0 32.0 2.2 191.0 .7 2.3 .3 7.7 25.0 23.0 .1 2 .1 23.7 1 .0 6.1 6 .0 5.4 1.9 4.0 63.0 .3 30.0 5.2 2 .0 3.0 25.0 12.0 Appendix A4.—List of Foreign Direct Investments in the United States—other completed transactions—1976 SOURCE COUNTRY US COMPANY AUSTRALIA______ — AUSTRALIA * NEW ZEALAND RANKIN'? GROUP '• BANK Op NEW SOUTH WALES BELGIUM-------- — BEKAERT STEEL WIPE COS® DURANITRE AMERICA INC « HERCD?I*1A ! JERSEY MINIEPE 7INC CO — CABOT CABOT & FORCES' INDUSTRIAL PARK‘D TRANSOU^CE INC 0 E'1/AR$________ _GRUNDPOS or)M° CO ( EAST GSR.'nNY___ — _WINDSOR PAR*? TOWERS 1 _BANOUE NATIONAL* DE PARIS OHIO STEELTUBE CO ' •J1AP ARAB-AMERICAN BANK — **AUNA «CPA SUGAR CO I”C ' — CANAL °LACE WITH TO«EPH CANI7.AR0 ! RANCHO MATILILA ( — FIRENZE ESTATE ' — AMERICAN TELECOMMUNICATION 70INT VENTURE ( BENIHANA INTL CALSONIC INC ( CBS—SONY CALIFORNIA ( DUSKI'1—CALIFORNIA INC < HAKUH0»>0 ADVERTISING A^E^ICA ( HITACHI METALS INTL T.Tn . HYDRAULIC TURBINES I*C TOINT VENTURE WITH TEW5LCOR INC ’ LAND (1S6 ACRESl ( MANUFACTURI'1G COR” ' NORTH PACIFIC "APPR CO OCEANIC CA»ITAL COP*> ( S O W COR" Op AMERICA SONY-PARAMOUNT HOME ENVPRTAJNMENT CENTER ? TOKYO BAMCORP INTL ' 1’OYO TR'IST & BANKING CO • VOPOGAWA COPO OF AMERICA KUWAIT_________ — COLUMBIA PLAZA OPEICE BniLDING I LUXEMBOURG----- — GULF COAST OLEFINS CO NETHERLANDS____ — PINEHURST BUILDING ( NETHERLANDS/ANT. — CENTURY PAR* DLA?A < SOUTH AFRICA___ __iMS°IRATION CONSOLIDATED' S TOINT VENTURE > MORRIS OIL’S ORILLIN^j RIGHTS ( SOUTH KOREA _COLUMBIA UNIVERSITY CLUB COMMERCIAL BANK OF KOREA MANHATTAN CENTER NEW YORKER HOTEL NEWS WORLD COMMUNICATIONS TNC — BANCO DE VIZCAYA « BANCO HISPANO AMERICANO » FIRST NATL BANK O* PUERTO RICO « Sw e d e n ____________sr.: MUGIN CASH REGISTERS INC * KM«f TOHNSON' S TOI*»T VENTUPE ' .BAEP AMERICAN BANKIN'? CORP » .ATRCO INC > AIPCO INC ' AIRCO INC ' ARBAT SYSTEMS LTD ' COLUMBIA PICTURES' JOINT VENTURE * EMI TELEVISION PROGRAMS INC HAYWARD TYLEP PfJ*P CO ICI UNITED STATES INC r ICL INC * OFFICE BUILDING PICK F.VERARO UNITED STATES INC ! WEDDING C RANDOLPH TOINT VENTURE « WEODING-PICK EVERARD'S JOINT VENTURE f FRANCE____ MS INDUSTRY BANKIN'? BANKING MISC FABRICATED METAL PRODUCTS WHOLESALE MACHINERY & EOUIPMENT PLASTICS MATERIALS <• SYNTHETICS PRIMARY REFINING/NONFERROUS «ETALS SUBOIVIDERS & DEVELOPERS FREIGHT FORWARDING GENERAL INDUSTRIAL MACHINERY REAL ESTATE OPERATORS & LESSORS COMMERCIAL BANKING BASIC STEEL PRODUCTS COMMERCIAL BANKIM3 REAL ESTATE OPERATORS & LESSORS REAL ESTATE OPERATORS & LESSORS PPIVATE HOUSEHOLDS PRIVATE HOUSEHOLDS COMMUNICATION EQUIPMENT EATING 4 DRINKING PLACES REFRIGERATION i SERVICE MACHINERY FRUITS S TREE NUTS WHOLESALE <5LFCT«»ICAL GOODS ADVERTISING *ISC FABRICATED "*ETAL °PODUCTS GENERAL INDUSTRIAL MACHINERY MISC SHOPPING GOODS STORES SUBOIVIDERS & DEVELOPERS SCREW MACHINE PRODUCTS PAPER 'JILLS HOLDING OFFICES WHOLESALE ELECTRICAL GOODS MOTION PICTURE DISTRIBUTION BANKING COMMERCIAL BANKING WHOLESALE ELECTRICAL GOODS REAL ESTATE OPERATORS & LESSORS INDUSTRIAL ORGANIC CHEMICALS REAL ESTATE OPERATORS & LESSORS REAL ESTATE OPERATORS 6 LESSORS COPPER OSES CRUDE PETROLEUM 6 NATURAL GAS RELIGIOUS ORGANIZATIONS BANKING RELIGIOUS ORGANIZATIONS RELIGIOUS ORGANISATIONS NEWSPAPERS HANKING BANKING COMMERCIAL BANKING WHOLESALE MACHINERY 6 EQUIPMENT SPECIAL INDUSTRY MACHINERY HOLDING OFFICES INDUSTRIAL INOPGANIC CHEMICALS INDUSTRIAL INORGANIC CHEMICALS INDUSTRIAL INORGANIC CHEMICALS WHOLESALE MACHINERY & EOUIPMENT MOTION PICTURE PRODUCTION THEATRICAL PRODUCERS GENERAL INDUSTRIAL MACHINERY INDUSTRIAL INORGANIC CHEMICALS OFFICE b COMPUTING MACHINES REAL ESTATE ENGINEERING/ARCHITECTURAL SERVICES ENGINEERING/ARCHITECTURAL SERVICES ENGINEERING/ARCHITECTURAL SERVICES US COMPANY ASSETS ($millionsl FOREIGN BENEFICIAL OWNER 100 <5 1 1550 30 155 100 39 125.4 125.4 125.4 14000 14000 14000 AUSTRALIA & NEW ZEALAND BANKING GROUP BANK OF SOUTH 4ALES BEKAERT NV SA NOUVELLE SOCIETE DURANITRE PETROFINA SA UNION MINIERE SA CADILLAC FAIRVIEW CORP CANADIAN PACIFIC LTD GRUNDFOS DEMOCRATIC RE°/GERMANY GOVERNMENT 0 * BANOUE NATIONAL DE PARIS SOCIETE IMETAL UNION DE BANDIES ARABES ET FRANCAISES WORLO UNION INDUSTRIAL CORP LTD BANK OF OMRAN MOHSENI MICHAEL * MARYAM ITALY GOVERNMENT OF PUTI ELECTRIC CO LTD BENIHANA KK NISSAN MOTOR CO LTD SONY CORP OUSKIN KK HAKWI090 INC HITACHI LTD HITACHI LTD DAI’EL INC SEIBU HYAKKATEN MIYAZAKI SEIKO CO LTD JUJO PAPER CO LTD GROUP OF INVESTORS SONY CORP SONY CORP BANK OF TOKYO TOYO TRUST 6 BANKING CO YOKOGAWA ELECTRIC WORKS LTD KUWAIT GOVERNMENT OF SOCIETE FINANCIERS EUROPEENE BUILDING EXPLOITATIE BUILDEX RV ANGLO-AMERICAN COR? OP SOUTH AFRICA LTD ANGLO-AMERICAN CORP D* SOUTH AFRICA LTD SUN MYUNG MOON COMMERCIAL BANK OF KOREA SUN MYUNG MOON SUN MYUNG MOON SUN 4YUNG MOON BANCO DE VIZCAYA BANCO HISPANO AMERICANO BANCO DE SANTANDER HUGIN KASSAREGISTER AB AB KARLSTADS MEKANISKA WERKSTAD KMW BAER AMERICAN BANKING CORP BOC INTL LTD BOC :n t l LTD BOC INTL LTD ARBUTHNOT-LATHAM LTD EMI LTD EMI LTD SrONE-PLATT INDUSTRIES LTD IMPERIAL CHEMICALS INDUSTRIES LTD PLESSEY CO LTD THE UNIDENTIFIED INVESTORS PICK EVERARD KSAY 6 GIMSON ALLOTT « LOMAX PICK EVERARO KEAY t GIMSON COST OF TRAN SACTION INDUSTRY/FOREIGN BENEFICIAL OWNER ($nillionsJ BANKING BANKING MISC FABRICATED METAL PRODUCTS SPECIAL INDUSTRY MACHINERY HOLDING OFFICES HOLDING OFPICES HOLDING OFFICES RAILROADS GENERAL INDUSTRIAL MACHINERY GOVERNMENT BANKING HOLDING OFFICES BANKING MISC INVESTING BANKING MISC INVESTING GOVERNMENT ELECTRIC EOUIPMENT EATING I DRINKING PLACES MOTOR VEHICLES S EOUIPMENT ELECTRICAL S ELECTRONIC EOUIPMENT WHOLESALE ELECTRICAL GOODS ADVERTISING ELECTRICAL INDUSTRIAL APPARATUS ELECTRICAL INDUSTRIAL APPARATUS DEPARTMENT STORES HOLDING OFFICES BASIC STEEL PRODUCTS PULP MILLS MISC IWESTING ELECTRICAL & ELECTRONIC EQUIPMENT ELECTRICAL 6 ELECTRONIC EQUIPMENT BANKING * «► BANKING ENGINEERING S SCIENTIFIC EQUIPMENT GOVERNMENT HOLDING OP? CBS MISC INVESTING HOLDING OFPICES HOLDING OFPICES MISC INVESTING BANKING MISC INVESTING MISC INVESTING MISC INVESTING BANKING BANKING BANKING OFFICE & COMPUTING MACHINES GENERAL INDUSTRIAL MACHINERY HOLDING OFFICES INDUSTRIAL INORGANIC CHEMICALS INDUSTRIAL INORGANIC CHEMICALS INDUSTRIAL INORGANIC CHEMICALS RADIO 6 TV RECEIVING EOUIPMENT RADIO & TV RECEIVING EOUIPMENT ELECTRIC LIGHT 6 WIPING EOUIPMENT CHEMICALS & ALLIED PRODUCTS COMMUNICATION EOUIPMENT MISC INVESTING ENGINEERING/ARCHITECTURAL SERVICES ENGINEERING/ARCHITECTURAL SERVICES ENGINEERING/ARCHITECTURAL SERVICES NEW AGENCY NEW AGENCY NEW PLANT NEW SUBSIDIARY 90.0 TOINT VENTURE 100.0 NEW PLANT 80.0 PURCHASE TOINT VENTURE NEW SUBSIDIARY 1.6 PURCHASE 'JEW BRANCH 46.0 PLA'T EXPANSION SEW SUBSIDIARY S.O PURCHASE 250.0 'JEW JOINT VENTURE 2,t PURCHASE 4.1 PURCHASE JOINT VENTURE ->.0 JOINT VENTURE EXPANSION NEW PLANT 7.4 NEW JOINT VENTURE 'JEW SUBSIDIARY NEW SUBSIDIARY 2.0 NEW SU3SIDIARY .1 JOINT VENTURE .6 NEW JOINT VENTURE 1.9 PURCHASE JOINT VENTURE 16.5 TOINT VENTURE NEW SUBSIDIARY NEW PLANT NEW TOINT VENTURE NEW AGENCY NEW BRANCH NEW SUBSIDIARY 22.0 PURCHASE • JOINT VENTURE 16.0 PURCHASE 30.0 PURCHASE I,.4 v < JOINT VENTURE i' I.TNG RIGHT* 1.2 PURCHASE NEW AGENCY 1.0 PURCHASE 5.0 °US\.HASE JEW PLANT N<iW AGENCY NEW AGENCY NEW SUBSIDIARY NEW SUBSIDIARY NEW JOINT VENTURE NSW SUBSIDIARY 5.0 NEW PLANT NEW PLANT NEW PLANT NEW SUBSIDIARY 5.0 NEW TOINT VENTURE NEW PLANT NEW PLANT 5.0 NEW PLANT NEW SUBSIDIARY 3.3 PURCHASE NEW SUBSIDIARY TOINT VENTUPE JOINT VENTURE 10.0 Appendix A4.—List of Foreign Direct Investments in the United States—other completed transactions—1976—Continued SOURCE CO-WRY WSST GERMANY----- AMERICAN HEAVY LIFT CO BANK FUR GEMEINWIRTSCHAFT BASF WYANDOTTE CORP BERLIN HANDELS & FRANKFURTER HANK CLINTON INDUSTRIAL PARK COLONIA INSURANCE CO CY/RO INDUSTRIES DESMA INDUSTRIAL MACHINES DEVTSCHS GEN0SSEN3C"AFTSBANK ENTEK BUILDING ENTRON IMC METROPOLITAN RENTAL INVESTMENTS MURPHY DIESEL CO'S JOINT VENTURE CO NORTH AMERICAN MINING CONSULTANTS INC PENZOIL °LA3A VOLKSWAGEN MANUFACTURING CORP OF AMERICA VOOLCO SHOPPING CENTER to 03 COMPANY ASSETS ($!nillions) DEEP SEA FOREIGN TRANSPORTATION COMMERCIAL BANKING INDUSTRIAL INORGANIC CHEMICALS COMMERCIAL BANKING REAL ESTATE OPERATORS & LESSORS INSURANCE PLASTICS MATERIALS & SYNTHETICS WHOLESALE MACHINERY ft EQUIPMENT COMMERCIAL BANKING REAL ESTATE OPEPATORS & LESSORS ELECTRONIC COMPONENTS & ACCESSORIES REAL ESTATE OPERATORS & LESSORS ENGINES & TURBINES MISC BUSINESS SERVICES REAL ESTATE OPERATORS & LESSORS MOTOR VEHICLES & EQUIPMENT REAL ESTATE OPERATORS 6 LESSORS POREIGN BENEFICIAL OWNER HANSA LINES BANK FUR GEMEINWIRTSCHAFT BASF AG BERL1NER HANDELS-GES^ELLSCHAPT-FRANKFURT DIXIELAND GRUNDSTUECKS GMBH COLONIA VERSICHERUNGS AG ROM*. GMBH OESMA-WERKE GMBH DEUTSCHE GENOSSENSCHAFTSBANK FRIE0R1CH FLICK GROUP ERNST ROEDERSTEIN GMBH NERNER OTTO GROUP MOTOREN—WERKE A3 MONTAN-CONSULTING GrtBS RHEINBRAUN—CONSUL DEUTSCHE BANK LED 3ANK CONSORTIUM VOLKSWAGEN AG INDUSTRY/FOREIGN BENEFICIAL OWNER COST OF TRAN SACTION TYPE OP I’RAN($nilll0ns» SACTION Op p o FOREIGN TR*NCPORTATI0N BANKIN'! C^PIICALS S ALLIED ^ROD'ICTS BANKIN'! «?v «THETICS BANKING HOLDING OFFICES ELECTRICAL S ELECTRONIC EQUIPMENT REAL ESTATE ENGINES & TURBINES MISC BUSINESS SERVICES BANKING MOTOR VEHICLES S EQUIPMENT MISC INVESTING 92.0 23.0 1.6 JOINT VENTURE HS.V BRANCH PLANT EXPANSION NEW BRANCH PURCHASE NEW SUBSIDIARY Nfc* JOINT VENTURE JOINT VENTURE NEW BRANCH PURCHASE NEW JOINT VENTURE NEW SU3SIDIARY NEW JOINT VENTURE -JEW JOINT VENTURE PURCHASE NEW PLANT 'JEJ SUBSIDIARY PURCHASE Appendix A5.—List of Foreign Direct Investments in the United States—pending transactions—1976 X SOURCE COUNTRY US COMPANY AUSTRALIA-------- REA EXPRESS INC BELGIUM---- — --- CONTINENTAL MATERIALS CORP TOINT VENTURE CANADA-— ---------CONSTRUCTION OF APARTMENT BUILDING PIRST BANK Oe PEMBROKE PINES INTL METALS RECLAIMATION CO MADAY BODY & EQUIPMENT CORP NU-VEST DEVELOPMENT COR® PANTEPEC INTL INC TELECOMMUNICATIONS SYSTEMS OP AMERICA U S R0B33R RECLAIMING CO INC tfORTH AVENUE NATL BANK FRANCE----------- GENERIC PHARMACEUTICALS & WEST RESEARCH GREAT LAKES CHEMICAL CORP INTL STEEL DEPOT INC SOUTH-JEST CRYOGENICS INC WINDSOR LIPE INSURANCE CO IRELAND-----------VI ME INDUSTRIES INC JAPAN-----------— ASA^IPEN AMERICA INC BAYBERRY CO BLISS S LA'JGHLIN I«JonSTRIES'JOINT VENTUR DAIWAA COR® KOSUGA PURNITURB INC LAND (ORIENTAH NGX S°AR’ < OLflG (USA) INC MISSIM POODS (USA) CO INC PLANT CONSTRUCTION PLANT CONSTRUCTION SONY CORP OF AMERICA SUMITOMO 1ACHIMERY CORP 0’ AMERICA TOYOTA MID—AMERICA DISTRIBUTORS INC WESTINGHOUSE'S ENTERTAINMENT TUBE DIV NRTHWLANDS-------CONSOLIDATED PIBERGLASS PRODUCTS CO INC ROHE SCIENTIFIC CORP SHELL OIL CO NOSWA*----------- A L LABORATORIES INC SNEDSN----------- MCQUAY NORRIS MANUFACTURING CO SWITZERLAND------ ALPINE GEOPHYSICAL ASSOCIATES INC POLYMER MATERIALS INC WYLY CORP UNITED XINGDO*--- AIRCO INC ALB At'ROSS SUPERHOS°HATE AND FERTILISER CORPUS CHRISTI JOINT WENTURE/CHAM°LIN CO EMI LABORATORY EMI MEDICAL INC ERCO INDUSTRIES HARDEE'S POOD SYSTEMS INC KYLE INC MALCO PLASTICS INC NEW PLANT CONSTRUCTION OXY METAL INDUSTRIES PYROTECTOR INC REED FOREST PRODUCTS INC WHITE INDUSTRIAL POWER'S ALCO DIV WeST GERMANY--- -ALLIED CHEMICAL CO'S HARMON COLORS DIV AMERICAN HOECHST BASF WYANOOTTB CORP BOEHRINGER INGSLHEIM LTD CHANNEL COMPANIES INC COLOGNE REINSURANCE CO GEA AIREXCHANGERS INC KIEPER KLOECKNER INA XRUPP INTL OIL RESOURCES INC WHITE MOTOR CORP'S EUCLID DIV US INDUSTRY NY A? NY PL PA NY CO CT TN MS 'IS COMPANY ASSETS (Sllllionsl RAILWAY EXPRESS SERVICE COPPER ORES RESIDENTIAL BUILDING CONTRACTORS COMMERCIAL BANKING SECONDARY REPINING/NONFERROUS METAL MOTOR VEHICLES 6 EQUIPMENT RESIDENTIAL BUILDING CONTRACTORS CRUDE PETROLEUM & NATURAL GAS COMMUNICATION SERVICES NSC RECLAIMED RUBBER pl CO K ’ .ERCIAL BANKING NT DRUGS IN INDUSTRIAL INORGANIC CHEMICALS TX WHOLESALE METALS & MINERALS TX INDUSTRIAL INORGANIC CHEMICALS NV LIFE INSURANCE IL PAPERBOARD CONTAINERS t BOXES CA PAINTS S ALLIED PRODUCTS NY SYNTHETICS WAVING MILLS IL BASIC STEEL PRODUCTS CA TOYS <k SPORTING GOODS CA HOUSEHOLD FURNITUPE CA MISC V“1US SMENT/R EC REATI ON SERVICES CA MISC ELECTRICAL EQUIPMENT PA .MISC FOOD PREPARATIONS S PRODUCTS MS SASIC STEEL PRODUCTS TV COATING ENGRAVING & ALLIED SERVICES AL MISC PLASTICS PRODUCTS NT >1ETAL<0RKING MACHINERY i EQUIPMENT IL WHOLESALE MOTOR VEHICLES fi. PARTS NY ELECTRONIC COMPONENTS & ACCESSORIES CA MISC WOOD PRODUCTS CA ELECTRICAL & ELECTRONIC EO'JIPMENT it. INDUSTRIAL ORGANIC CHEMICALS NT DRUGS