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This
is an extraordinary blow-by-blow story of a venerable but vulnerable British
chemical company which in its last 50 years went round a circle from family-dominated
quoted company to subsidiary of a major American conglomerate and then
re-flotation before final absorption by a French company. Rapid expansion
in the 1950's and 1960's was followed by disastrous mistakes, leading
to a near-collapse and rescue by Tenneco Inc. in 1971. Although wholly-owned
by Tenneco from 1978, Albright & Wilson retained its identity and management
until it was divested by a public offering in 1995, as a part of the break-up
of Tenneco. Less than four years later, a slump in the company's share
price after disappointing results led to a take-over battle, won by the
French chemical company Rhodia, and final disintegration.
"The contribution made to British Industrial development by the chemical
industry has been unique. I commend the book by Hugh Podger which tells
the whole story of Albright and Wilson in a clear and open way."
- Sir John Harvey-Jones (Former Chairman of ICI)
"In its prime, Albright & Wilson was an outstanding example of a
British chemical company, second only to ICI and a self-assured leader
in its field of phosphorus chemistry. How A&W lost its way and finally
its identity thanks to unwise investments and the neglect of marketing
skills makes gripping reading."
- Mike Hyde (Former Editor of Chemical Age) |
