Printer Friendly

LTV CORPORATE OFFICE MOVING TO CLEVELAND

 LTV CORPORATE OFFICE MOVING TO CLEVELAND
 DALLAS, Sept. 9 /PRNewswire/ -- The LTV Corporation (NYSE: QLTV)


announced today that it will relocate its corporate headquarters operations to Cleveland and close the company's Dallas headquarters office effective Dec. 31. It is likely that some transitional activities will continue to be performed in Dallas after that date.
 LTV Chairman and Chief Executive Officer David H. Hoag said, "relocation of
the corporate office is logical in light of LTV's current businesses." Hoag said that the company will emerge from Chapter 11 reorganization as the third largest domestic steel producer, with principal operations in Cleveland and a major oil field supply operation.
 "By combining the corporate management functions with those of LTV Steel," Hoag said, "we will be able to further streamline the operations of the reorganized company to maintain a very lean operation with emphasis on quality, productivity, customer service, cost reduction and doing what is required to succeed in the global marketplace."
 Following the Aug. 31 sale of LTV's large aerospace and defense businesses in Dallas and Grand Prairie, Texas, the move will bring to a close 45 years of an LTV corporate presence in Dallas.
 "Our world has changed with the sale of LTV Aerospace and Defense," Hoag said. "While LTV Energy Products Company, our oilfield supply business, will remain headquartered in the Dallas suburb of Garland, the majority of our operations will be outside of Texas. Cleveland is the home of our steel company, its largest facility and 7,300 employees.
 "LTV has deep roots in Ohio," Hoag said. "Our steel industry heritage can be traced to the early days of Republic Steel, Jones & Laughlin Steel and Youngstown Sheet and Tube. Cleveland is a dynamic city, blessed with strong leadership and a skilled work force, and is strategically located near our principal customers. It is the ideal location for the LTV of the future."
 As a result of the move to Cleveland, the LTV corporate function will be integrated with the management of LTV Steel. The previously scaled-down Dallas headquarters currently has about 100 employees. Job offers are being extended to a limited number of these people. It also is expected that some additional employees may be hired from outside the company.
 "One of the most rewarding experiences of my career," Hoag added, "has been the demonstration of loyalty by the LTV headquarters employees. They have stayed on the job and have performed beautifully while knowing that the corporate headquarters office location would likely be changed. I can't thank them enough.
 "For more than four decades, Texas and Dallas have been wonderful to LTV and its employees; at the same time, LTV has made a significant contribution to the economy and the growth of the Metroplex," Hoag continued. "That contribution has largely been the product of our nearly 14,000 aerospace, defense and energy products employees -- all of whom continue to live and work in Texas."
 LTV began in Dallas in 1947 as Ling Electric Company. Following mergers with Temco Aircraft in 1960 and Chance Vought Aircraft in 1961, the company became known as Ling-Temco-Vought, Inc.
 Through a series of acquisitions during the 1960s, Ling-Temco-Vought grew to 14th largest among the Fortune 500 industrial firms. Its major holdings included Wilson & Co., Braniff International, National Car Rental, The Okonite Company and a majority interest in Jones & Laughlin Steel.
 The company's name was changed to The LTV Corporation as part of a 1972 reorganization and two years later Jones & Laughlin became a wholly owned subsidiary of LTV.
 In 1978, LTV merged with Lykes Corp., acquiring the steel operations of Youngstown Sheet & Tube, along with Lykes Steamship Co. and Continental Emsco oil field supply company. Expansion continued during the early 1980s, with the acquisitions of Oil States Industries, Sierra Research Corp. and AM General Corp.
 As part of LTV's 1984 merger with Republic Steel Corp., the Jones & Laughlin and Republic Steel operations were consolidated to form LTV Steel as a wholly owned LTV subsidiary. LTV Steel's executive offices and principal operations have been located in Cleveland since that time.
 -0- 9/9/92
 /CONTACT: Charles M. Palmer of The LTV Corporation, 214-979-7941, or Mark Tomasch of LTV Steel Company, 216-622-4635/
 (LTV) CO: LTV Corporation ST: Texas, Ohio IN: ARO SU:


PS -- NY071 -- 7631 09/09/92 15:41 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 9, 1992
Words:715
Previous Article:ACTION PRODUCTS INTERNATIONAL ANNOUNCES AUGUST SALES UP 45 PERCENT
Next Article:FLEET MORTGAGE GROUP SELLS $150 MILLION 6 1/2 PERCENT NOTES DUE 1999
Topics:


Related Articles
LTV STEEL UNVEILS PLANS FOR NEW CLEVELAND CONTINUOUS SLAB CASTER
FOODBANK TO RECEIVE AREA'S LARGEST DONATION FROM LTV STEEL'S 3RD ANNUAL EMPLOYEE DRIVE
GENERAL MOTORS PRESENTS LTV STEEL-CLEVELAND WORKS WITH TOP QUALITY AWARD
LTV ANNOUNCES MANAGEMENT APPOINTMENTS
LTV STEEL OPENS SALES OFFICE IN MEXICO
LTV CLEVELAND EMPLOYEES INCREASE UNITED WAY GIVING
USWA: 700 PROTEST ASSAULT ON WORKER SAFETY
STEELWORKERS HOLD CHRISTMAS DAY DEMONSTRATION AT LTV STEEL HEADQUARTERS IN CLEVELAND PROTESTING MOVE TO ALABAMA
LTV Amends Corporate By-Laws
Steelworker Shareholders in LTV to Hold Their Own Shareholders' Meeting

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters