Companies 2010 | Top Companies

FINANCE AND TRADE

2007-10-04T07:50:00.001-07:00

FINANCE AND TRADE

We have seen that finance becomes international when capital goes abroad, by being lent by investors in one country to borrowers in another, or by being invested in enterprises formed to carry on some kind of business abroad. We have next to consider why capital goes abroad and whether it is a good or a bad thing, for it to do so.

Capital goes abroad because it is more wanted in other countries than in the country of its origin, and consequently those who invest abroad are able to do so to greater advantage. In countries like England and France, where there have been for many centuries thrifty folk who have saved part of their income, and placed their savings at the disposal of industry, it is clear that industry is likely to be better supplied with capital than in the new countries which have been more lately peopled, and in which the store of accumulated goods is less adequate to the industrial needs of the community. For we must always remember that though we usually speak and think of capital as so much money it is really goods and property. In England money consists chiefly of credit in the books of banks, which can only be created because there is property on which the banks can make advances, or because there is property expressed in securities in which the banks can invest or against which they can lend. Because our forefathers did not spend all their incomes on their own personal comfort and amusement but put a large part of them into railways and factories, and shipbuilding yards, our country is now reasonably well supplied with the machinery of production and the means of transport. Whether it might not be much better so equipped is a question with which we are not at present concerned. At least it may be said that it is more fully provided in these respects than new countries like our colonies, America and Argentina, or old countries like Russia and China in which industrial development is a comparatively late growth, so that there has been less time for the storing up, by saving, of the necessary machinery.

So it comes about that new countries are in greater need of capital than old ones and consequently are ready to pay a higher rate of interest for it to lenders or to tempt shareholders with a higher rate of profit. And so the opportunity is given to investors in England to develop the agricultural or industrial resources of all the countries under the sun to their own profit and to that of the countries that it supplies. When, for example, the Government of one of the Australian colonies came to London to borrow money for a railway, it said in effect to English investors, "Your railways at home have covered your country with such a network that there are no more profitable lines to be built. The return that you get from investing in them is not too attractive in view of all the trade risks to which they are subject. Do not put your money into them, but lend it to us. We will take it and build a railway in a country which wants them, and, whether the railway pays or no, you will be creditors of a Colonial Government with the whole wealth of the colony pledged to pay you interest and pay back your money when the loan falls due for repayment." For in Australia the railways have all been built by the Colonial Governments, partly because they wished, by pledging their collective credit, to get the money as cheaply as possible, and keep the profits from them in their own hands, and partly probably because they did not wish the management of their railways to be in the hands of London boards. In Argentina, on the other hand, the chief railways have been built, not by the Government but by English companies, shareholders in which have taken all the risks of the enterprise, and have thereby secured handsome profits to them, tempered with periods of bad traffic and poor returns.

For many years there was a good deal of prejudice in England against investing abroad, especially among the more sleepy classes of investors who had made their money in home trade, and liked to keep it there when they invested it. As traders, we learnt a worldwide outlook many centuries before we did so as investors. To send a ship with a cargo of English goods to a far off country to be exchanged into its products was a risk that our enterprising forefathers took readily. The ship took in its return cargo and came home, bringing its sheaves with it in a reasonable time, though the Antonius of the period sometimes had awkward moments if their ships were delayed by bad weather, and they were liable on a bond to Shylock. But it was quite another matter to lend money in a distant country when communication was slow and difficult, and social and political conditions had not gained the stability that is needed before contracts can be entered into extending over many years. International money lending took place, of course, in the middle ages, and everybody knows Motley's great description of the consternation that shook Europe when Philip the Second repudiated his debts "to put an end to such financiering and unhallowed practices with bills of exchange." ^[3] But though there were moneylenders in those days that obliged foreign potentates with loans, the business was in the hands of expert professional specialists, and there was no medieval counterpart of the country doctor whom we have imagined to be developing industry all over the world by placing his savings in foreign countries. There could be no investing public until there were large classes that had accumulated wealth by saving, and until the discovery of the principle of limited liability enabled adventurers to put their savings into industry without running the risk of losing not only what they put in, but all else that they possessed. By means of this system, the risk of a shareholder in a company is limited to a definite amount, usually the amount that has been paid up on his shares or stock, though in some cases, such as bank and insurance shares, there is a further reserve liability which is left for the protection of the companies' customers.

In the eighteenth century a great outburst of gambling in the East Indian and South Sea companies, and a horde of less notorious concerns was a short-lived episode which must have helped for a very long time to strengthen the natural prejudice that investors feel in favour of putting their money into enterprise at home; and it was still further strengthened by the disastrous results of another great plague of bad foreign securities that smote London just after the war that ended at Waterloo. This prejudice survived up to within living memory, and I have heard myself old-fashioned stockbrokers maintain that, after all, there was no investment like Home Rails, because investors could always go and look at their property, which could not run away. Gradually, however, the habit of foreign investment grew, under the influence of the higher rates of interest and profit offered by new countries, the greater political stability that was developed in them, and political apprehensions at home. In fact it grew so fast and so lustily that there came a time, not many years ago, when investments at home were under a cloud, and many clients, when asking their brokers where and how to place their savings, stipulated that they must be put somewhere abroad.

This was at a time when Mr. Lloyd George's financial measures were arousing resentment and fear among the investing classes, and when preachers of the Tariff Reform creed were laying so much stress on our "dying industries" that they were frightening those who trusted them into the belief that the sun was setting on our industrial greatness. The effect of this belief was to bring down the prices of home securities, and to raise those of other countries, as investors changed from the former into the latter.

So the theory that we were industrially and financially doomed got another argument from its own effects, and its missionaries were able to point to the fall in Consoles and the relative steadiness of foreign and colonial securities which their own preaching had brought about, as fresh evidence of its truth. At the same time fear of Socialistic legislation at home had the humorous result of making British investors fear to touch Consoles, but rush eagerly to buy the securities of Colonial Governments which had gone much further in the direction of Socialism than we had. Those were great days for all who handled the machinery of overseas investment and in the last few years before the war it is estimated that England was placing some 200 millions a year in her colonies and dependencies and in foreign countries. Old-fashioned folk who still believed in the industrial strength and financial stability of their native land waited for the reaction which was bound to follow when some of the countries into which we poured capital so freely, began to find a difficulty in paying the interest; and just before the war this reaction began to happen, in consequence of the default in Mexico and the financial embarrassments of Brazil. Mexico had shown that the political stability, which investors had believed it to achieve, was a very thin veneer and a series of revolutions had plunged that hapless land into anarchy. Brazil was suffering from a heavy fall in the price of one of her chief staple products, rubber, owing to the competition of plantations in Ceylon, Straits Settlements and elsewhere, and was finding difficulty in meeting the interest on the big load of debt that the free facilities given by English and French investors had encouraged her to pile up. She had promised retrenchment at home, and another big loan was being hatched to tide her over her difficulties—or perhaps increase them—when the war cloud began to gather and she has had to resort for the second time in her history to the indignity of a funding scheme. By this "new way of paying old debts" she does not pay interest to her bondholders in cash, but gives them promises to pay instead, and so increases the burden of her debt, which she hopes some day to be able to shoulder again, by resuming payments in cash.

Mexico and Brazil were not the only countries that were showing signs, in 1914, of having indulged too freely in the opportunities given them by the eagerness of English and French investors to place money abroad. It looked as if in many parts of the earth a time of financial disillusionment was dawning, the probable result of which would have been a strong reaction in favour of investment at home. Then came the war with a short sharp spell of financial chaos followed by a halcyon period for young countries, which enabled them to sell their products at greatly increased prices to the warring powers and so to meet their debt charges with an ease that they had never dreamt of, and even to find themselves lending, out of the abundance of their war profits, money to their creditors. America has led the way with a loan of £100 millions to France and England, and Canada has placed 10 millions of credit at the disposal of the Mother Country. There can be little doubt that if the war goes on, and the neutral countries continue to pile up profits by selling food and war materials to the belligerents, many of them will find it convenient to lend some of their gains to their customers. America has also been taking the place of France and England as international moneylenders by financing Argentina; and a great company has been formed in New York to promote international activity, on the part of Americans, in foreign countries. "And thus the whirligig of time," assisted by the eclipse of civilization in Europe, "brings in his revenges" and turns debtors into creditors. In the meantime it need hardly be said that investment at home has become for the time being a matter of patriotic duty for every Englishman, since the financing of the war has the first and last claim on his savings.

Our present concern, however, is not with the war problems of to-day, but with the processes of international finance in the past, and perhaps, before we get to the end, with some attempt to hazard a glimpse into its arrangements in the future. What was the effect on England, and on the countries to which she lent, of her money lending activity in the past? As soon as we begin to look into this question we see once more how close is the connection between finance and trade, and that finance is powerless unless it is supported and in fact made possible by industrial or commercial activity behind it. England's international trade made her international finance possible and necessary. A country can only lend money to others if it has goods and services to supply, for in fact it lends not money but goods and services.

In the beginnings of international trade the older countries exchange their products for the raw materials and food produced by the new ones. Then, as emigrants from the old countries go out into the new ones, they want to be supplied with the comforts and appliances of the older civilizations, such as, to take an obvious example, railways. But as the productions of the new countries, at their early stage of development, do not suffice to pay for all the material and machinery needed for building railways, they borrow, in effect, these materials, in the expectation that the railways will open out their resources, enable them to put more land under the plough and bring more stuff to the seaboard, to be exchanged for the products of Europe. The new country, New Zealand or Japan, or whichever it may be, raises a loan in England for the purpose of building a railway, but it does not take the money raised by the loan in the form of money, but in the form of goods needed for the railway, and sometimes in the form of the services of those who plan and build it. It does not follow that all the stuff and services needed for the enterprise are necessarily bought in the country that lends the money; for instance, if Japan borrows money from us for a railway, she may buy some of the steel rails and locomotives in Belgium, and instruct us to pay Belgium for her purchases. If so, instead of sending goods to Japan we shall have to send goods or services to Belgium, or pay Belgium with the claim on some other country that we have established by sending goods or services to it. But, however long the chain may be, the practical fact is that when we lend money we lend somebody the right to claim goods or services from us, whether somebody to whom the borrower gives a claim on us takes them from us by the borrower, or.

If, whenever we made a loan, we had to send the money to the borrower in the form of gold, our gold store would soon be used up, and we should have to leave off lending. In other words, our financiers would have to retire from business very quickly if it were not that our manufacturers and ship-owners and all the rest of our industrial army produced the goods and services to meet the claims on our industry given, or rather lent, to other countries by the machinery of finance.

This obvious truism is often forgotten by those who look on finance as an independent influence that can make money power out of nothing; and those who forget it are very likely to find themselves entangled in a maze of error. We can make the matter a little clearer if we go back to the original saver, whose money, or the professional financier handles claims on industry. Those who save do so by going without things. Instead of spending their earnings on immediate enjoyment they spend part of them in providing somebody else with goods that they need, and taking from that somebody else an annual payment for the use of these goods for a certain period, after which, if it is a case of a loan, the transaction is closed by repayment of the advance, which again is effected by a transfer of goods. When our country doctor subscribes to an Australian loan raised by a colony for building a railway, he hands over to the colony money, which a less thrifty citizen would have spent on pleasures and amusements, and the colony uses it to buy railway material. Thus in effect the doctor is spending his money in making a railway in Australia. He is induced to do so by the promise of the colony to give him £4 every year for each £100 that he lends. If there were not enough people like him to put money into industry instead of spending it on himself, there could be no railway building or any other form of industrial growth. It is often contended that a reconstruction of society on a Socialistic basis would abolish the capitalist; but in fact it would make everybody a capitalist because the State would have to make the citizens as a whole go without certain immediate enjoyments and work on the production of the machinery of industry. Instead of saving being left to the individual and rewarded by a rate of interest, it would be imposed on all and rewarded by a greater productive power, and consequent increase in commodities, enjoyed by the community and distributed among all its members. The advantages, on paper, of such an arrangement over the present system are obvious. Whether they would be equally obvious in practice would depend on the discretion with which the Government handled the enormous responsibility placed in its hands. But the essential fact that capital can only be got by being saved, and earns the reward that it gets, would remain as strongly in force as ever, and will do so until we have learnt to make goods out of nothing and without effort.

Going back to our doctor, who lends railway material to an Australian colony, we see that every year for each £100 lent the colony has to send him £4. This it can only do if its mines and fields and factories can turn out metals or wheat or wool, or other goods which can be shipped to England or elsewhere and be sold, so that the doctor's £4 is provided. And so though on both sides the transaction is expressed in money it is in fact carried out in goods, both when the loan is made and the interest is paid. And finally when the loan is paid back again, the colony must have sold goods to provide repayment, unless it meets its debts by raising another. But when a loan is well spent on a railway that is needed for the development of a fertile or productive district, it justifies itself by cheapening transport and quickening the output of wealth in such a manner, that the increased volume of goods that it has helped to create easily meets the interest due to lenders, provides a fund for its redemption at maturity, and leaves the borrower better off, with a more fully equipped productive system.

Since, then, there is this close and obvious connection between finance and trade, it is inevitable that all who partake in the activities of international finance should find their trade quickened by it. England has lent money abroad because she is a great producer, and certain classes of Englishmen are savers, so that there was a balance of goods available for export, to be lent to other countries. In the early years of the nineteenth century, when our industrial power was first beginning to gather strength, we used regularly to export goods to a greater value than we imported. These were the goods that we were lending abroad, clearly showing them in our trade ledger. Since then the account has been complicated by the growth of the amount that our debtors owe us every year for interest, and by the huge earnings of our merchant navy, which other countries pay by shipping goods to us, so that, by the growth of these items, the trade balance sheet has been turned in the other direction, and in spite of our lending larger and larger amounts all over the world we now have a balance of goods coming in. Interest due to us and shipping freights and the commissions earned by our bankers and insurance companies were estimated before the war to amount to something like 350 millions a year, so that we were able to lend other countries some 200 millions or more in a year and still take from them a very large balance in goods. After the war this comfortable state of affairs will have been modified by the sales that we are making now in New York of the American Railroad bonds and shares that represented the savings that we had put into America in former years, and by the extent of our war borrowings in America, and elsewhere, if we widen the circle of our creditors. The effect of this will be that we shall owe America for interest on the money that it is lending us, and that it will owe us less interest, owing to the blocks of its securities that it is buying back. Against this we shall be able to set debts due to us from our Allies, but if our borrowings and sales of securities exceed our landings as the war goes on, we shall thereby be poorer. Our power as a creditor country will be less, until by hard work and strict saving we have restored it. This we can very quickly do, if we remember and apply the lessons that war is teaching us about the number of people able to work, whose capacity was hitherto left fallow, that this country contained, and also about the ease with which we can dispense, when a great crisis makes us sensible, with many of the absurdities and futilities on which much of our money, and productive capacity, used to be wasted.

Valero Energy Corporation (Valero)

2007-09-27T06:26:00.001-07:00

Valero Energy Corporation (Valero)

Valero Energy Corporation (Valero), incorporated in 1981, owns and operates 18 refineries located in the United States, Canada, and Aruba that produce refined products, such as reformulated gasoline blendstock for oxygenate blending (RBOB), gasoline meeting the specifications of the California Air Resources Board (CARB), CARB diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates (liquid hydrocarbon compounds containing oxygen). The Company also produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants and other refined products. Valero markets branded and unbranded refined products on a wholesale basis in the United States and Canada through a bulk and rack marketing network. It also sells refined products through a network of approximately 5,800 retail and wholesale branded outlets in the United States, Canada and Aruba. During the year ended December 31, 2006, Valero sold all of its ownership interest in Valero GP Holdings, LLC. In July 2007, the Company completed the sale of the Lima, Ohio refinery to Husky Energy Inc.

The Company's business is organized into two segments: refining and retail. Its refining segment includes refining operations, wholesale marketing, product supply and distribution, and transportation operations. The refining segment is segregated geographically into the Gulf Coast, Mid-Continent, West Coast and Northeast regions. Valero's retail segment includes Company-operated convenience stores, Canadian dealers/jobbers, truckstop facilities, cardlock facilities and home heating oil operations. The retail segment is segregated into two geographic regions. The Company's retail operations in eastern Canada are referred to as Retail-Canada. Its retail operations in the United States are referred to as Retail-U.S.

Refining

On December 31, 2006, Valero's refining operations included 18 refineries in the United States, Canada and Aruba with a combined total throughput capacity of approximately 3.3 million barrels per day (BPD). The Company's Corpus Christi East and West Refineries are located along the Corpus Christi Ship Channel on the Texas Gulf Coast. The West Refinery specializes in processing primarily sour crude oil and resid into premium products, such as RBOB. The East Refinery processes heavy, high-sulfur crude oil into conventional gasoline, diesel, jet fuel, asphalt, aromatics, and other light products. Its Port Arthur Refinery is located on the Texas Gulf Coast approximately 90 miles east of Houston. The refinery processes primarily heavy sour crude oils and other feedstocks into conventional and premium gasoline and RBOB, as well as diesel, jet fuel, petrochemicals, petroleum coke and sulfur.

The Company's Aruba Refinery is located on the island of Aruba in the Caribbean Sea. It processes primarily heavy sour crude oil and produces primarily intermediate feedstocks and finished distillate products. Its St. Charles Refinery is located approximately 15 miles from New Orleans along the Mississippi River. The refinery processes sour crude oils and other feedstocks into gasoline, distillates and other light products. Valero's Texas City Refinery is located southeast of Houston on the Texas City Ship Channel. The refinery processes primarily heavy sour crude oils into a slate of products. Its Houston Refinery is located on the Houston Ship Channel. It processes primarily sour crude oils and low-sulfur resid into conventional gasoline and distillates. The refinery also produces roofing-grade asphalt. Valero's Three Rivers Refinery is located in South Texas between Corpus Christi and San Antonio. It processes primarily heavy sweet and sour crude oils into conventional gasoline and distillates. The refinery has access to crude oil from foreign sources delivered to the Texas Gulf Coast at Corpus Christi, as well as crude oil from domestic sources through third-party pipelines. The Company's Krotz Springs Refinery is located between Baton Rouge and Lafayette, Louisiana on the Atchafalaya River. It processes light sweet crude oils (received by pipeline and barge) into conventional gasoline and distillates.

Valero's Benicia Refinery is located northeast of San Francisco on the Carquinez Straits of San Francisco Bay. It processes sour crude oils into premium products, primarily CARBOB gasoline. (CARBOB is a reformulated gasoline mixture that meets the specifications of the California Air Resources Board when blended with ethanol.) Its Wilmington Refinery is located near Los Angeles, California. The refinery processes a blend of heavy and high-sulfur crude oils. The refinery can produce all of its gasoline as CARBOB gasoline and produces both ultra-low-sulfur diesel and CARB diesel. The refinery is connected by pipeline to marine terminals and associated dock facilities that can move and store crude oil and other feedstocks. Refined products are distributed via the Kinder Morgan pipeline system and various third-party terminals in southern California, Nevada, and Arizona.

The Company's Memphis Refinery is located in Tennessee along the Mississippi River's Lake McKellar. It processes primarily light sweet crude oils. Almost all of its production is light products, including regular and premium gasoline, diesel, jet fuels, and petrochemicals. Valero's McKee Refinery is located in the Texas Panhandle. It processes primarily sweet crude oils and produces conventional gasoline, RBOB, low-sulfur diesel, jet fuels and asphalt. The refinery has access to crude oil from Texas, Oklahoma, Kansas and Colorado through third-party pipelines. The Company's Lima Refinery is located in Ohio between Toledo and Dayton. It processes primarily light sweet crude oils. The refinery produces conventional gasoline, RBOB, diesel, jet fuels and petrochemicals. Valero's Ardmore Refinery is located in Ardmore, Oklahoma, approximately 90 miles from Oklahoma City. It processes medium sour and light sweet crude oils into conventional gasoline, low-sulfur diesel and asphalt.

Valero's Quebec City Refinery is located in Levis, Canada. It processes sweet crude oils, sweet acidic crude oils into conventional gasoline, low-sulfur diesel, jet fuels, heating oil and propane. The refinery receives crude oil by ship at its deepwater dock on the St. Lawrence River. The Company's Delaware City Refinery is located along the Delaware River near Wilmington, Delaware. The refinery processes primarily sour crude oils into a slate of products, including conventional gasoline, RBOB, petroleum coke, sulfur, low-sulfur diesel and home heating oil. Its Paulsboro Refinery is located in Paulsboro, New Jersey, approximately 15 miles south of Philadelphia on the Delaware River. The refinery processes primarily sour crude oils into a slate of products, including gasoline, distillates, lube oil basestocks, asphalt, petroleum coke, sulfur and fuel oil.

Retail

The Company's retail segment operations include sales of transportation fuels at retail stores and unattended self-service cardlocks; sales of convenience store merchandise in retail stores, and sales of home heating oil to residential customers. Valero is an independent retailer of refined products in the central and southwest United States and eastern Canada. The Company's retail operations are supported by its credit card program, which had approximately 700,000 accounts as of December 31, 2006. Its retail operations are segregated geographically into two groups: Retail-U.S. and Retail-Canada.

Sales in Retail-U.S. represent sales of transportation fuels and convenience store merchandise through Valero's Company-operated retail sites. During 2006, total sales of refined products through Retail-U.S.'s retail sites averaged approximately 116,600 BPD. In addition to transportation fuels, its Company-operated convenience stores sell snacks, candy, beer, fast foods, cigarettes and fountain drinks. On December 31, 2006, the Company had 967 Company-operated sites in Retail-U.S. (of which approximately 75% were owned and 25% were leased). Its Company-operated stores are operated primarily under the brand names Corner Store and Stop N Go. Transportation fuels sold in Valero's Retail-U.S . stores are sold primarily under the Valero brand, with some sites selling under the Diamond Shamrock brand pending their conversion to the Valero brand.

Sales in Retail-Canada include the sales of refined products and convenience store merchandise through its Company-operated retail sites and cardlocks; sales of refined products through sites owned by independent dealers and jobbers, and sales of home heating oil to residential customers. Retail-Canada includes retail operations in eastern Canada, where Valero is a supplier of refined products serving Quebec, Ontario, and the Atlantic Provinces of Newfoundland, Nova Scotia, New Brunswick, and Prince Edward Island. During 2006, total retail sales of refined products through Retail-Canada averaged approximately 75,600 BPD. Transportation fuels are sold under the Ultramar brand through a network of 956 outlets throughout eastern Canada. On December 31, 2006, the Company owned or leased 446 retail stores in Retail-Canada and distributed gasoline to 510 dealers and independent jobbers. In addition, Retail-Canada operates 89 cardlocks, which are card- or key-activated, self-service, unattended stations that allow commercial, trucking and governmental fleets to buy transportation fuel 24 hours a day. Retail-Canada operations also include a home heating oil business that provides home heating oil to approximately 151,000 households in eastern Canada.

The Kroger Co.

2007-09-27T06:22:00.001-07:00

The Kroger Co.

The Kroger Co., incorporated in 1902, operates retail food and drug stores, multi-department stores, jewelry stores and convenience stores throughout the United States. The Company also manufactures and processes some of the food for sale in its supermarkets. As of February 3, 2007, the Company operated, either directly or through its subsidiaries, 2,468 supermarkets and multi-department stores under two dozen banners, including Kroger, Ralphs, Fred Meyer, Food 4 Less, King Soopers, Smith's, Fry's, Fry's Marketplace, Dillons, QFC and City Market. Of these stores, 631 had fuel centers. Approximately 39% of these supermarkets were operated in Company-owned facilities, including some Company-owned buildings on leased land. As of February 3, 2007, The Kroger Co., either directly or through subsidiaries, operated 779 convenience stores and 412 fine jewelry stores.

The Company's supermarkets are generally operated under formats, which include combination food and drug stores (combo stores), multi-department stores, price impact warehouses or marketplace stores. The combo stores are the primary food store format. The combo stores offers specialty departments, which include natural food and organic sections, pharmacies, general merchandise, pet centers, and perishables, such as seafood and organic produce. Many combo stores include a fuel center. Multi-department stores are significantly larger in size than combo stores. In addition to the departments offered at a typical combo store, multi-department stores sell a selection of general merchandise items, such as apparel, home fashion and furnishings, electronics, automotive, toys and fine jewelry. Many multi-department stores include a fuel center. Price impact warehouse stores offer a no-frills, low-cost warehouse format and feature everyday low prices plus promotions for a selection of grocery, and health and beauty care items. Meat, dairy, baked goods and fresh produce items are also offered. The average size of a price impact warehouse store is similar to that of a combo store.

The Kroger Co.'s fine jewelry stores are substantially operated in leased locations. As of February 3, 2007, its subsidiaries operated 687 of the convenience stores, while 92 were operated through franchise agreements. Approximately 44% of the convenience stores operated by subsidiaries were operated in Company-owned facilities. The convenience stores offer a limited assortment of staple food items and general merchandise, and in most cases, sell gasoline. As of February 3, 2007, the Company operated 42 manufacturing plants, which supplied approximately 55% of the corporate brand units sold in the Company's retail outlets. These plants consisted of 18 dairies, 11 deli or bakery plants, five grocery product plants, three beverage plants, three meat plants and two cheese plants.

JPMorgan Chase & Co. (JPMorgan Chase)

2007-09-27T06:18:00.001-07:00

JPMorgan Chase & Co. (JPMorgan Chase)

JPMorgan Chase & Co. (JPMorgan Chase), incorporated in 1968, is a financial holding company. JPMorgan Chase's principal bank subsidiaries are JPMorgan Chase Bank, National Association, a national banking association with branches in 17 states, and Chase Bank USA, National Association, a national bank that is the Company's credit card issuing bank. JPMorgan Chase's principal non-banking subsidiary is J.P. Morgan Securities Inc., its United States investment banking firm. The bank and non-bank subsidiaries of JPMorgan Chase operate nationally, as well as through overseas branches and subsidiaries, representative offices and subsidiary foreign banks.

In May 2007, the Company completed the acquisition of Xign Corporation, a provider of business-to-business financial settlement solutions. The business will be known as JPMorgan Xign Corporation. The acquisition included Xign's technology, services and order-to-pay domain capabilities. On October 1, 2006, JPMorgan Chase completed the acquisition of The Bank of New York Company, Inc.'s consumer, business banking and middle-market banking businesses. On July 1, 2006, JPMorgan Chase completed the sale of its life insurance and annuity underwriting businesses to Protective Life Corporation. On April 21, 2006, JPMorgan Chase completed the acquisition of private-label credit card receivables and approximately 21 million accounts from Kohl's Corporation. On March 1, 2006, the Company acquired Collegiate Funding Services, which is engaged in education loan servicing and consolidation. On March 1, 2006, JPMorgan Chase acquired the middle and back office operations of Paloma Partners Management Company. On February 28, 2006, it announced an alliance with Fidelity Brokerage to become the provider of new issue equity securities and the primary provider of fixed income products to Fidelity's brokerage clients and retail customers.

The Company's activities are organized into six business segments: Investment Bank, Retail Financial Services, Card Services, Commercial Banking, Treasury & Securities Services and Asset Management. Its wholesale business comprises the Investment Bank, Commercial Banking, Treasury & Securities Services, and Asset & Wealth Management. Its consumer business comprises Retail Financial Services and Card Services.

Investment Bank

The Investment Bank's clients are corporations, financial institutions, governments and institutional investors. The Company offers a range of investment banking products and services in many capital markets, including advising on corporate strategy and structure, capital raising in equity and debt markets, risk management, market-making in cash securities and derivative instruments, and research. The Investment Bank also commits JPMorgan Chase's own capital to investing and trading activities.

Retail Financial Services

Retail Financial Services (RFS), which includes Regional Banking, Mortgage Banking and Auto Finance reporting segments, helps meet the financial needs of consumers and businesses. RFS provides consumer banking through the its branch network and automated teller machines (ATMs) network. RFS is a mortgage originator and servicer, as well as at home equity originator It is also a non-captive originator of automobile loans and a student loan originator.

RFS serves customers through more than 3,000 bank branches, 8,500 ATMs and 270 mortgage offices, and through relationships with more than 15,000 auto dealerships and 4,300 schools and universities. More than 11,000 branch salespeople assist customers, across a 17-state footprint from New York to Arizona, with checking and savings accounts, mortgage, home equity and business loans, investments and insurance. Over 1,200 additional mortgage officers provide home loans throughout the country.

Card Services

Chase Card Services (CS) is a credit card issuer. It has more than 154 million cards in circulation and $152.8 billion in managed loans. Customers used Chase cards for over $339 billion worth of transactions during the year ended December 31, 2006. CS offers a variety of general-purpose cards to satisfy the needs of individual consumers, small businesses and partner organizations, including cards issued with AARP, Amazon, Continental Airlines, Marriott, Southwest Airlines, Sony, United Airlines, Walt Disney Company and many other brands and organizations. It also issues private-label cards with Circuit City, Kohl's, Sears Canada and BP. Chase Paymentech Solutions, LLC, a joint venture with JPMorgan Chase and First Data Corporation, is a processor of MasterCard and Visa payments, having handled over 18 billion transactions in 2006.

Commercial Banking

Commercial Banking (CB) serves more than 30,000 clients, including corporations, municipalities, financial institutions and not-for-profit entities. Commercial bankers serve clients nationally throughout the RFS footprint and in offices located in other markets. CB delivers product capabilities, including lending, treasury services, investment banking and asset management.

Treasury & Securities Services

Treasury & Securities Services (TSS) is engaged in providing transaction, investment and information services to support the needs of institutional clients worldwide. TSS is a cash management provider and a global custodian. Treasury Services (TS) provides a variety of cash management products, trade finance and logistics solutions, wholesale card products, and liquidity management capabilities to small and midsized companies, multinational corporations, financial institutions and government entities. TS partners with the Commercial Banking, Retail Financial Services and Asset Management businesses to serve clients firmwide.

Asset Management

Asset Management (AM) is a global leader in investment and wealth management. AM clients include institutions, retail investors and high-net-worth individuals in various market s throughout the world. AM offers global investment management in equities, fixed income, real estate, hedge funds, private equity and liquidity, including both money market instruments and bank deposits. AM also provides trust and estate and banking services to high-net-worth clients, and retirement services for corporations and individuals. The majority of AM's client assets are in actively managed portfolios.

Bank of America Corporation (Bank of America)

2007-09-27T06:15:00.001-07:00

Bank of America Corporation (Bank of America)

Bank of America Corporation (Bank of America), incorporated in 1998, is a bank holding company. Through its banking subsidiaries (the Banks) and various non-banking subsidiaries throughout the United States and in selected international markets, Bank of America provides a diversified range of banking and non-banking financial services and products through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking, and Global Wealth and Investment Management. The Company operates in 30 states, the District of Columbia and 44 foreign countries. In the United States, it serves more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 automated teller machines (ATMs) and more than 21 million active online users. It offers services in 16 states.

In July 2007, Bank of America completed the acquisition of U.S. Trust Corporation, creating U.S. Trust, Bank of America Private Wealth Management, a private wealth management organization in the United States. In June 2007, the Company completed the acquisition of the reverse mortgage business of Seattle Mortgage Company, an indirect subsidiary of Seattle Financial Group, Inc. Seattle Mortgage had marketed its reverse mortgages under its division name, Reverse Mortgage of America. In April 2007, ABN AMRO Holding N.V. announced the sale of ABN AMRO North America Holding Company, which principally consists of the retail and commercial banking activities of LaSalle Bank Corporation, to Bank of America. In December 2006, the Company completed the sale of its retail and commercial business in Hong Kong and Macau (Asia Commercial Banking business) to China Construction Bank. In October 2006, BentleyForbes, a commercial real estate investment and operations company, completed the acquisition of Bank of America Plaza in Atlanta from CSC Associates, a partnership of Cousins Properties Incorporated and Bank of America Corporation. In September 2006, the Company completed the sale of its Brazilian operations. On January 1, 2006, Bank of America completed its merger with MBNA Corporation.

Global Consumer and Small Business Banking

Global Consumer and Small Business Banking offers a range of products and services through a franchise that stretches coast to coast through 30 states and the District of Columbia. The Company provides credit card products to customers in Canada, Ireland, Spain and the United Kingdom. In the United States, it serves more than 55 million consumer and small business relationships utilizing its network of 5,747 banking centers, 17,079 domestic branded ATMs, and telephone and Internet channels. Within Global Consumer and Small Business Banking, there are four primary businesses: Deposits, Card Services, Mortgage and Home Equity. Deposits provides a range of products to consumers and small businesses.

Bank of America's products include traditional savings accounts, money market savings accounts, certificate of deposit (CDs), individual retirement account (IRAs), and regular and interest checking accounts. Debit card results are also included in Deposits. During the year ended December 31, 2006, the Company added approximately 2.4 million net new retail checking accounts and 1.2 million net new retail savings accounts.

Card Services offers United States Consumer and Business Card, Unsecured Lending, Merchant Services and International Card Businesses. Bank of America offers a variety of co-branded and affinity credit card products. Prior to the merger with MBNA, Card Services included United States Consumer Card, United States Business Card and Merchant Services. Mortgage generates revenue by providing a line of mortgage products and services to customers nationwide. Mortgage products are available to the Company's customers through a retail network of personal bankers located in 5,747 banking centers, sales account executives in nearly 200 locations and through a sales force offering its customers direct telephone and online access to its products. In addition, it serves customers through a partnership with more than 6,500 mortgage brokers in all 50 states. The mortgage product offerings for home purchase and refinancing needs include fixed and adjustable rate loans.

The mortgage business includes the origination, fulfillment, sale and servicing of first mortgage loan products. Servicing activities primarily include collecting cash for principal, interest and escrow payments from borrowers, and accounting for and remitting principal and interest payments to investors, and escrow payments to third parties. Servicing income includes ancillary income derived in connection with these activities, such as late fees. The Mortgage servicing portfolio includes loans serviced for others, and originated and retained residential mortgages. As of December 31, 2006, the servicing portfolio was $333.0 billion.

Home Equity generates revenue by providing a line of home equity products and services to customers nationwide. Home Equity products include lines of credit and home equity loans and are also available to Bank of America's customers through its retail network and its partnership with mortgage brokers. As of December 31, 2006, the Home Equity servicing portfolio was $86.5 billion.

Global Corporate and Investment Banking

Global Corporate and Investment Banking provides a range of financial services to both the Company's issuer and investor clients that range from business banking clients to international corporate and institutional investor clients. Global Corporate and Investment Banking's products and services are delivered from three primary businesses: Business Lending, Capital Markets and Advisory Services, and Treasury Services, and are provided to its clients through a global team of client relationship managers and product partners. The Company's clients are supported through offices in 26 countries that are divided into four geographic regions: United States and Canada; Asia; Europe, Middle East and Africa, and Latin America.

Business Lending provides a range of lending-related products and services to Bank of America's clients through client relationship teams along with various product partners. Products include commercial and corporate bank loans and commitment facilities, which cover its business banking clients, middle market commercial clients and its multinational corporate clients. Real estate lending products are issued primarily to public and private developers, homebuilders and commercial real estate firms. Leasing and asset-based lending products offer the Company's clients financing solutions. Products also include indirect consumer loans, which allow it to offer financing through automotive, marine, motorcycle and recreational vehicle dealerships across the United States.

Capital Markets and Advisory Services provides products, advisory services and financing globally to Bank of America's institutional investor clients in support of their investing and trading activities. The Company also works with its commercial and corporate issuer clients to provide debt and equity underwriting and distribution capabilities, merger-related advisory services and risk management solutions using interest rate, equity, credit and commodity derivatives, foreign exchange, fixed income and mortgage-related products. Underwriting debt and equity, securities research and certain market-based activities are executed through Banc of America Securities, LLC, which is a primary dealer in the United States and several other countries.

Treasury Services provides integrated working capital management and treasury solutions to clients worldwide through Bank of America's network of offices and special clearing arrangements. The Company's clients include multinationals, middle-market companies, correspondent banks, commercial real estate firms and governments. Its products and services include treasury management, trade finance, foreign exchange, short-term credit facilities and short-term investing options. Net Interest Income is derived from interest and non-interest-bearing deposits, sweep investments and other liability management products.

Global Wealth and Investment Management

Global Wealth and Investment Management provides offers customized banking and investment services. The Company's clients have access to a range of services offered through three primary businesses: The Private Bank, Columbia Management (Columbia), and Premier Banking and Investments (PB&I). The Private Bank provides integrated wealth management solutions to high-net-worth individuals, middle-market institutions and charitable organizations with investable assets greater than $3 million. The Private Bank provides investment, trust and banking services, as well as specialty asset management services (oil and gas, real estate, farm and ranch, timberland, private businesses and tax advisory). The Private Bank also provides integrated wealth management solutions to high-net-worth individuals and families with investable assets greater than $50 million through its Family Wealth Advisors unit.

Columbia is an asset management business serving the needs of both institutional clients and individual customers. Columbia provides asset management services, including mutual funds, liquidity strategies and separate accounts. Columbia mutual fund offerings provide an array of investment strategies and products, including equities, fixed income (taxable and non-taxable) and money market (taxable and non-taxable) funds. Columbia distributes its products and services directly to institutional clients, and distributes to individuals through The Private Bank, Family Wealth Advisors, Premier Banking and Investments, and non-proprietary channels, including other brokerage firms.

Premier Banking and Investments includes Banc of America Investments, the Company's full-service retail brokerage business and its Premier Banking channel. PB&I has a network of approximately 4,400 client advisors to its customers with a personal wealth profile that includes investable assets plus a mortgage that exceeds $500,000 or at least $100,000 of investable assets. Equity Investments includes Principal Investing, Corporate Investments and Strategic Investments. Principal Investing is comprised of a portfolio of investments in privately held and publicly traded companies at all stages of their life cycle from start-up to buyout. These investments are made either directly in a company or held through a fund.

Altria Group, Inc. (ALG)

2007-09-27T06:12:00.001-07:00

Altria Group, Inc. (ALG)

Altria Group, Inc. (ALG) is primarily a holding company. The Company, through its wholly owned subsidiaries, Philip Morris USA Inc. (PM USA) and Philip Morris International Inc. (PMI) are engaged in the manufacture and sale of cigarettes and other tobacco products. ALG's 89% owned subsidiary Kraft Foods Inc. (Kraft) is engaged in the manufacture and sale of packaged foods and beverages. Philip Morris Capital Corporation (PMCC), another wholly owned subsidiary, maintains a portfolio of leveraged and direct finance leases. As of December 31, 2006, ALG had a 28.6% economic and voting interest in SABMiller plc (SABMiller), which is engaged in the manufacture and sale of various beer products. The Company operates in five segments: domestic tobacco, international tobacco, North American food, international food and financial services. On March 30, 2007, the Company completed the spin-off of Kraft to ALG's shareholders.

Tobacco Products

PM USA manufactures, markets and sells cigarettes in the United States, and contract manufactures cigarettes for PMI. Subsidiaries and affiliates of PMI and their licensees manufactures, markets and sells tobacco products outside the United States. PM USA's cigarette brands include Marlboro, Virginia Slims and Parliament. Its principal discount brand is Basic. All of its brands are marketed to take into account differing preferences of adult smokers.

In November 2006, a subsidiary of PMI exchanged its 47.5% interest in E. Leon Jimenes, C. por. A. (ELJ), which included a 40% indirect interest in ELJ's beer subsidiary, Cerveceria Nacional Dominicana, C. por. A., for 100% ownership of ELJ's cigarette subsidiary, Industria de Tabaco Leon Jimenes, S.A. (ITLJ). As of December 31, 2006, PMI owns 100% of the cigarette business and no longer holds an interest in ELJ's beer business.

PMI's cigarette brands, including Marlboro, L&M, Philip Morris, Bond Street, Chesterfield, Parliament, Lark, Merit and Virginia Slims, collectively accounted for approximately 10.9% of the international cigarette market in 2006. PM USA sells its tobacco products principally to wholesalers (including distributors), large retail organizations, including chain stores, and the armed services. Subsidiaries and affiliates of PMI and their licensees sell their tobacco products worldwide to distributors, wholesalers, retailers, state-owned enterprises and other customers.

Food Products

In September 2006, Kraft acquired the Spanish and Portuguese operations of United Biscuits (UB), and rights to all Nabisco trademarks in the European Union, Eastern Europe, the Middle East and Africa. The Spanish and Portuguese operations of UB include its biscuits, dry desserts, canned meats, tomato and fruit juice businesses. During 2006, Kraft sold its pet snacks brand, rice brand industrial coconut assets, a small biscuit brand and the United States coffee plant. In January 2007, Kraft announced the sale of its hot cereal assets and trademarks.

KNAC's principal brands in North American food span five consumer sectors and include snacks, beverages, cheese and dairy, grocery and convenient meals. Snacks include Oreo, Chips Ahoy!, Newtons, Peek Freans, Nilla, Nutter Butter, and SnackWell's cookies; Ritz, Premium, Triscuit, Wheat Thins, Cheese Nips, Honey Maid Grahams and Teddy Grahams crackers; South Beach Diet (under license) crackers, cookies and bars; Planters nuts and salted snacks; Terry's and Toblerone chocolate confectionery products; Handi-Snacks two-compartment snacks, and Balance nutrition and energy snacks. Beverages include Maxwell House, General Foods International, Starbucks (under license), Yuban, Seattle's Best (under license), Sanka, Nabob, Gevalia and Tassimo coffees; Capri Sun (under license), Kool-Aid and Crystal Light aseptic juice drinks; Kool-Aid, Tang, Crystal Light and Country Time powdered beverages; Veryfine juices; Tazo teas (under license), and Fruit2O water. Cheese and daily products include Kraft and Cracker Barrel natural cheeses; Philadelphia cream cheese; Kraft and Velveeta process cheeses; Kraft grated cheeses; Cheez Whiz process cheese sauce; Easy Cheese aerosol cheese spread; Polly-O cheese; Deli Deluxe process cheese slices, and Knudsen and Breakstone's cottage cheese and sour cream.

KNAC's grocery products include Cool Whip frozen whipped topping; Back to Nature crackers, cookies, cereals and macaroni & cheese dinners; Post ready-to-eat cereals; Kraft and Miracle Whip spoonable dressings; Kraft and Good Seasons salad dressings; A.1. steak sauce; Kraft and Bull's-Eye barbecue sauces; Grey Poupon premium mustards; Shake æN Bake coatings; Jell-O dry packaged desserts, refrigerated gelatin and pudding snacks, and Handi-Snacks shelf-stable pudding snacks. Convenient meals include DiGiorno, Tombstone, Jack's and California Pizza Kitchen (under license) and Delissio frozen pizzas; Kraft macaroni & cheese dinners; South Beach Diet (under license) pizzas and meals; Taco Bell Home Originals (under license) meal kits; Lunchables lunch combinations; Oscar Mayer and Louis Rich cold cuts, hot dogs and bacon; Boca soy-based meat alternatives, and Stove Top stuffing mix.

KIC's principal brands in the international food span five consumer sectors and include snacks, beverages, cheese and dairy, grocery and convenient meals. Snacks include Milka, Suchard, C(te d'Or, Marabou, Toblerone, Freia, Terry's, Daim / Dime, Figaro, Karuna, Korona, Poiana, Meurisse, Prince Polo / Siesta, Alpen Gold, Pavlides, Twist, Merenda, Mirabell, Pyros, Mogyoros, Sport / Smash / Jazz, 3-Bit, Belvita, Shot, Terrabusi, Svoge, Ukraina, Vozdushny, Chudny Vecher, Lacta and Gallito chocolate confectionery products; Estrella, Maarud, Kar, Lux and Planters nuts and salted snacks, and Oreo, Chips Ahoy!, Ritz, Club Social, Digestive, Chiquilin, Express, Kraker, Honey, Aveny, Marbu, Dorada, Pepitos, Variedad, Pacific, Belvita, Cerealitas, Trakinas and Lucky biscuits. Beverages include Jacobs, Gevalia, Carte Noire, Jacques Vabre, Kaffee HAG, Grand' MFre, Kenco, Saimaza, Meisterroestung, Maxim, Maxwell House, Onko, Splendid, Karat, Tassimo and Nova Brasilia coffees; Suchard Express, O'Boy, and Kaba chocolate drinks; Tang, Clight, Kool-Aid, Royal, Verao, Fresh, Frisco and Q-Refres-Ko powdered beverages; Maguary juice concentrate and ready-to-drink beverages, and Capri Sun (under license) aseptic juice drinks.

KIC's cheese and dairy products include Kraft and Philadelphia cream cheese; Kraft, Sottilette, Dairylea, Osella, Mama Luise and El Caserfo cheeses; Kraft, Velveeta and Eden process cheeses; Kraft natural cheese, and Cheez Whiz process cheese spread. Grocery products include Kraft spoonable and pourable salad dressings; Miracel Whip spoonable dressings; Royal dry packaged desserts; Jell-O dessert toppings; Post ready-to-eat cereals; Kraft peanut butter; Mirßcoli sauces, and Vegemite yeast spread. Convenient meals include Lunchables lunch combinations; Kraft macaroni & cheese dinners; Kraft and Mirßcoli pasta dinners and sauces, and Simmenthal canned meats.

Financial Services

PMCC holds investments in finance leases, principally in transportation (including aircraft), power generation, and manufacturing equipment and facilities. PMCC's finance asset portfolio includes leases in the investment categories, such as electric power, aircraft, rail and surface transport, manufacturing and real estate industries.

PMCC leases a number of aircrafts, predominantly to the United States passenger carriers. As of December 31, 2006, $1.9 billion of PMCC's finance asset balance related to aircraft. Two of PMCC's aircraft lessees, Delta Air Lines, Inc. (Delta) and Northwest Airlines, Inc. (Northwest), are under bankruptcy protection. PMCC also leases one natural gas-fired power plant to an indirect subsidiary of Calpine Corporation (Calpine). Calpine, which has guaranteed the lease, is operating under bankruptcy protection. PMCC's leases with Delta for six Boeing 757, nine Boeing 767, and four McDonnell Douglas (MD-88) aircraft. PMCC has leveraged leases for three Airbus A-320 aircraft. In 2006, PMCC sold ten Airbus A-319 aircraft financed under leveraged leases. During 2006, five regional jets leases were also foreclosed upon. PMCC's leases one 750 megawatt (MW)natural gas-fired power plant (located in Pasadena, Texas). In addition, leases of two 265 MW natural gas-fired power plants (located in Tiverton, Rhode Island, and Rumford, Maine), which were part of the bankruptcy filing, were rejected during 2006.

Altria Group, Inc. (ALG)

2007-09-27T06:11:00.001-07:00

Altria Group, Inc. (ALG)

Tobacco Products

Food Products

Financial Services

Cardinal Health, Inc. (Cardinal Health)

2007-09-27T06:09:00.001-07:00

Cardinal Health, Inc. (Cardinal Health)

Cardinal Health, Inc. (Cardinal Health) is a holding company that owns operating subsidiaries conducting business as Cardinal Health. The Company is a provider of products and services supporting the healthcare industry. As of the fiscal year ended June 3, 2007 (fiscal 2007), the Company's segments are: Healthcare Supply Chain Services - Pharmaceutical; Healthcare Supply Chain Services- Medical; Clinical Technologies and Services, and Medical Products Manufacturing. The aggregate of the Company's five largest customers, including CVS Corporation and Walgreens Co., accounted for approximately 50% of its revenue for fiscal 2007. All of the Company's business with its five largest customers is included in its Healthcare Supply Chain Services- Pharmaceutical segment. In January 2007, the Company's Healthcare Marketing Services unit was acquired by Platinum Equity Holdings. In April 2007, the Company completed the sale of its Pharmaceutical Technologies and Services segment to The Blackstone Group.

In June 2007, Cardinal Health completed initial tender offer for VIASYS Healthcare, and announced that more than 80% of the outstanding shares of VIASYS Healthcare have been tendered, making VIASYS a majority-owned subsidiary of Cardinal Health. During fiscal 2007, the Company divested a significant portion of the Specialty Distribution business formerly within its Medical Products and Services segment.

Healthcare Supply Chain Services û Pharmaceutical

Through its Healthcare Supply Chain Services -Pharmaceutical segment, Cardinal Health distributes a line of branded and generic pharmaceutical products, over-the-counter (OTC) healthcare products and consumer products (collectively, pharmaceutical products). The Company's pharmaceutical supply chain business (formerly, the pharmaceutical distribution business) is a full-service wholesale distributors to retail customers (including chain and independent drug stores and pharmacy departments of supermarkets and mass merchandisers), hospitals and alternate care providers (including mail order pharmacies) located throughout the United States. As a full-service wholesale distributor, the pharmaceutical supply chain business complements its distribution activities by offering a range of support services to assist its customers in maintaining and helping to improve the efficiency and quality of their services. These support services include online procurement, fulfillment and information provided through cardinal.com; computerized order entry and order confirmation systems; generic sourcing programs; product movement, inventory and management reports, and consultation on store operations and merchandising.

Cardinal Health's pharmaceutical supply chain business also provides services to branded pharmaceutical manufacturers through distribution service agreements, including distribution services, inventory management services, data/reporting services, new product launch support and contract and chargeback administration services. This segment also operates a pharmaceutical repackaging and distribution program for chain and independent drug store customers as well as alternate care customers. This segment operates centralized nuclear pharmacies that prepare and deliver radiopharmaceuticals for use in nuclear imaging and other procedures in hospitals and clinics. This segment also provides third-party logistics support services, distributes therapeutic plasma to hospitals, clinics and other providers located in the United States and manufactures and markets generic pharmaceutical products for sale to hospitals, clinics and pharmacies in the United Kingdom.

Healthcare Supply Chain Services û Medical

Through its Healthcare Supply Chain Services- Medical segment, Cardinal Health distributes a range of branded and private-label medical and laboratory products, as well as the Company's own line of surgical and respiratory therapy products manufactured or sold by the Medical Products Manufacturing segment to hospitals, laboratories and ambulatory care customers, such as surgery centers and physician offices. This segment distributes products both in the United States and in Canada. This segment helps assist customers to reduce costs while improving the quality of patient care in a variety of ways, including online procurement, fulfillment and information provided through cardinal.com and supply-chain management. This segment also assembles and distributes sterile and non-sterile procedure kits under the Presource brand name.

Clinical Technologies and Services

Through its Clinical Technologies and Services segment, Cardinal Health provides products and services to hospitals and other healthcare providers. This segment develops, manufactures, leases and sells medical technology products, including Alaris intravenous medication safety and infusion therapy delivery systems, software applications, needle-free disposables and related patient monitoring equipment and Pyxis dispensing systems that automate the distribution and management of medications in hospitals and other healthcare facilities. The segment also develops, manufactures, leases and sells dispensing systems for medical supplies.

This segment provides pharmacy services, including full-service department outsourcing, transitional and turn-key services for acute care hospital pharmacies, as well as remote medication order entry and review and other services. This segment also provides clinical intelligence solutions, including products and services that identify and prevent hospital-acquired infections and provide barcode-enabled patient identification systems used in hospitals. It primarily distributes its products direct to the customer, although it also distributes some products through medical products distributors, including through the Healthcare Supply Chain Services - Medical segment. This segment offers products and services principally in the United States and also in Europe, Canada and other regions.

Medical Products Manufacturing

Through its Medical Products Manufacturing segment, Cardinal Health develops and manufactures medical and surgical products for distribution to hospitals, physician offices, surgery centers and other healthcare providers. These products include infection prevention products, such as single-use surgical drapes, gowns and apparel, exam and surgical gloves and fluid suction and collection systems, and medical specialties products, such as respiratory therapy products, surgical instruments and special procedure products. It offers additional products and services directed at the critical care ventilation, respiratory diagnostics and clinical services, neurological, vascular, audio, homecare, orthopedics, sleep diagnostics and other medical and surgical products markets.

The Company competes with McKesson Corporation, AmerisourceBergen Corporation, Owens & Minor, Inc., Fisher Scientific International, Inc., Physician Sales & Service, Inc., Henry Schein, Inc., Medline Industries, Inc., Hospira, Inc., B. Braun Medical, Inc., Baxter International, Inc., Fresenius AG, Omnicell, Inc., Kimberly-Clark Corporation, Covidien Ltd., Teleflex Incorporated, Medline Industries, Inc., Ansell Limited, 3M Company, Getinge AB, Drager Medical AG & Co and KG and Respironics, Inc.

McKesson Corporation (McKesson)

2007-09-27T06:08:00.001-07:00

McKesson Corporation (McKesson)

McKesson Corporation (McKesson) provides supply, information and care management products and services across the healthcare industry. It conducts business through three segments. Through the Pharmaceutical Solutions segment, the Company is a distributor of drugs, and health and beauty care products throughout North America. This segment also provides medical management and specialty pharmaceutical solutions for biotech and pharmaceutical manufacturers, patient and other services for payors, software and consulting and outsourcing services to pharmacies and, through its investment in Parata Systems, LLC (Parata), sells automated pharmaceutical dispensing systems for retail pharmacies. Its Medical-Surgical Solutions segment distributes medical-surgical supplies, first-aid products and equipment, and provides logistics and other services within the United States and Canada. Its Provider Technologies segment delivers enterprise-wide patient care, clinical, financial, supply chain, and strategic management software solutions, pharmacy automation for hospitals, as well as connectivity, outsourcing and other services, to healthcare organizations throughout North America, the United Kingdom and other European countries.

In February 2007, the Company acquired Physician Micro Systems, Inc., known as Practice Partner, a provider of integrated software for electronic health records (EHRs), medical billing and appointment scheduling for independent physician practices. On January 26, 2007, the Company completed the acquisition of Per-Se Technologies, Inc. In 2007, the Company's Provider Technologies segment acquired RelayHealth Corporation (RelayHealth) based in Emeryville, California. RelayHealth is a provider of secure online healthcare communication services linking patients, healthcare professionals, payors and pharmacies. This segment also acquired two other entities, one specializing in patient billing solutions designed to simplify and enhance healthcare providers' financial interactions with their patients, as well as a provider of integrated software for electronic health records, medical billing and appointment scheduling for independent physician practices. The Company's Medical-Surgical Solutions segment acquired Sterling Medical Services LLC (Sterling) based in Moorestown, New Jersey. Sterling is a provider and distributor of disposable medical supplies, health management services and quality management programs to the home care market. This segment also acquired a medical supply sourcing agent. During the year ended December 31, 2006, the Company acquired D&K Healthcare Resources, Inc., which is primarily a wholesale distributor of branded and generic pharmaceuticals and over-the-counter health and beauty products to independent and regional pharmacies, primarily in the Midwest; Medcon, Ltd., which provides Web-based cardiac image and information management services to healthcare providers, and Moore Medical Corp., which is an Internet-enabled, multi-channel marketer and distributor of medical-surgical and pharmaceutical products to non-hospital provider settings. In 2007, McKesson sold its Medical-Surgical Solutions segment's Acute Care supply business to Owens & Minor, Inc. In 2007, the Company also sold a wholly owned subsidiary, Pharmaceutical Buyers Inc. In 2006, it sold its wholly owned subsidiary, McKesson BioServices Corporation.

Pharmaceutical Solutions

McKesson Pharmaceutical Solutions consists of businesses, which include McKesson U.S. Pharmaceutical, McKesson Canada Corporation, McKesson Health Solutions, McKesson Pharmacy Systems, McKesson Medication Management and McKesson Specialty Distribution. The Company also owns an approximate 49% interest in Nadro, S.A. de C.V. (Nadro) and an approximate 39% interest in Parata Systems, LLC.

U.S. Pharmaceutical Distribution business supplies pharmaceuticals and other healthcare related products to customers in three primary customer segments: retail national accounts, independent retail pharmacies, and institutional healthcare providers. U.S. Pharmaceutical business operates and serves customer locations through a network of 30 distribution centers, as well as a master distribution center, a distribution center and a repackaging facility, serving all 50 states and Puerto Rico.

McKesson's U.S. Pharmaceutical Distribution business' major value-added offerings, by customer group, include Retail National Accounts (including national and regional chains, food/drug combinations, mail order pharmacies, and mass merchandisers). The business solutions provided by the national retail chains include Central Fill, a prescription refill service; Re-Distribution Centers, two large facilities that offer access to inventory for single source warehouse purchasing, including pharmaceuticals and biologicals; RxPak, a bulk repackaging service, and Inventory Management, an integrated solution, comprising forecasting software and automated replenishment technologies. Retail independent pharmacies provides solutions for managed care contracting, branding and advertising, merchandising and purchasing, and provides solutions, such as Health Mart, a franchise program; AccessHealth, managed care and reconciliation assistance services; McKesson OneStop Generics, a generic pharmaceutical purchasing program, Prefer Rx, a discount program; Sunmark, a line of more than 1,000 products; FrontEdge, a planning, merchandising, and price maintenance program, and McKesson Home Health Care, a line of more than 1,800 home healthcare products.

Institutional Providers include hospitals and health systems, integrated delivery networks, clinics and other acute-care facilities, and long-term care providers. Electronic ordering/purchasing and supply chain management systems provides solutions, such as Fulfill-Rx, an integrated ordering and inventory management solution; Asset Management, a program designed to improve inventory management, SKY Packaging, a format packaging; McKesson 340B Manager, a software solution that manages, tracks, and reports on the medication replenishment; AccessHealth, a service for third-party contracting, and high-performance pharmacy.

McKesson Canada Corporation, a wholly owned subsidiary, is a pharmaceutical distributor in Canada. The Company also owns an approximately 49% interest in Nadro, a pharmaceutical distributor in Mexico. The suite of services and software products marketed to payors, employers and government organizations include disease management programs; nurse triage services; clinical and analytical software; business intelligence tools; InterQual Criteria, and Claims performance solutions.

McKesson Specialty Distribution business' product-specific solutions are directed towards manufacturers, payors and physicians to enable delivery and administration of high-cost, often injectable, bio-pharmaceutical drugs used to treat patients with chronic disease. The business facilitates patient and provider access to specialty pharmaceuticals across multiple delivery channels (direct-to-physician wholesale, patient-direct specialty pharmacy dispensing, and access to retail pharmacy), provides clinical support and treatment compliance programs that help patients stay on complex therapies, and offers reimbursement, data collection and analysis services.

Medical-Surgical Solutions

McKesson's Medical-Surgical Solutions segment provides medical-surgical supply distribution, equipment, logistics and other services to healthcare providers that include physicians' offices, surgery centers, extended care facilities, homecare and occupational health sites through a network of 29 distribution centers within the United States. This segment is a provider of supplies to the range of alternate-site healthcare facilities, including physicians' offices, clinics and surgery centers (primary care), long-term care, occupational health facilities and homecare sites (extended care). This segment also includes ZEE Medical, North America's provider of first aid, safety and training solutions, providing services to industrial and commercial customers.

Provider Technologies

The Provider Technologies segment provides a portfolio of software, automation, support and services. This segment markets its products and services to integrated delivery networks, hospitals, physician practices, home health providers, retail pharmacies and payors. The segment also sells its solutions internationally through subsidiaries and/or distribution agreements in Canada, the United Kingdom, Ireland, France, the Netherlands, Australia, New Zealand and Israel.

The segment offers automation technologies that help hospitals to re-engineer and enable medication use and supply management processes. Examples include centralized pharmacy automation for unit-dose medications, unit-based cabinet technologies for secure medication storage and rapid retrieval, point-of-use supply automation systems for inventory management and revenue capture, and an automated medication administration system for ensuring accuracy at the point of care. In addition to the product offerings, the Provider Technologies segment offers a range of services, which include technology services, professional services and outsourcing services.

Verizon Communications Inc. (Verizon)

2007-09-27T06:06:00.001-07:00

Verizon Communications Inc. (Verizon)

Verizon Communications Inc. (Verizon), incorporated in 1983, provides communications services. Verizon has two segments: Wireline and Domestic Wireless. The Company's Wireline business provides telephone services, including voice, network access and nationwide long-distance services, broadband video and data services, and other communications products and services globally in 150 countries. Its wireline business also owns and operates one of the global Internet protocol (IP) networks. The Company's domestic wireless business, operating as Verizon Wireless, provides wireless voice and data products and services across the United States using domestic wireless networks.

In July 2007, the Company announced that Verizon Business has completed its acquisition of Cybertrust. In March 2007, Verizon completed the sale of its interest in Telecomunicaciones de Puerto Rico, Inc. (TELPRI) to a subsidiary of America Movil, S.A.B. de C.V. America Movil, S.A.B. de C.V.'s subsidiary purchased 100% of TELPRI, the holding company of Puerto Rico Telephone Company (PRT), including Verizon's 52% interest. On January 6, 2006, Verizon acquired MCI, Inc. (MCI), a global communications company that provided Internet, data and voice communication services to businesses and government entities throughout the world and consumers in the United States. The Company has incorporated MCI's operations into its wireline business. During the year ended December 31, 2006, the Company sold its 100% indirect interest in Verizon Dominicana C. por A. (Verizon Dominicana). On November 17, 2006 the Company completed the spin-off of Idearc. On January 16, 2007, Verizon announced a definitive agreement with FairPoint Communications, Inc. (FairPoint) that will result in Verizon establishing a separate entity for its local exchange and related business assets in Maine, New Hampshire and Vermont, spinning off that new entity, and immediately merging it with and into FairPoint.

Wireline

Verizon's Wireline segment, which includes the operations of the former MCI, comprises two units: Verizon Telecom and Verizon Business. Verizon Telecom provides local telecommunications, broadband data and video services in 28 states and Washington, D.C., as well as nationwide long-distance and other communications products and services. Verizon is deploying a fiber-to-the-premises network under the FiOS service mark. The Wireline segment also includes Verizon Business, a provider of next-generation IP network and information technology (IT) products and services to medium and large businesses and government customers. Verizon Telecom consists of three lines of business, which operate across the Company's telephone subsidiaries and focus on specific customer market areas.

The Company's Mass Markets line of business markets communications and information services to residential customers and small businesses, including basic telecommunication service and end-user access; value-added services, such as voicemail, caller ID and call forwarding, and broadband services, which include digital subscriber lines (DSL) and fiber optics to the premise (FiOS data and FiOS television services). Its long distance subsidiary provides national and international long distance services in all 50 states to residential and business customers, including calling cards, 800/888 services and operator services. Mass Market revenues in 2006 represented approximately 44% of Wireline's aggregate revenues. These revenues were derived primarily from the provision of telecommunication services to residential users.

Verizon's Wholesale line of business markets the Company's long distance and local exchange network facilities for resale to other long distance and competing communications carriers. Wholesale services include switched access, special access, high-capacity, high-speed digital services, unbundled network elements (UNE's) and interconnection revenues from competitive local exchange carriers (CLEC) and wireless carriers. Wholesale revenues in 2006, represented approximately 16% of Wireline's aggregate revenues. Approximately 70% of total Wholesale revenues were derived from interexchange carriers. The remaining revenues principally came from other local exchange carriers, which resell network connections to their own customers. The Company's other services include operator services (including deaf relay services), public (coin) telephone, as well as former MCI dial around services, including 10-10-987, 10-10-220, 1-800-COLLECT and prepaid phone cards. Other revenues in 2006 represented approximately 5% of Wireline's aggregate revenues.

Verizon Business consists of three lines of business, which focus on the Company's enterprise business customer's needs. The Company's Enterprise line of business markets voice, data and Internet communications services to medium and large business customers, multi-national corporations, and state and federal governments. The Enterprise Business also provides value-added services, as well as managed network services that enable customers to outsource all or a portion of their communications and information processing operations. In addition, Enterprise Business provides traditional data services in specific markets, such as Private Line, Frame Relay and automated teller machine (ATM) services, as well as advanced IP network services, both domestically and internationally. Enterprise Business's Internet suite of products includes private IP, IP virtual private network (VPN), Web hosting and voice over Internet protocol (VoIP). Enterprise Business revenues in 2006 represented approximately 28% of Wireline's aggregate revenues.

The Company's Wholesale line of business focuses on the domestic wholesale services markets, which includes all wholesale traffic in the United States, as well as traffic that originates in the United States and terminates in a different country. Total Wholesale revenue in 2006, represented approximately 7% of Wireline's aggregate revenues. Revenues from Wholesale local and long distance voice products, including transport in 2006, represented 47% of Wholesale's aggregate revenues. Revenues from Wholesale data and Internet products in 2006 represented approximately 53% of Wholesale's aggregate revenues. Verizon's International and Other operations serve businesses, government entities and telecommunication carriers outside of the United States and include the Company's Skytel paging business. The Company's revenues from International and Other represented approximately 6% of Wireline's aggregate revenues in 2006.

Domestic Wireless

The Company's Domestic Wireless segment, Cellco Partnership doing business as Verizon Wireless (Verizon Wireless), is a joint venture formed by the combination of the United States wireless operations and interests of Verizon and Vodafone Group Plc (Vodafone). Verizon owns a controlling 55% interest in Verizon Wireless and Vodafone owns the remaining 45%. Verizon Wireless provides wireless voice and data services across wireless networks in the United States. The Company has licenses to provide mobile wireless services on the 800-900 megahertz and 1800 -1900 megahertz portions of the radio spectrum. Verizon's wireless offerings include voice services, data services and transmission and content services.

Verizon offers a variety of packages for voice services with features predominantly offered on a postpaid basis with a contract term. Specifically, it offers America's Choice plans, which provide a choice in amounts of bundled minutes together with no roaming or long distance charges for calls on the Company's preferred network; family/small group and shared minute plans for multiple-user households and small businesses, and plans targeted to business accounts with over 100 lines and national accounts with over 1,000 lines. In addition, the Company offers a national prepaid product that enables individuals to obtain wireless voice services without a long-term contract by paying in advance.

The Company's data transmission and content services offerings include EV-DO, its wide area network packet IP solution, which is marketed as BroadbandAccess, provides data transmission rates on existing applications. In addition, Verizon's 1XRTT digital technology, which is marketed as NationalAccess, enables higher-speed applications, such as e-mail, enterprise applications, image downloads and full browsing capabilities for laptop computer users. With compatible wireless devices, Verizon's customers can send and receive text messages, as well as still pictures and full-motion video clips with sound. The Company's V CAST service, available on EV-DO-enabled handsets, enables customers to access daily-updated videos from content providers of news, weather, sports and entertainment programming. In addition, its V CAST Music service enables customers to download music either directly to their V CAST Music-enabled phones or to their personal computers. The Company's Get It Now service enables its customers to download hundreds of applications to their handsets, such as ring tones, games and wallpapers.

Verizon's Mobile Web service offers customized access to content through its portal, and allows customers to access the Internet, e-mail and personal information management tools, such as calendars and address books, through handset-based menus. The Company's location-based service, VZ Navigator, enables customers to obtain audible turn-by-turn directions to their destination, locate various points of interest and access other location-related information by using VZ Navigator-capable handsets. Through its suite of VZOffice services, the Company provides enterprise customers solutions for accessing the Internet and corporate intranet, which allow for optimized wireless access to the customer's corporate applications or databases. In addition, it offers its corporate customers the ability to wirelessly send and receive e-mail using various handheld devices, including wirelessly equipped personal digital assistant (PDA) devices.

The Company competes with AT&T (formerly Cingular), Sprint Nextel, T-Mobile USA. ALLTEL and US Cellular.

The Home Depot, Inc

2007-09-27T06:03:00.001-07:00

The Home Depot, Inc

The Home Depot, Inc., incorporated in 1978, is home improvement retailer. As of January 28, 2007, it operated 2,147 stores, most of which are The Home Depot stores. The Company operates in two segments, Retail and HD Supply. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. The Home Depot stores average approximately 105,000 square feet of enclosed space, with approximately 23,000 additional square feet of outside garden area. As of January 28, 2007, the Company had 2,100 The Home Depot stores located throughout the United States (including the territories of Puerto Rico and the Virgin Islands), Canada, China and Mexico. In addition, at January 28, 2007, the Company operated 34 EXPO Design Center stores, 11 The Home Depot Landscape Supply stores and two The Home Depot Floor stores. In addition to its retail stores, its business includes HD Supply, which distributes products and sells installation services primarily to business-to-business customers, including home builders, professional contractors, municipalities and maintenance professionals.

During the fiscal year ended January 28, 2007 (fiscal 2006), the Company acquired The Home Way, a Chinese home improvement retailer, including 12 stores in six cities. During fiscal 2006, the Company under its HD Supply segment acquired Burrus Contractors Supply, Heartland Waterworks Supply, Cox Lumber Company, Hughes Supply, CTF Supply, Rice Planter Carpets, Edson Electric Supply, Sioux Pipe, Forest Products Supply, Texas Contractors Supply, Grafton Utility Supply and Western Fasteners. In addition, during fiscal 2006, the Company acquired Home Decorators Collection and Jubilee Home Solutions under its Retail segment.

Retail Segment

The Home Depot stores serve three primary customer groups: do-it-yourself (D-I-Y) customers, do-it-for-me (D-I-F-M) customers and professional customers. D-I-Y customers, which are home owners who purchase products and complete their own projects and installations. The Home Depot stores offer how-to clinics taught by associates and merchandise vendors. D-I-F-M customers, which are home owners who purchase materials themselves and hire third parties to complete the project and/or installation. The Company arranges for the installation of a variety of The Home Depot products through qualified independent contractors. Professional customers, which are professional remodelers, general contractors, repairmen and tradesmen. In many stores, the Company offers a variety of programs to these customers, including additional delivery and will-call services, dedicated staff, extensive merchandise selections and expanded credit programs.

An average The Home Depot store stocks 35,000 to 45,000 products during the year, including both national brand name and other items. The Net Sales of each major product group (and related services), for fiscal 2006, was building materials, lumber and millwork 23.6 %, plumbing, electrical and kitchen 30.8%, hardware and seasonal 27%, and paint flooring and wall covering 18.6%. During fiscal 2006, the Company offered a number of brands across a range of departments including, but not limited to, Behr Premium Plus paint, Charmglow gas grills, Hampton Bay lighting, Mills Pride cabinets, Vigoro lawn care products, Husky hand tools, RIDGID and Ryobi power tools, Pegasus faucets, Traffic Master carpet, Glacier Bay bath fixtures and Veranda decking products. In fiscal 2006, the Company introduced a lineup of branded lawn tractors and mowers available nationwide, including Cub Cadet, Toro, John Deere and Honda; launched an outdoor living assortment, including Hampton Bay patio and Charmglow grills; launched a line-up of lithium-ion power tools from Milwaukee, RIDGID and Makita, and launched the LG SteamWasher and the Maytag Epic washer and dryer.

The Home Depot and EXPO Design Center stores offer a variety of installation services. These services target D-I-F-M customers who select and purchase products and installation of those products from the Company. These installation programs include products, such as carpeting, flooring, cabinets, countertops and water heaters. In addition, the Company provides professional installation of a number of products sold through its in-home sales programs, such as generators and furnace and central air systems.

At January 28, 2006, the Company operated 1,872 The Home Depot stores in the United States, including the territories of Puerto Rico and the Virgin Islands. During fiscal 2006, it opened 86 new The Home Depot stores, including eight relocations, in the United States. At January 28, 2006, the Company operated 155 The Home Depot stores in 10 Canadian provinces. Of these stores, 20 were opened during fiscal 2006, including two relocations. At January 28, 2006, it operated 61 The Home Depot stores in Mexico. Of these stores, seven were opened during fiscal 2006.

The Company offers credit purchase programs through third-party credit providers to professional, D-I-Y and D-I-F-M customers. In fiscal 2006, approximately 4.5 million new The Home Depot credit accounts were opened, bringing the total number of The Home Depot account holders to approximately 17 million. Credit card sales accounted for approximately 28% of store sales in fiscal 2006. It also offers an unsecured Home Improvement Loan program through third-party credit providers that gives its customers the opportunity to finance the purchase of products and services in its stores.

HD Supply Segment

The Company distributes products and offers services primarily to builders, contractors, government entities, industrial businesses and maintenance professionals. The Company also offers integrated supply, design assistance, kitting, assembly and fabrication services.

The Company's products and services are focused around four categories that are related to different phases of a building project: infrastructure, construction, maintenance, and repair and remodel. Infrastructure category covers the products and services to construct and support the public works systems for residential and commercial projects. Construction category covers the interior and exterior structural building components for residential and commercial projects. Maintenance category covers products and services for the routine maintenance, repair and operations needs of multifamily housing, hospitality, healthcare, government and industrial facilities. Repair and remodel category covers home improvement products and building materials, serving the consumer, professional handyman and light remodeler markets.

Over 90% of the Company's sales volume is facilitated through the extension of credit to its customers. Its businesses offer credit to customers, either through unsecured credit that is based upon the creditworthiness of the customer, or secured credit for materials sold for a specific job where the security lies in lien rights associated with the material going into the job.

Hewlett-Packard Company (HP)

2007-09-27T05:57:00.001-07:00

Hewlett-Packard Company (HP)

Hewlett-Packard Company (HP), incorporated in 1947, is a provider of products, technologies, solutions and services to individual consumers, small and medium-sized businesses (SMBs) and large enterprises. Its offerings span personal computing and other access devices, imaging and printing-related products and services, enterprise information technology infrastructure (including enterprise storage and server technology, enterprise system and network management software) and multi-vendor customer services. During the fiscal year ended October 31, 2006, HP's operations were organized into seven business segments: Enterprise Storage and Servers (ESS), HP Services (HPS), Software, the Personal Systems Group (PSG), the Imaging and Printing Group (PG), HP Financial Services (HPFS) and Corporate Investments. ESS, HPS and Software are structured beneath a Technology Solutions Group (TSG). In September 2007, HP completed the acquisition of Opsware Inc.

In December 2005, the Company acquired the Peregrine Systems, Inc. (Peregrine). The acquisition of Peregrine added asset and service management components to the Company's HP OpenView portfolio. In November 2006, the Company completed its acquisition of Mercury Interactive Corporation (Mercury), an information technology (IT) management software and services company.

Enterprise Storage and Servers

ESS provides storage and server products in a number of categories. Industry standard servers include primarily entry-level and mid-range ProLiant servers, which run primarily the Windows, Linux and Novell operating systems. The business spans a range of product lines that include pedestal-tower servers, density-optimized servers and HP's Blade System family of blade servers. Business critical servers include itanium-based integrity servers running on the HP-UX, Windows, Linux and OpenVMS operating systems, including the high-end Superdome servers and fault-tolerant Integrity NonStop servers. Business critical systems also include the reduced instruction set computing (RISC)-based servers with the HP 9000 line running on the HP-UX operating system, HP AlphaServers running on both Tru64 UNIX and OpenVMS, and machine interface processor (MIPs)-based NonStop servers. HP's StorageWorks offerings include entry-level, mid-range and high-end arrays, storage area networks, network attached storage, storage management software and virtualization technologies, as well as tape drives, tape libraries and optical archival storage.

HP Services

HPS provides a portfolio of multi-vendor IT services, including technology services, consulting and integration, and managed services. HPS also offers a variety of services tailored to particular industries, such as media and entertainment, manufacturing and distribution, financial services and the public sector, including government and education services. HPS provides a range of technology services from standalone product support to high-availability services for global, networked, multi-vendor environments. This business also manages the delivery of product warranty support through its own service organization, as well as through authorized partners.

HPS provides consulting and integration services to architect, design and implement technology, and industry-specific solutions for customers. Consulting and integration also provides cross-industry solutions in the areas of architecture and governance, infrastructure, applications and packaged applications, security, IT service management, information management and enterprise Microsoft solutions. HPS offers IT management services, including outsourcing, transformational infrastructure services, client computing managed services, managed Web services, application services and business process outsourcing.

Software

Software provides management software solutions, including support that allows enterprise customers to manage their IT infrastructure, operations, applications, IT services and business processes under the HP OpenView brand. This segment also delivers a suite of carrier-grade platforms for developing and deploying next-generation voice, data and converged services to network and service providers under the HP OpenCall brand.

Personal Systems Group

PSG provides commercial personal computers (PCs), consumer PCs, workstations, handheld computing devices, digital entertainment systems, calculators and other related accessories, software and services for the commercial and consumer markets. PSG offers a variety of PCs for commercial uses, including enterprise and SMB customers, and for connectivity and manageability in networked environments. These commercial PCs include the HP Compaq business desktops and business notebooks, as well as the HP Compaq Tablet PCs. Consumer PCs include the HP Pavilion and Compaq Presario series of multi-media consumer desktop PCs and notebook PCs, as well as HP Media Center PCs, and are targeted at the home user. HP provides workstations that run on UNIX, Windows and Linux-based operating systems. HP's offerings include a series of iPAQ Pocket PC handheld computing devices that run on Windows Mobile software. PSG's digital entertainment products include high density digital versatile disc (HD DVD), rewriteable (RW) drives and digital versatile disc (DVD) writers; the HP Digital Entertainment Center, which allows consumers to access their music, movies, home videos and photos from a single device via remote control, and plasma and liquid crystal display (LCD) flat-panel televisions.

Imaging and Printing Group

IPG is an imaging and printing systems provider for consumer and commercial printer hardware, printing supplies, printing media and scanning devices. IPG is also focused on imaging solutions in the commercial markets. IPG's offerings include inkjet systems, which include desktop single function and inkjet all-in-one printers, including photo, productivity and business inkjet printers and scanners; digital imaging products and services, which include photo specialty printers, photo kiosks, digital cameras, accessories and online photo services through SAC, LLC in North America; laserJet systems, which include monochrome and color laser printers, printer-based multi-function devices and total print management solutions for enterprise customers, and printer supplies include LaserJet toner and inkjet cartridges and other printing-related media.

HP Financial Services

HPFS supports HP's global product and service solutions, providing a range of value-added financial life cycle management services. HPFS enables the Company's customers to acquire IT solutions, including hardware, software and services. The Company offers leasing, financing, utility programs and asset recovery services, as well as financial asset management services for global and enterprise customers. HPFS also provides an array of specialized financial services to SMBs, and educational and governmental entities.

The Company competes with International Business Machines Corporation, EMC Corporation, Dell, Inc., Sun Microsystems, Inc., IBM Global Services, Electronic Data Systems Corporation, Accenture Ltd, BMC Software Inc, CA Inc., Mercury Interactive Corporation, IBM Tivoli Software, Toshiba Corporation, Apple Computer, Inc., Lenovo Group Limited, Gateway, Inc., Acer Inc., Apple Computer, Inc., Canon USA, Inc., Lexmark International, Inc., Xerox Corporation, Seiko Epson Corporation, Samsung Electronics Co. Ltd.. and Heidelberger Druckmaschinen Aktiengesellschaft.

Hewlett-Packard Company (HP)

2007-09-27T05:48:00.001-07:00

Hewlett-Packard Company (HP)

Enterprise Storage and Servers

HP Services

Software

Personal Systems Group

Imaging and Printing Group

HP Financial Services

International Business Machines Corporation (IBM)

2007-09-27T05:47:00.001-07:00

International Business Machines Corporation (IBM)

International Business Machines Corporation (IBM), incorporated on June 16, 1911, is an information technology (IT) company. IBM also provides business, technology and consulting services. The Company's major operations comprise a Global Services segment, a Systems and Technology Group, a Software segment and a Global Financing segment. IBM's business comprises three principal business segments: Systems and Financing, Software and Services. The majority of the Company's enterprise business, which excludes the Company's original equipment manufacturer (OEM) technology business, occurs in industries that are broadly grouped into six sectors: financial services (banking, financial markets and insurance), public (education, government, healthcare and life sciences), industrial (aerospace, automotive, defense, chemical and petroleum and electronics), distribution (consumer products, retail, travel and transportation), communications (telecommunications, media and entertainment, and energy and utilities) and small and medium business (mainly companies with less than 1,000 employees).

In September 2007, IBM completed the acquisition of DataMirror Corporation. In August 2007, IBM acquired WebDialogs, Inc., a privately held provider of Web conferencing and communications services. In July 2007, IBM acquired Watchfire Corporation, a privately held security and compliance testing software company based in Waltham, Massachusetts. In March 2007, the Company completed the acquisition of Softek Storage Solutions Corporation. Through this acquisition, the Company is assembling complete and unified data mobility offerings, and worldwide delivery capabilities for managing data in storage array, host and virtualized information technology environments. Servers include IBM systems using IBM operating systems (System z and System i), as well as AIX, the IBM UNIX operating system (System p and BladeCenter) and the Microsoft Windows operating system (System x and BladeCenter). Data storage products include disk, tape, optical and storage area networks. Advanced foundry products include integrated supply chain services and a suite of semiconductor manufacturing services using either a client's or IBM's design. IBM also manufactures customized semiconductor products for clients. The Company also manufactures semiconductors designed and manufactured primarily based upon IBM's PowerPC architecture. IBM provides production print solutions, on demand print-related solutions, enterprise workgroup print technologies, print management software, services and maintenance, point-of-sale retail checkout systems, software and solutions. IBM is engaged in Commercial financing, which includes short-term inventory and accounts receivable financing to dealers and remarketers of IT products; Client financing, which includes lease and loan financing to external and internal clients for terms generally between two and seven years, and Remarketing, which includes the sale and lease of used equipment.

IBM offers five kinds of software solutions. The Company's software offerings include Information Management Software, an advanced database and content management software solutions that enable clients to leverage information on demand; Lotus Software, a collaboration and messaging software that allows businesses to communicate, collaborate and increase productivity; Rational Software, an integrated tools designed to improve an organization's software development processes and capabilities; Tivoli Software, a software for infrastructure management, including security, change, configuration, job scheduling, storage capability, performance and availability, and Websphere Software, which provides management of a range of business processes using open standards to interconnect applications, data and operating systems.

IBM provides a range of services, which includes Business Performance Services (BPS), Business Transformation Outsourcing (BTO), Consulting and Systems Integration (C&SI), Strategic Outsourcing Services (SO), Integrated Technology Services (ITS), Application Management Services and Applications on Demand (AoD). BTO delivers improved business results to clients through the strategic change and the operation and transformation of the client's business processes, applications and infrastructure. ITS provides service offerings that help clients access, manage and support their technology infrastructures, through a combination of resources, software and IBM's knowledge of business processes.C&SI provides consulting services for client relationship management, financial management, human capital, business strategy and change and supply chain management, as well as application innovation and the transformation of business processes and operations.

Global Services

Global Services is an important component of the Company's focus of providing insight and solutions to clients. While solutions often include IBM software and hardware, other suppliers' products are also used if a client solution requires it. Contracts for IBM services (signings) can range from less than 1 year to 10 years. Within Global Services there are two reportable segments: Global Technology Services (GTS) and Global Business Services (GBS). GTS primarily reflects infrastructure services, delivering value through the Company's standardization and automation. It includes outsourcing services, Integrated Technology Services and Maintenance. GBS primarily reflects professional services, delivering business value and innovation to clients through solutions which leverage industry and business process expertise. It includes consulting, systems integration and Application Management Services.

Systems and Technology Group

Systems and Technology Group provides IBM's clients with business solutions requiring advanced computing power and storage capabilities. Approximately 55% of the Systems and Technology Group's server and storage sales transactions are through business partners and approximately 45% are direct to end user clients and more than half are through the Website ibm.com. In addition, the group provides semiconductor technology and products, packaging solutions and engineering technology services to clients and for IBM's own advanced technology needs. Hardware is also deployed to support services solutions.

Software

Software consists primarily of middleware and operating systems software. Middleware software enables clients to integrate systems, processes and applications across a standard software platform. IBM Middleware is designed to open standards, which allows the efficient integration of disparate client applications that may have been built internally, or provided by package software vendors or system integrators. Operating systems are the software engines that run computers. In addition, Software includes Product Lifecycle Management software which primarily serves the Industrial sector. Approximately 50% of external Software revenue relates to one-time charge (OTC) arrangements, whereby the client pays one up-front payment for a license. The remaining annuity revenue consists of both maintenance revenue sold with OTC arrangements, as well as software sold on a recurring license charge arrangement. Arrangements for the sale of OTC software include one year of maintenance. The client can also purchase ongoing maintenance after the first year, which includes product upgrades and technical support.

Global Financing

IBM's offerings include end user IT leasing and financing for the acquisition of primarily IBM hardware, software and services. Client financing provides lease and loan financing to end users and internal clients for terms generally between two and seven years.

Citigroup Inc. (Citigroup)

2007-09-27T05:37:00.001-07:00

Citigroup Inc. (Citigroup)

Citigroup Inc. (Citigroup), incorporated in 1988, is a diversified global financial services holding company whose businesses provide a range of financial services to consumer and corporate customers. The Company is a bank holding company. The segments include Global Consumer Group, Corporate and Investment Banking (CIB), Global Wealth Management and Alternative Investments (AI). Citigroup has more than 200 million customer accounts and does business in more than 100 countries. On June 30, 2006, Citigroup sold the Upstate New York Financial Center Network. On August 22, 2006, it acquired TD Waterhouse Capital Markets Business. In February 2007, the Company completed the acquisition of the Affordable Housing Debt Business of Capmark Financial Group Inc. In March 2007, the Company's Citigroup Venture Capital bought 19.9% stake in Anand Rathi Securities. In May 2007, the Company acquired Egg Banking plc (Egg), an online bank and a United Kingdom-based online financial services provider, from Prudential PLC. As of May 9, 2007, the Company held a 56.15% stake in Nikko Cordial Corporation. In June 2007, Citigroup increased its stake in Nikko Cordial Corporation to 68.23% in terms of voting rights, giving it full control of Nikko Cordial Corporation. In July 2007, the Company merged with Citigroup Japan Investments LLC, a 100% subsidiary of the Company.

In August 2007, it acquired The BISYS Group, Inc. In July 2007, Citigroup completed the acquisition of Old Lane Partners, L.P. and Old Lane Partners, GP, LLC. Old Lane will operate as part of Citi Alternative Investments (CAI), the Company's integrated alternative investments platform. In May 2007, CIT Group Inc. completed the acquisition of the U.S. Business Technology Finance unit of Citigroup Inc. In May 2007, the Company completed the acquisition of substantially all of the subsidiaries of Grupo Cuscatlan from Corporacion UBC Internacional S.A., the subsidiaries' holding company. Citigroup acquired Grupo Cuscatlan's banking operations, some of its insurance operations and other financial activities.

Global Consumer Group

Citigroup's Global Consumer Group provides an array of banking, lending, insurance and investment services through a network of 8,110 branches, approximately 18,800 automated teller machines (ATMs), 809 automated lending machines (ALMs), the Internet, telephone and mail, and the Primerica Financial Services salesforce. Global Consumer serves more than 200 million customer accounts, providing products and services to meet the financial needs of both individuals and small businesses.

U.S. Cards is a provider of credit cards in North America, with more than 150 million customer accounts in the United States, Canada and Puerto Rico. In addition to MasterCard (including Diners), Visa and American Express, U.S. Cards is a provider of credit card services to the oil and gas industry and the provider of consumer private-label credit cards and commercial accounts on behalf of merchants, such as The Home Depot, Sears, Federated, Dell Computer, Radio Shack, Staples and Zales Corporation. U.S. Retail Distribution provides banking, lending, investment and insurance products and services to customers through 972 Citibank branches, 2,469 CitiFinancial branches, the Primerica Financial Services (PFS) salesforce, the Internet, direct mail and telesales.

U.S. Consumer Lending provides home mortgages and home equity loans to prime and non-prime customers, auto financing to non-prime consumers and educational loans to students. Loans are originated throughout the United States and Canada through the Citibank, CitiFinancial and Smith Barney branch networks, Primerica Financial Services agents, third-party brokers, direct mail, the Internet and telesales. Loans are also purchased in the wholesale markets. U.S. Consumer Lending also provides mortgage servicing to a portfolio of mortgage loans owned by third parties. U.S. Commercial Business provides equipment leasing and financing, banking services to small and middle-market businesses ($5 million to $500 million in annual revenues) and financing for investor-owned multi-family and commercial properties.

International Consumer is composed of three businesses: Cards, Consumer Finance and Retail Banking. International Cards provides MasterCard, Visa and Diners-branded credit and charge cards, as well as private-label cards and co-branded cards, to more than 30 million customer accounts in 43 countries outside of the United States and Canada. International Consumer Finance provides community-based lending services through a branch network, centralized sales platforms and cross-selling initiatives with International Cards and International Retail Banking. As of December 31, 2006, International Consumer Finance maintained 2,588 sales points comprised of 1,779 branches in more than 25 countries, and 809 ALMs in Japan. International Consumer Finance offers real-estate-secured loans, unsecured or partially secured personal loans, auto loans and loans to finance consumer-goods purchases. International Retail Banking delivers an array of banking, lending, insurance and investment services through a network of local branches and electronic delivery systems, including ATMs, call centers and the Internet. International Retail Banking serves more than 52 million customer accounts, composed of individuals and small businesses. Other Consumer includes certain treasury and other unallocated staff functions and global marketing.

Corporate and Investment Banking

CIB provides corporations, governments, institutions and investors in approximately 100 countries with a range of financial products and services. CIB includes Capital Markets and Banking, Transaction Services and Other CIB. Capital Markets and Banking offers an array of investment and commercial banking services and products, including investment banking and advisory services, debt and equity trading, institutional brokerage, foreign exchange, structured products, derivatives and lending. Capital Markets and Banking revenue is generated primarily from fees for investment banking and advisory services, fees and spread on structured products, foreign exchange and derivatives, fees and interest on loans, and income earned on principal transactions.

Transaction Services is composed of Cash Management, Trade Services and Securities & Fund Services (SFS). Cash Management and Trade Services provide comprehensive cash management and trade finance for corporations and financial institutions worldwide. SFS provides custody and fund services to investors, such as insurance companies and pension funds, clearing services to intermediaries, such as broker/dealers, and depository and agency/trust services to multinational corporations and governments globally. Other CIB includes offsets to certain line items reported in other CIB segments, certain non-recurring items and tax amounts not allocated to CIB products.

Global Wealth Management

Global Wealth Management is composed of the Smith Barney Private Client businesses (including Citigroup Wealth Advisors outside the United States), Citigroup Private Bank and Citigroup Investment Research. Smith Barney provides investment advice, financial planning and brokerage services to individuals, companies and non-profits through a network of more than 13, 000 financial advisors in more than 600 offices primarily in the United States. Smith Barney generates revenue from managing client assets, acting as a broker for clients in the purchase and sale of securities, financing customers' securities transactions and other borrowing needs through lending, and through the sale of mutual funds and alternative investments. Citigroup Investment Research provides independent client-focused research to individuals and institutions around the world.

Private Bank provides personalized wealth management services for high-net-worth clients in 33 countries and territories. These services include comprehensive investment management (investment funds management, capital markets solutions, trust, fiduciary and custody services), investment finance (credit services, including real estate financing, commitments and letters of credit) and banking services (deposit, checking and savings accounts, as well as cash management and other traditional banking services).

Alternative Investments

AI manages capital on behalf of Citigroup, as well as for third-party institutional and high-net-worth investors. AI is an integrated alternative investment platform that manages a range of products across five asset classes, including private equity, hedge funds, real estate, structured products and managed futures. AI's business model is to enable its 14 investment centers to retain entrepreneurial qualities required to capitalize on evolving opportunities.

The Proprietary Portfolio of Alternative Investments consists of private equity, single- and multi-manager hedge funds, real estate and Legg Mason, Inc. (Legg Mason) preferred shares. The Client Portfolio is composed of single- and multi-manager hedge funds, real estate, managed futures, private equity, and a variety of leveraged fixed-income products (credit structures). Products are distributed to investors directly by AI and through Citigroup's Private Bank and Smith Barney businesses.

ConocoPhillips (ConocoPhillips),

2007-09-27T05:35:00.001-07:00

ConocoPhillips (ConocoPhillips),

ConocoPhillips (ConocoPhillips), incorporated on November 16, 2001, is an international, integrated energy company. The Company's business is organized into six operating segments. Exploration and Production (E&P) segment primarily explores for, produces and markets crude oil, natural gas and natural gas liquids on a worldwide basis. Midstream segment gathers, processes and markets natural gas produced by ConocoPhillips and others, and fractionates and markets natural gas liquids, primarily in the United States and Trinidad. The Midstream segment primarily consists of the Company's 50% equity investment in DCP Midstream, LLC, formerly named Duke Energy Field Services, LLC. Refining and Marketing (R&M) segment purchases, refines, markets and transports crude oil and petroleum products, mainly in the United States, Europe and Asia. LUKOIL Investment segment consists of its equity investment in the ordinary shares of OAO LUKOIL (LUKOIL), an international, integrated oil and gas company. The Chemicals segment manufactures and markets petrochemicals and plastics on a worldwide basis. The Chemicals segment consists of ConocoPhillips' 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). Emerging Businesses segment includes the development of new technologies and businesses outside the Company's normal scope of operations. On March 31, 2006, ConocoPhillips completed the acquisition of Burlington Resources Inc.

In March 2007, Petrobras Energia Participations SA's subsidiary, Petrobras Energia S.A., purchased 25.67% and 52.37% interest in Sierra Chata and Parva Negra, respectively, from ConocoPhillips. The transaction was structured through the purchase of Burlington Resources Argentina Holdings Limited, the company entitled to the stock purchased. Prior to the acquisition, Petrobras Energia S.A. was a stockholder and operator of both entities. As a result of the transaction, the interest of Petrobras Energia S.A. in Sierra Chata increased to 45.5523% and in Parva Negra to 100%. Sierra Chata is a natural gas producer and Parva Negra is a lot containing two gas wells adjacent to the north of Sierra Chata block.

Exploration and Production

The E&P segment explores for, produces and markets crude oil, natural gas and natural gas liquids on a worldwide basis. It also mines deposits of oil sands in Canada to extract the bitumen and upgrade it into a synthetic crude oil. Operations to liquefy and transport natural gas are also included in the E&P segment. At December 31, 2006, E&P operations were producing in the United States, Norway, the United Kingdom, the Netherlands, Canada, Nigeria, Venezuela, Ecuador, Argentina, offshore Timor Leste in the Timor Sea, Australia, China, Indonesia, Algeria, Libya, the United Arab Emirates, Vietnam and Russia.

During the year ended December 31, 2006, E&P's worldwide production, including its share of equity affiliates' production other than LUKOIL, averaged 1,936,000 barrels of oil equivalent (BOE) per day. During 2006, 808,000 BOE per day were produced in the United States. Production from the Company's international E&P operations averaged 1,128,000 BOE per day in 2006. In addition, its Canadian Syncrude mining operations had net production of 21,000 barrels per day in 2006. In 2006, United States E&P operations contributed 40% of E&P's worldwide liquids production and 44% of natural gas production. ConocoPhillips has a 36.1% non-operator interest in all fields within the Greater Prudhoe Area. Its net crude oil production from the Prudhoe Bay field averaged 78,800 barrels per day, while natural gas liquids production averaged 16,700 barrels per day in 2006. The Greater Point McIntyre Area (GPMA) primarily includes the Point McIntyre, Niakuk, and Lisburne fields. The fields within the GPMA generally produce through the Lisburne Production Center. Net crude oil production for GPMA averaged 11,400 barrels per day, while natural gas liquids production averaged 800 barrels per day in 2006. ConocoPhillips operates the Greater Kuparuk Area, which consists of the Kuparuk field and four satellite fields: Tarn, Tabasco, Meltwater, and West Sak. The Greater Kuparuk Area also includes the West Sak heavy-oil field. The Company's net crude oil production from West Sak averaged 8,400 barrels per day in 2006. The Alpine satellite fields, Nanuq and Fiord began production in 2006. The fields produced at a net rate of 4,300 barrels of oil per day.

ConocoPhillips has a 100% interest in the North Cook Inlet field. Net production in 2006 averaged 88 million cubic feet per day of natural gas. Its interest in the Beluga River field is 33%. Net production averaged 49 million cubic feet per day of natural gas in 2006. ConocoPhillips has a 70% interest in the Kenai liquefied natural gas (LNG) plant, which supplies LNG to two utility companies in Japan, utilizing two LNG tankers for transport. At December 31, 2006, the Company's portfolio of producing properties in the Gulf of Mexico included four operated fields and five fields operated by its co-venturers.

The Company operates and holds a 75% interest in the Magnolia field in Garden Banks Blocks 783 and 784. Net production from Magnolia averaged 17,800 barrels per day of liquids and 44 million cubic feet per day of natural gas in 2006. It holds a 16% interest in the Ursa field located in the Mississippi Canyon area. It also owns a 16% interest in the Princess field, a northern, subsalt extension of the Ursa field. Total net production from the unitized area in 2006 averaged 14,400 barrels per day of liquids and 18 million cubic feet per day of natural gas.

In 2006, E&P operations in Europe contributed 23% of E&P's worldwide liquids production. Europe operations contributed 21% of natural gas production in 2006. The Company's European assets are principally located in the Norwegian and United Kingdom sectors of the North Sea. The Greater Ekofisk Area, located approximately 200 miles offshore Norway in the center of the North Sea, is composed of four producing fields: Ekofisk, Eldfisk, Embla and Tor. The Company has a 58.7% interest in the Britannia natural gas and condensate field, and owns 50% of Britannia Operator Limited, the operator of the field. It has a 75% interest in the Brodgar field and an 83.5% interest in the Callanish field.

ConocoPhillips has varying ownership interests in three licenses, 4/98, 5/98 and 01/06, in the Danish sector of the North Sea. In 2006, E&P operations in Canada contributed 5% of E&P's worldwide liquids production (excluding Syncrude production). Canadian operations contributed 20% of E&P's worldwide natural gas production in 2006. During 2006, E&P operations in South America were focused on the Company's operations in Venezuela. It also acquired interests in Ecuador, Argentina, Peru and Colombia, as a result of the Burlington Resources acquisition. South American operations contributed 10% of E&P's worldwide liquids production in 2006. Petrozuata is a Venezuelan Corporation formed under an Association Agreement between a wholly owned subsidiary of ConocoPhillips that has a 50.1% non-controlling equity interest and a subsidiary of Petroleos de Venezuela S.A. (PDVSA), the national oil company of Venezuela. In Ecuador, the Company acquired an interest in two producing blocks as part of the Burlington Resources acquisition. It holds a 42.5% interest in Block 7 and a 46.25% interest in Block 21. During 2006, ConocoPhillips acquired a 100% ownership interest in exploration blocks 123 and 124 in northern Peru's Maranon Basin, covering more than 5.5 million acres. In Colombia, it acquired an exploration contract for a 100% interest in the Orquidea area of the Middle Magdalena Basin as part of the Burlington Resources acquisition.

In 2006, E&P operations in the Asia Pacific area contributed 11% of E&P's worldwide liquids production and 12% of natural gas production. It operates nine production sharing contracts (PSCs) in Indonesia and has a non-operator interest in two others. ConocoPhillips' assets are concentrated in two core areas: the West Natuna Sea and onshore South Sumatra. It operates three offshore PSCs: South Natuna Sea Block B, Ketapang and Amborip VI. In January 2007, ConocoPhillips sold its 50% working interest in the Block A PSC in North Sumatra. The Xijiang development consists of two fields located approximately 80 miles south of Hong Kong in the South China Sea. Its combined net production of crude oil from the Xijiang fields averaged 10,100 barrels per day in 2006.

With the acquisition of Burlington Resources in 2006, the Company acquired a 50% non-operated interest in a concession in Egypt that includes the development of the Tao gas field and its associated facilities. At December 31, 2006, ConocoPhillips was producing from four onshore Oil Mining Leases (OMLs), in which it has a 20% non-operator interest. These leases produced a net 24,500 barrels of liquids per day and 138 million cubic feet of natural gas per day in 2006. In May 2006, ConocoPhillips sold its ownership interest in license PH77, located offshore Cameroon. Qatargas 3 is an integrated project, jointly owned by Qatar Petroleum ( 68.5%), ConocoPhillips (30%) and Mitsui & Co., Ltd. (1.5%). The project comprises upstream natural gas production facilities to produce approximately 1.4 billion gross cubic feet per day of natural gas from Qatar's North field over the 25-year life of the project. The project also includes a 7.8-million-gross-ton-per-year LNG facility.

Midstream

The Company's Midstream business is primarily conducted through its 50% equity investment in DCP Midstream, LLC, formerly named Duke Energy Field Services, LLC (DEFS). DCP Midstream is a joint venture with Spectra Energy, the natural gas business formerly owned by Duke Energy Corporation (Duke). Effective January 2, 2007, Spectra Energy became a separate legal entity from Duke, and the name of the joint venture was changed from DEFS to DCP Midstream to reflect this change in ownership.

DCP Midstream markets a portion of its natural gas liquids to ConocoPhillips and Chevron Phillips Chemical Company LLC (a joint venture between ConocoPhillips and Chevron Corporation) under a supply agreement that continues until December 31, 2014. This purchase commitment is on an if-produced, will-purchase basis. At December 31, 2006, DCP Midstream owned or operated 52 natural gas liquids extraction plants, 10 natural gas liquids fractionation plants, and its gathering and transmission systems included approximately 56,000 miles of pipeline. In 2006, DCP Midstream's raw natural gas throughput averaged six billion cubic feet per day, and natural gas liquids extraction averaged 360,000 barrels per day. DCP Midstream's assets are primarily located in producing regions, such as Rocky Mountains, Midcontinent, Permian, East Texas/North Louisiana, South Texas, Central Texas and the Gulf Coast.

At December 31, 2006, Outside of DCP Midstream, the Company's United States natural gas liquids business included a 50% interest in a natural gas liquids extraction plant in San Juan County, New Mexico, with a gross plant inlet capacity of 500 million cubic feet per day; a 25,000-barrel-per-day capacity natural gas liquids fractionation plant in Gallup, New Mexico; a 22.5% equity interest in Gulf Coast Fractionators, which owns a natural gas liquids fractionation plant in Mont Belvieu, Texas, and a 40% interest in a fractionation plant in Conway, Kansas. It also owns a 39% equity interest in Phoenix Park Gas Processors Limited (Phoenix Park), a joint venture primarily with the National Gas Company of Trinidad and Tobago Limited. Phoenix Park processes gas in Trinidad and markets natural gas liquids throughout the Caribbean and into the United States Gulf Coast. Its facilities include a 1.35-billion-cubic-feet-per-day gas processing plant and a 70,000-barrels-per-day natural gas liquids fractionator. Its share of natural gas liquids extracted averaged 6,400 barrels per day in 2006.

Refining and Marketing

R&M operations encompass refining crude oil and other feedstocks into petroleum products (such as gasoline, distillates and aviation fuels); buying, selling and transporting crude oil, and buying, transporting, distributing and marketing petroleum products. In the United States, R&M markets gasoline, diesel fuel and aviation fuel through approximately 10,600 outlets in 49 states. The majority of these sites utilize the Conoco, Phillips 66 or 76 brands. In its wholesale operations, the Company utilizes a network of marketers and dealers operating approximately 9,600 outlets. Its refined products are marketed on both a branded and unbranded basis. In addition to automotive gasoline and diesel fuel, ConocoPhillips produces and markets aviation gasoline, which is used by smaller, piston-engine aircraft. Aviation gasoline and jet fuel are sold through independent marketers at approximately 580 Phillips 66-branded locations in the United States.

In its retail operations, ConocoPhillips owns and operates approximately 330 sites under the Phillips 66, Conoco and 76 brands. Company-operated retail operations are focused in 10 states, mainly in the Midcontinent, Rocky Mountain and West Coast regions. Most of these outlets market merchandise through the Kicks, Breakplace, or Circle K brand convenience stores. At December 31, 2006, CFJ Properties, the Company's 50/50 joint venture with Flying J, owned and operated 100 truck travel plazas that carry the Conoco and/or Flying J brands.

The Company manufactures and sells a variety of specialty products, including petroleum cokes, lubes (such as automotive and industrial lubricants), solvents and pipeline flow improvers to commercial, industrial and wholesale accounts worldwide. Lubricants are marketed under the Conoco, Phillips 66, 76 Lubricants and Kendall Motor Oil brands. Excel Paralubes is a joint venture hydrocracked lubricant base oil manufacturing facility, located adjacent to Lake Charles refinery, and is 50% owned by ConocoPhillips. Excel Paralubes' lube oil facility produces approximately 20,000 barrels per day of clear hydrocracked base oils. The Company has a 50% interest in Penreco, which manufactures and markets refined specialty petroleum products, including solvents, waxes, petrolatums and white oils, for global markets. It also manufactures graphite and anode-grade cokes in the United States and Europe for use in the global steel and aluminum industries.

LUKOIL Investment

In September 2004, ConocoPhillips made a joint announcement with LUKOIL, an international integrated oil and gas company headquartered in Russia. Outside of Russia, LUKOIL has oil production in Kazakhstan and Egypt, and has exploratory or other projects under way in Kazakhstan, Colombia, Azerbaijan, Uzbekistan, Iran, Saudi Arabia and Iraq. Downstream, LUKOIL has seven refineries with a net crude oil throughput capacity of approximately 1.2 million barrels per day. In addition, LUKOIL has a marketing network which extends to 18 countries, with the majority of wholesale and retail sales in Russia, the United States and Europe.

Chemicals

Chevron Phillips Chemical Company LLC (CPChem) is a 50/50 joint venture with Chevron Corporation. CPChem's business is structured around three primary operating segments: Olefins & Polyolefins, Aromatics & Styrenics and Specialty Products. The Olefins & Polyolefins segment produces and markets ethylene, propylene and other olefin products, which are primarily consumed within CPChem for the production of polyethylene, normal alpha olefins (NAO), polypropylene and polyethylene pipe. The Aromatics & Styrenics segment manufactures and markets aromatics products, such as benzene, styrene, paraxylene and cyclohexane. This segment also manufactures and markets polystyrene, as well as styrene-butadiene copolymers. The Specialty Products segment manufactures and markets a variety of specialty chemical products, including organosulfur chemicals, solvents, catalysts, drilling chemicals, mining chemicals and high-performance polyphenylene sulfide polymers and compounds.

Emerging Businesses

Emerging Businesses encompass the development of new technologies and businesses outside the Company's normal scope of operations. The focus of its power business is on developing integrated projects to support the Company's E&P and R&M strategies and business objectives. The Immingham combined heat and power (CHP) plant, a 730-megawatt, gas-fired facility in North Lincolnshire, United Kingdom, was placed in commercial operations in October 2004. This wholly owned facility provides steam and electricity to the Humber refinery and steam to a neighboring refinery, as well as merchant power into the United Kingdom market. The Company's Technology Solutions businesses develop both upstream and downstream technologies and services that can be used in its operations or licensed to third parties.

ChevronTexaco Corporation

2007-09-26T09:03:00.001-07:00

ChevronTexaco Corporation

Chevron Corp. (Chevron), formerly ChevronTexaco Corporation, incorporated in 1926, manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and foreign subsidiaries that engage in fully integrated petroleum operations, chemicals operations, mining operations of coal and other minerals, power generation and energy services. The Company conducts business activities in the United States and approximately 180 other countries. Exploration and production (upstream) operations consist of exploring for, developing and producing crude oil and natural gas, and also marketing natural gas. Refining, marketing and transportation (downstream) operations relate to refining crude oil into finished petroleum products; marketing crude oil and the many products derived from petroleum, and transporting crude oil, natural gas and petroleum products by pipeline, marine vessel, motor equipment and rail car. Chemical operations include the manufacture and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant oil additives. The upstream and downstream activities of the Company are dispersed geographically, with operations in North America, South America, Europe, Africa, the Middle East, Asia, and Australasia.

Exploration and Production

During the year ended December 31, 2006, Chevron conducted exploration and production operations in the United States and approximately 35 other countries. Worldwide oil-equivalent production was approximately 2.67 million barrels per day in 2006. As of December 31, 2006, the Company owned or had under lease or similar agreements undeveloped and developed oil and gas properties located throughout the world. The Company sells crude oil and natural gas from its producing operations under a range of contractual arrangements. In the United States, the Company is contractually committed to deliver to third parties and affiliates approximately 281 billion cubic feet of natural gas through 2009 from United States reserves. Outside the United States, the Company is contractually committed to deliver to third parties a total of approximately 560 billion cubic feet of natural gas from 2007 through 2009 from Australia, Canada, Colombia and the Philippines.

The United States upstream activities are concentrated in the Gulf of Mexico, Louisiana, Texas, New Mexico, the Rocky Mountains and California. Average daily net production in 2006, was 462,000 barrels of crude oil and natural gas liquids and 1.8 billion cubic feet of natural gas, or 763,000 barrels per day on an oil-equivalent basis. During 2006, the Company's operations outside California and the Gulf of Mexico averaged daily net production of 141,000 barrels of crude oil and natural gas liquids and one billion cubic feet of natural gas. Chevron Corp., also has exploration and production operations in Africa (Angola, Democratic Republic of the Congo, Republic of the Congo, Angola-Republic of the Congo Joint Development Area, Chad/Cameroon, Libya, Equatorial Guinea and Nigeria); Asia-Pacific (Australia, Azerbaijan, Kazakhstan, Russia, Bangladesh, Cambodia, Myanmar, Thailand, Vietnam, China, Partitioned Neutral Zone (pans) and Philippines); Indonesia; other international areas (Argentina, Brazil, Colombia, Trinidad and Tobago, Venezuela, Canada, Denmark, Faroe Islands, Netherlands, Norway and United Kingdom Mexico), and affiliate operations (Kazakhstan, Venezuela and Russia).

Refining, Marketing and Transportation

In 2006, the Company's refining system consisted of 20 fuel refineries and an asphalt plant. The Company operated nine of these facilities, and 12 were operated by affiliated companies. Average crude oil distillation capacity utilization during 2006, was 90%. At the United States fuel refineries, crude oil distillation capacity utilization averaged 99% in 2006, and cracking and coking capacity utilization averaged 86% in 2006. Cracking and coking units, including fluid catalytic cracking units, are the primary facilities used in fuel refineries to convert heavier products to gasoline and other light products. In 2006, the Company completed an expansion of the Pascagoula, Mississippi, refinery's fluid catalytic cracking unit to increase its production of gasoline and other light products. Also in 2006, GS Caltex, the company's 50%-owned affiliate, began construction of an upgrade project at the 650,000-barrel-per-day Yeosu refining complex in South Korea. In April 2006, Chevron purchased a 5% interest in Reliance Petroleum Limited, a company formed by Reliance Industries Limited to own and operate an export refinery being constructed in Jamnagar, India. The company's United States West Coast, Gulf Coast and Salt Lake refineries produce low-sulfur fuels.

Chevron markets petroleum products throughout much of the world. The principal brands for identifying these products are Chevron, Texaco and Caltex. Approximately 600 of the outlets are company-owned or -leased stations. During 2006, the Company was supplying more than 2,100 Texaco retail sites, primarily in the southeast and west. Outside the United States, Chevron supplies directly or through retailers and marketers approximately 16, 200 branded service stations, including affiliates, in 75 countries. The Company also manages other marketing businesses globally. Chevron markets aviation fuel in approximately 75 countries, representing a worldwide market share of about 12%, and is a marketer of jet fuels in the United States. The Company also markets a line of lubricant and coolant products in about 175 countries under brand names that include Havoline, Delo, Ursa and Revtex.

Chevron owns and operates a system of crude oil, refined products, chemicals, natural gas liquids and natural gas pipelines in the United States. The Company also has direct or indirect interests in other United States and international pipelines. In the United States during 2006, the Company completed the sale of three refined-product pipeline systems in Texas and New Mexico, as well as its interest in the Windy Hill natural gas storage project in northeastern Colorado. Chevron also has a 15% ownership interest in the Caspian Pipeline Consortium (CPC). CPC operates a crude oil export pipeline from the Tengiz Field in Kazakhstan to the Russian Black Sea port of Novorossiysk. During 2006, CPC had transported an average of 664,000 barrels of crude oil per day, including 519,000 barrels per day from the Caspian region and 145,000 barrels per day from Russia. In addition, the Company has a 9% equity interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline, which transports Azerbaijan International Operating Company (AIOC) production from Baku, Azerbaijan, through Georgia to deepwater port facilities in Ceyhan, Turkey.

During 2006, the Company had approximately 70 vessels chartered on a voyage basis or for a period of less than one year. In addition, all tankers in Chevron's controlled seagoing fleet were utilized during 2006. In 2006, the Company's United States flag fleet was engaged primarily in transporting refined products between the Gulf Coast and the East Coast and from California refineries to terminals on the West Coast and in Alaska and Hawaii. The international flag vessels were engaged primarily in transporting crude oil from the Middle East, Asia, Black Sea, Mexico and West Africa to ports in the United States, Europe, Australia and Asia. Refined products were also transported by tanker worldwide. During 2006, the Company took delivery of two double-hulled tankers with a total capacity of 2.5 million barrels and terminated the lease on its last single-hulled vessel. In addition, the Company owns a one-sixth interest in each of seven liquefied natural gas (LNG) tankers transporting cargoes for the North West Shelf (NWS) project in Australia. The NWS project has two LNG tankers under long-term time charter.

Chemicals

Chevron Phillips Chemical Company LLC (CPChem) is equally owned with ConocoPhillips Corporation. During 2006, CPChem owns or had joint venture interests in 30 manufacturing facilities and six research and technical centers in the United States, Puerto Rico, Belgium, China, Saudi Arabia, Singapore, South Korea and Qatar. In 2006, construction progressed on CPChem's integrated, world-scale styrene facility in Al Jubail, Saudi Arabia, which is jointly owned with the Saudi Industrial Investment Group (SIIG). The styrene facility is located adjacent to CPChem and SIIG's aromatics complex in Al Jubail. In addition, construction continued on the Q-Chem II project in 2006. The Q-Chem II project includes a 350,000-metric-ton-per-year polyethylene plant and a 345,000-metric-ton-per-year normal alpha olefins plant. The Q-Chem II project also includes a separate joint venture to develop a 1.3-million-metric-ton-per-year ethylene cracker at Qatar's Ras Laffan Industrial City, in which Q-Chem II owns 54% of the capacity rights. CPChem owns a 49% interest in Q-Chem II. Chevron's Oronite brand fuel and lubricant additives business is a developer, manufacturer and marketer of performance additives for fuels and lubricating oils. The Company owns and operates facilities in the United States, Brazil, France, the Netherlands, Singapore and Japan and has equity interests in facilities in India and Mexico. Oronite provides additives for lubricating oil in most engine applications, such as passenger car, heavy-duty diesel, marine, two-cycle and railroad engines, and additives for fuels to improve engine performance and extend engine life.

Other Businesses

Chevron's mining companies in the United States produce and market coal, molybdenum, rare earth minerals and calcined petroleum coke. Sales occur in both United States and international markets. Chevron's coal mining and marketing subsidiary, The Pittsburg & Midway Coal Mining Co. (P&M), owns and operates two surface mines, McKinley, in New Mexico, and Kemmerer, in Wyoming, and one underground mine, North River, in Alabama. Final reclamation activities were completed at the York Canyon surface mine located in New Mexico, and reclamation activities continued in 2006, at the Farco surface mine in Texas. In 2006, P&M controlled approximately 225 million tons of proven and probable coal reserves in the United States, including reserves of environmentally desirable low-sulfur coal. The Company is contractually committed to deliver between 11 million and 12 million tons of coal per year through the end of 2009.

Molycorp Inc. is the Company's mining and marketing subsidiary for molybdenum and rare earth minerals. Molycorp Inc. owns and operates the Questa molybdenum mine in New Mexico and the Mountain Pass lanthanides mine in California. In addition, the company owns a 33% interest in Sumikin Molycorp, a manufacturer of neodymium compounds, located in Japan. In 2006, Molycorp Inc. controlled approximately 60 million pounds of proven molybdenum reserves at Questa and 240 million pounds of proven and probable lanthanide reserves at Mountain Pass. The Company also owns the Chicago Carbon Company, a producer and marketer of calcined petroleum coke, which operates a 250,000-ton-per-year petroleum coke calciner facility in Lemont, Illinois.

Chevron's global power generation (GPG) business is engaged in developing and operating commercial power projects and owns 15 power assets located in the United States and Asia. GPG manages the production of more than 2,334 megawatts of electricity at 11 facilities it owns through joint ventures. The company operates gas-fired cogeneration facilities that use waste heat recovery to produce additional electricity or to support industrial thermal hosts. A number of the facilities produce steam for use in upstream operations to facilitate production of heavy oil. The Company has geothermal operations in Indonesia and the Philippines. In September 2006, the company sold its interest in the 8-megawatt Amada Rayong power generation facility in Thailand.

Chevron Energy Solutions (CES) is a wholly owned subsidiary that has energy-saving projects installed in more than a thousand buildings nationwide. Major projects completed by CES in 2006, include energy efficiency and renewable power installations for United States Postal Service facilities, the first megawatt-class hydrogen fuel cell cogeneration plant in California, and cogeneration and biomass facilities for a municipal water pollution control plant.

The General Electric Company

2007-09-26T08:59:00.001-07:00

The General Electric Company, or GE (NYSE: GE) is a multinational American technology and services conglomerate incorporated in the State of New York.[4]. In terms of market capitalization, GE is the world's second largest company. In the 1960s, aspects of U.S. tax laws and accounting practices led to a rise in the assembly of conglomerates. GE, which was a conglomerate long before the term was coined, is arguably the most successful organization of this type.