MO MOTOR VEHICLES & EOUIP*ENT NT DRUGS NY CHEMICALS & ALLIED PRODUCTS TX COMPUTER & DATA PROCESSING SERVICES NT INDUSTRIAL INORGANIC CHEMICALS NY CHEMICALS & ALLIED PRODUCTS TX CHEMICALS & ALLIED PRODUCTS MISC BUSINESS SERVICES MEASURING S CONTROLLING INSTRUMENTS INDUSTRIAL INORGANIC CHEMICALS NC BATING & DRINKING PLACES CONCRETE GYPSUM & PLASTER PRODUCTS MD MISC PLASTICS PRODUCTS AGRICULTURAL CHEMICALS NV MISC CHEMICAL PRODUCTS MA MISC ELECTRICAL EQUIPMENT NY MISC CONVERTED PAPER PRODUCTS NY ENGINES & TURBINES NT INDUSTRIAL INORGANIC CHEMICALS CHEMICALS & ALLIED PRODUCTS INDUSTRIAL INORGANIC CHEMICALS CM CHEMICALS & ALLIED PRODUCTS NT RETAIL LUMBER & BUILDING MATERIALS CN FIRE & MARINE 6 CASUALTY INSURANCE GA METAL FORGING & STAMPING MI MOTOR VEHICLES & EQUIPMENT PLASTICS MATERIALS S> SYNTHETICS NY SPECIAL INDUSTRY MACHINERY CA OIL 6 GAS PIELD SERVICES OH MOTOR VEHICLES 6 EQUIPMENT 5S FOREIGN BENEFICIAL OWNER THOMAS NATIONWIDE TRANSPORT LTD UNION MINIERE SA PETRYN INVESTMENT CORP LTD ROYAL TRUST CO THE INTL NICKEL CO OF CANADA DIESEL P'VJIPMENT LTD NU-WEST DEVELOPMENT COP° LTD UNITED CANSO OIL % GAS LTD BELL TELEPHONE CO OF CANADA 125 CHANDLER DAVID L ROYAL TRUST CO THE 50 ELF-ERAP 475 PECHINEY UGINE KUHLMVJ PECHINEY UGINE KUHLMAN L'AIR LIQUIDE SA PROUOT GROUP S00 JEPFERSON SMURFIT GROUP LTD ASAHIPEN KK TAKIHYO CO LTD KYODO SHAFT CO LTD DAIWA SEIKO INC KOSUGA 6 CO LTD MITSUI 6 CO LTD KEISEI ELECTRIC RAILWAY N3S SPARK PLUGS CO LTD NIS3IN FOOD PRODUCTS CO LTD MARULCHI STEEL TU3E WORKS LTD NIPPON STEEL CORP MITSUI 6 CO LTD 175 SONY CORP SU.MITOMO HEAVY INDUSTRIES LTD TOYOTA MOTOR CO LTD 1000 SONY CORP CINDU KEY S KRAMER NV PHILIPS ^LOEILA’IPFNFABRIEKEN ROYAL DUTCH SHELL GROUP AS APOT-JEKERNES LABORATORIUM AKTIEBQLAGOT *B SKF 5.0 100 INTERPIBER ETABLISSEMBNT 12.0 700 HH THYSSEN BOPNEMISZA 144.0 WALTER HAEFNER AG 125.4 .4000 BOC INTL LTD FISONS LTD ICI LTD & SOLVAY ET CIE EMI LTD EMI LTD ALBRIGHT & WILSON LTD 7329 BRITISH AMERICAN TOBACCO CO LTD CONSOLIDATED GOLD FIELDS LTD E-MI LTD FISONS LTD 3000 PLESSSY CO LTD THE OHLORIDE GROUP LTD REED INTL LTD 3 E CO LTD THE 325 BAYER AG HOECHST AG 133 BASF A-3 BOEHRINGER INGELHEIM GROUP 1200 FRIEDRICH FLICK GROU® COLOGNE REINSURANCE CO GEA LUPTKULER HAPPEL GMBH KIEPER AG KLOECKNER-WERKE AG KRUPP INDUSTRIES 14 FRIEDRICH FLICK GROCJ® DEUTSCHE BANK AG Includes all nodes of dicect investment including acquisitions, mergers, equity increases, new olant construction, plant expansion, joint ventures, branch ooeninqs, realty purchases, etc. INDUSTRY/FOREIGN BENEFICIAL ' ^ B R BsasasassBsssswvssvxssssassssssKBs: COST OF TRAN SACTION (SHI11ions) FREIGHT FORWARDING HOLDING OFFICES RESIDENTIAL BUILDING CONTPACTORS BANKING "ERPOALLOY OPES MOTOR VEHICLES i EQUIPMENT RESIDENTIAL BUILDING CONTRACTORS CRUDE PETROLEUM S *»vruRAL GAS TELPPHON®1 COMMUNICATION MISC INVESTIN'! “ANKINT OIL S 'JAS EXTRACTION HOLDING OFFICES HOLD IN'; OFFICES INDUSTRIAL INOPTANIC CHEMICALS INSURANCE p Ap p p *ILLS PAINTS & ALLIFD PRODUCTS *ISC TEXTILE GOODS MISC FABRICATED METAL PRODUCTS TOYS & SPORTING GOODS HOUSEHOLD FURNITURE •WHOLESALE MISC DURABLE GOODS MIBC ELECTRICAL EOUJP^ENT MISC FOOD PREPARATIONS & PRODUCTS BASIC STFEL PRODUCTS BASIC STEEL PRODUCTS ELECTRICAL S ELECTRONIC EOUIP^ENT SPECIAL INDUSTRY MACHINERY MOTOR VEHICLES & EQUIPMENT ELECTRICAL * ELECTRONIC *OUIPMENT ELECTRICAL S ELECTRONIC EQUIPMENT HOLDING OFFICES DRUGS HOLDING OcpICES HOLDING OFFICES INDUSTRIAL INORGANIC CHEMICALS CHEMICALS t. ALLIED PRODUCTS CHEMICALS H ALLIED PRODUCT* RADIO & TV RECEIVING EO'JIPMENT RADIO & TV RECEIVING E'VIIP^FNT CHEMICALS & ALLIED PRODUCTS HOLDING OFFICES IRON ORES RADIO & TV RECEIVING BDUI®MENT CHEMICALS & ALLIED PRODUCTS COMMUNICATION EOUI^ENT MISC ®LASTICS PRODUCTS HOLDING OFFICES ELECTRICAL INDUSTRIAL APPARATUS CHEMICALS & ALLIED PRODUCTS CHEMICALS & ALLIED PRODUCTS CHEMICALS 6 ALLIED PRODUCTS CHEMICALS & ALLIED PRODUCTS HOLDING OFFICES PTRE & MARINE & CASUALTY INSURANCE PRIMARY METAL INDUSTRIES MOTOR VEHICLES & BOUI*»MENT PRIMARY REFINING/NONPERROUS METALS PRIMARY RF.PINING/NONFPRROUS METALS HOLDING OFFICES BAV<CING 1.0 70.0 30.0 19.4 10.0 ACQUISITION JOINT VENTURE NEW BUILDING ACOUISITION NEW PLANT ACQUISITION NEW SUBSIDIARY ACQUISITION ACOUISITION ACQUISITION ACQUISITION ACQUISITION ACQUISITION ACQUISITION ACQUISITION ACQUISITION EQUITY INCREASE/'I1: NEW PLANT ACQUISITION NEW .JOINT VENTURE NEW PLANT NE-N PLANT NEW JOINT VENTURE JOINT VENTURE NEW PLANT NEW SUBSIDIARY S *’ NEW PLANT NEW PLANT NEW PLANT NEW PLANT ACQUISITION ACQUISITION ACQUISITION NEW PLANT NEW SUBSIDIARY ACQUISITION ACQUISITION ACQUISITION EQUITY INCREASE NEW PLANT PLANT EXPANSION JOINT VENTURE/NEW NEW PLANT PLANT EXPANSION NEW PLANT ACQUISITION ACQUISITION ACQUISITION NEW PLANT ACQUISITION ACQUISITION PLANT EXPANSION ACQUISITION ACQUISITION NEW PLANT NEW PLANT NEW Sr J331DIARY ACOUISITION NEW SUBSIDIARY NEW PLANT NEW PLANT NEW PLANT NE< PLANT ACQUISITION ACQUISITION
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