General Electric Company (GE) is a diversified industrial corporation. It is engaged in developing, manufacturing and marketing a variety of products for the generation, transmission, distribution, control and utilization of electricity. During the year ended December 31, 2006, GE completed the sales of its Advanced Materials business by Industrial and GE Life, its United Kingdm-based life insurance business. During 2006, GE acquired IDX Systems Corporation, ZENON Environmental Inc. and Biacore International AB. In November 2006, GE Fanuc Embedded Systems acquired Radstone Technology PLC. In December 2006, Energy Metals Corporation's subsidiary, Golden Predator Mines Inc., acquired Springer Mining Company from GE. On March 15, 2007, GeoEye Inc. acquired M.J. Harden Associates, Inc., from GE. In May 2007, Smiths Group PLC sold its aerospace businesses to GE. In May 2007, STV Partners Corporation, the Japanese unit of GE, acquired a 97.15% interest in SANYO ELECTRIC CREDIT CO., LTD

Environmental record

General Electric has a history of large-scale air and water pollution. The corporation is currently listed as the fourth-largest corporate producer of air pollution in the United States, with more than 4.4 million pounds per year of toxic chemicals released into the air.[12] General Electric has also been implicated in the creation of toxic waste. According to EPA documents, only the United States Government and Honeywell are responsible for producing more Superfund toxic waste sites.[13] To be placed in proper context, however, one must recall the size of the company. When compared to a more polluting, but much smaller company, like the aforementioned Honeywell, GE's record is much better than many of its competitors.

In 1983, New York State Attorney General Robert Abrams filed suit in Federal District Court to compel G.E. to pay for the cleanup of what was claimed to be more than 100,000 tons of chemicals dumped (legally, at the time) from their plant in Waterford.[14] In 1999, the company agreed to pay a $250 million settlement in connection with claims it polluted the Housatonic River and other sites with polychlorinated biphenyls (PCBs) and other hazardous substances.[15] In 2002, after spending millions of dollars on advertisements intended to avert the project, General Electric was ordered to clean up a 40 mile stretch of the Hudson River it had contaminated with PCBs. [16] In 2003, acting on concerns that the plan proposed by GE did not "provide for adequate protection of public health and the environment," the United States Environmental Protection Agency issued a unilateral administrative order for the company to "address cleanup at the GE site" in Rome, Georgia, also contaminated with PCBs. [17]

In May 2005 GE announced the launch of a program called "Ecomagination," intended, in the words of CEO Jeffrey Immelt ""to develop tomorrow's solutions such as solar energy, hybrid locomotives, fuel cells, lower-emission aircraft engines, lighter and stronger durable materials, efficient lighting, and water purification technology,"[18] prompting the New York Times to observe that, "while General Electric's increased emphasis on clean technology will probably result in improved products and benefit its bottom line, Mr. Immelt's credibility as a spokesman on national environmental policy is fatally flawed because of his company's intransigence in cleaning up its own toxic legacy."[19]

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The financial arm of General Electric Co. (GE), GE Money, which owns a 39.3% stake in Colpatria, announced this month it will buy a 10.69% in the Colombian ...
Solon chides AFP for failing to settle P48-M electric bill
Inquirer.net, Philippines - 25 Sep 2007
... by Chief of Staff General Hermogenes Esperon got a dressing down from one lawmaker for their purported failure to settle P48 million in electric bills. ...
Budget hearings for AFP leftists' payback time Inquirer.net
all 2 news articles »

CNNMoney.com
General Electric's secret boot camp
CNNMoney.com - 25 Sep 2007
The reason: GE Transportation, an unheralded division within the General Electric (Charts, Fortune 500) juggernaut that makes the world's most expensive ...
General Electric says to book 950 mln usd loss on mortgage unit
CNNMoney.com - 19 Sep 2007
19, 2007 (Thomson Financial delivered by Newstex) -- General Electric (NYSE:GE) said it expects to report a 950 mln usd loss for the first nine months of ...
Out of the Gate: General Electric
CNNMoney.com - 19 Sep 2007
NEW YORK (AP) - General Electric (NYSE:GE) Co. said it expects to record $1.7 billion to $1.9 billion in charges in the third quarter, including costs to ...
Siemens Appoints General Electric Executive as Compliance Chief
Bloomberg - 19 Sep 2007
... named Peter Solmssen to its management board and put the former general counsel at rival General Electric Co. in charge of compliance. ...
Smiths Group, General Electric JV Not To Proceed
CNNMoney.com - 18 Sep 2007
LONDON -(Dow Jones)- Smiths Group and General Electric Company (GE) announced Wednesday that they have decided not to proceed to form the Smiths GE ...
GE to cut 29 jobs at Helsinki X-ray unit
Newsroom Finland, Finland - 7 hours ago
Britain-headquartered General Electric Healthcare said Tuesday it was cutting 29 jobs in its Helsinki X-ray unit. When the company launched a round of ...
Fremont Says Ford Isn't Prepared to Complete Purchase (Update3)
Bloomberg - 1 hour ago
PHH, a lender that agreed to be bought by General Electric Co. and Blackstone Group LP, says the sale may unravel because of a lack of financing. ...
General Electric's infrastructure unit key to US$44 price target
National Post, Canada - 18 Sep 2007
General Electric Co.'s (GE/NYSE) infrastructure division, which provides services in aviation, energy, transportation, water and other industries, ...
Ahead of the Bell: General Electric
Houston Chronicle, United States - 18 Sep 2007
2007 AP NEW YORK — A Goldman Sachs analyst said conglomerate General Electric Co. will likely report positive trends in its infrastructure segment at a ...
It's The Network
Forbes, NY - 5 hours ago
It's a consortium of companies, including GridPoint, Constellation Energy (nyse: CEG - news - people ) and General Electric (nyse: GE - news - people ) that ...
Blackstone, General Electric and Wilbur Ross, a billionaire ...
International Herald Tribune, France - 17 Sep 2007
By MC Govardhana Rangan Bloomberg News MUMBAI: Blackstone Group, General Electric Capital and a group led by Wilbur Ross, a billionaire, are among investors ...
Pratt & Whitney in turbine parts deal with Saudi Electric
Reuters UK, UK - 21 Sep 2007
... Systems Inc said it was selected by Saudi Electric Co to provide industrial turbine parts for General Electric gas turbines over the next three years. ...
Pine Cellular and Choctaw Electric Cooperative will use Nortel 4G ...
CNNMoney.com - 2 hours ago
"Pine and Choctaw Electric Cooperative's network deployment is a prime example of why WiMAX is such an important technology," said Peter MacKinnon, general ...
General Electric CFO: Industrial economy in good shape
MarketWatch - 18 Sep 2007
By Bob Sechler , , ) Chief Financial Officer Keith Sherin described the broad industrial economy as solid Tuesday, even as he acknowledged that the company ...
WISCO Signs Power Project With GE
China CSR, China - 16 hours ago
Jeffrey R. Immelt, chairman of the board and chief executive officer of General Electric, says this is the largest project that GE has ever invested in ...
Algeria: General Electric's Ecomagination Finds Profit in Going Green
AllAfrica.com, Washington - 15 Sep 2007
Growing concern over global climate change is translating into lucrative business opportunities for industry conglomerate General Electric (GE). ...

Ford Motor Company

2007-09-26T08:50:00.001-07:00

Ford Motor Company is an American multinational corporation and the world's third largest automaker based on worldwide vehicle sales.

In 2006, Ford was the second-ranked automaker in the US with a 17.5% market share, behind General Motors (24.6%) but ahead of Toyota (15.4%) and DaimlerChrysler (14.4%)[3]. Ford was also the seventh-ranked American-based company in the 2007 Fortune 500 list, based on global revenues of $160.1 billion [4]. In 2006, Ford produced about 6.6 million automobiles[5], and employed about 280,000 employees at about 100 plants and facilities worldwide[6]. In 2007, Ford had more quality awards from J.D Power than any other automaker.[7]

Based in Dearborn, Michigan, a suburb of Detroit, the automaker was founded by Henry Ford and incorporated in June 16, 1903. Ford now encompasses many global brands, including Lincoln and Mercury of the US, Jaguar and Land Rover of the UK, and Volvo of Sweden. Ford also owns a one-third controlling interest in Mazda.

Ford has been one of the world's ten largest corporations by revenue and in 1999 ranked as one of the world's most profitable corporations, and the number two automaker worldwide.

Ford introduced methods for large-scale manufacturing of cars and large-scale management of an industrial workforce, especially elaborately engineered manufacturing sequences typified by moving assembly lines. Henry Ford's combination of highly efficient factories, highly paid workers, and low prices revolutionized manufacturing and came to be known around the world as Fordism by 1914.

Formula One

Ford was heavily involved in Formula One for many years, and supplied engines to a large number of teams from 1967 until 2004. These engines were designed and manufactured by Cosworth, the racing division that was owned by Ford from 1998 to 2004. Ford-badged engines won 176 Grands Prix between 1967 and 2003 for teams such as Team Lotus and McLaren. Ford entered Formula One as a constructor in 2000 under the Jaguar Racing name, after buying the Stewart Grand Prix team which had been its primary 'works' team in the series since 1997. Jaguar achieved little success in Formula One, and after a turbulent five seasons, Ford withdrew from the category after the 2004 season, selling both Jaguar Racing (which became Red Bull Racing) and Cosworth (to Gerald Forsythe and Kevin Kalkhoven).[46]

Sports cars

Ford sports cars have always been visible in the world of endurance racing. Most notably the GT40 won the prestigious 24 Hours of Le Mans four times in the 1960s and still stands today as one of the all-time greatest racing cars. The GT40 is the only American car to ever win overall at Le Mans.

Ford won the manufacturers title in 2005 in the Grand-Am Cup series with the FR500C Mustang race car.

Chief Executive Officers of Ford Motor Company:

    * CEO Alan Mulally: September 5, 2006 to present.
    * Chairman William Clay Ford II: January 1, 1999 to present.
    * William Clay Ford II: October 30, 2001 [1] to September 5, 2006
    * Jacques Nasser: January 1, 1999[2] - 2001
    * Alex Trotman: November 1993 - December 31, 1998
    * Harold Arthur Poling: 1990 - 1993
    * Donald Petersen: 1985 - 1990
    * Philip Caldwell: 1979 - 1985 [3]
    * Henry Ford II 1960 to 1979 [4]

President

President of Ford Motor Company:

    * Lee Iacocca 1970-78
    * Bunkie Knudsen 1968-69
    * Robert McNamara 1960 to 1962
    * Henry Ford II 1945 to 1960
    * Henry Ford I 1943 to 1945
    * Edsel Ford 1919 to 1943
    * Henry Ford I Oct 22, 1906 to 1919
    * John S. Gray June 17, 1903 to Oct 22, 1906

Ford to Make HD Digital Radio Available Across Nearly All Product ...
CNNMoney.com - 5 hours ago
26 /PRNewswire-FirstCall/ -- Ford Motor Co. today became the first automaker to offer HD Digital Radio across multiple product lines. ...
Ford To Offer HD Digital Radio In Nearly All Models CNNMoney.com
Ford to Offer HD Radio on 2008 Vehicles The Associated Press
Ford Now Offering HD Radio Streaming Magazine
all 76 news articles »

StarPhoenix
GM Strikes Deal, Union Ends Strike
Forbes, NY - 34 minutes ago
The UAW must now hammer out new labor contracts with Ford Motor (nyse: F - news - people ) and Chrysler. The framework from the GM deal will likely be used ...
Sector Snap: Autos Gain on Deal CNNMoney.com
To Turn the Corner Wall Street Journal
GM-UAW reach deal to end strike CNNMoney.com
Bloomberg - CNNMoney.com
all 5,022 news articles »
Dealwatch: Ford Motor Co.
The Deal Blogs, NY - 30 minutes ago
Ford's intra-state rival GM also considered a team up with Renault SA and Japan's Nissan Motor Co. Ltd. See an executive summary of GM's troubles in ...

Boston Globe
Ford opens Nanjing plant
China Daily, China - 24 Sep 2007
By Gong Zhengzheng (China Daily) Ford Motor Co, a relative latecomer in China, yesterday opened a 160000-unit car plant in China's eastern city of Nanjing ...
Changan Ford Mazda opens 2nd plant China Knowledge Online
UPDATE: Ford CEO Says May Export Small Cars From China CNNMoney.com
Mazda Launches Nanjing Vehicle Manufacturing Plant With Joint ... Auto Racing Daily
Autochannel (press release) - Reuters
all 90 news articles »
Ford Motor Company Announces Ford Sync
Greater Tulsa Reporter Newspapers, OK - 10 hours ago
Ford Motor Company recently confirmed the distribution and pricing strategy of Ford Sync, an advanced in-car communication and entertainment system ...
Nissan hires Ford exec
Detroit Free Press, United States - 8 hours ago
Nissan Motor Co., Japan's third-largest automaker, hired Ben Poore from Ford Motor Co. to be vice president of marketing communications at its North ...
Metro briefs DetNews.com
Hyundai's top US executive resigns DetNews.com
all 3 news articles »
FIRST IMPRESSIONS: Michigan breathes a sigh of relief
Detroit Free Press, United States - 2 hours ago
If ratified at GM and then adopted in a pattern agreement by Ford Motor Co. and Chrysler LLC, that trust, called a voluntary employees beneficiary ...
GM and Union Reach Tentative Agreement New York Times
Excerpts from UAW President Ron Gettelfinger's news conference MLive.com
UAW, GM REACH TENTATIVE DEAL Detroit Free Press
all 48 news articles »
Ford Celebrates the Unveiling of an Unprecedented Tribute to ...
Emediawire (press release), WA - 11 hours ago
Ford Motor Company Underwrites National Freedom's Sisters Traveling Exhibition Honoring Extraordinary African American Women; Washington, DC Celebratory ...
GM riding on contract concessions
Globe and Mail, Canada - 1 hour ago
General Motors Corp. made a fast 7 per cent move to the upside at the opening Wednesday, taking Ford Motor Co. on a 3 per cent ride. ...
Changan Ford Mazda opens second plant in Nanjing
Auto Industry, UK - 4 hours ago
Ford Motor Company's China joint venture, Changan Ford Mazda Automobile (CFMA) officially launched operations at its new manufacturing facility in Nanjing ...
Ford Motor (F) NewsBite - Autos Up as GM Nears Deal with UAW
Market Intelligence Center, VA - 24 Sep 2007
Ford Motor (F) opened at $8.47. So far today the stock has hit a low of $8.36 and a high of $8.51. F is now trading at $8.50, up $0.27 (3.19%). ...
Ford betting big on their new wireless technology
AutoWeek - 7 hours ago
By AMY WILSON | AUTOMOTIVE NEWS Ford Motor Co. will treat the debut of its Sync wireless communication system just like a new-car launch. ...
Union seeks delay on Ford plant closure
Twin Cities Finance and Commerce, MN - 20 hours ago
"It has come to my attention that Ford Motor Company is considering extending operations at the Twin Cities Assembly Plant beyond 2008," Coleman wrote. ...
Exec Shuffle: Steve Wilhite Resigns as Head of Hyundai Motor America
Edmunds.com/Inside Line, CA - 24 Sep 2007
Inside Line has learned that Wilhite — a former Ford employee — has been courted by the Ford Motor Company and is said to be on a short list of candidates ...

Philadelphia Inquirer
Leaders & Losers For Monday, Sept. 24
Forbes, NY - 24 Sep 2007
If GM (nyse: GM - news - people ) and the UAW manage to reach an agreement, Ford Motor (nyse: F - news - people ) and the now privately owned Chrysler will ...
GM workers walk out: Local Delphi plant not affected by strike, yet Sandusky Register
Delphi faces layoffs Tribune Chronicle
Non-GM Employees Losing Jobs Because of GM / UAW Strike WIVB
all 179 news articles »
Toyota wants swift end to GM strike
Business Report, South Africa - 6 hours ago
A prolonged dispute could potentially stall production of the Big Three automakers including GM, Ford Motor and Chrysler, but it was unlikely to be a ...
Auto workers union, General Motors announce agreement to end 2-day ...
Tonawanda News, NY - 16 minutes ago
The agreement is expected to set a pattern for contracts at Ford Motor Co. and Chrysler LLC. The deal means UAW will tell workers to head back to their jobs ...
SYNCED UP: 2008 Focus to launch with hands-free system makes calls ...
DetNews.com, MI - 9 hours ago
The Focus is the best-selling car in Ford Motor Co.'s lineup, topping 177000 units last year and 123000 through August, according to Autodata. ...
Ford focusing on N. America
Akron Beacon Journal, OH - 24 Sep 2007
Ford Motor Co. is focusing on small cars and crossover sport utility vehicles to increase sales in North America and restore profit, Chief Executive Alan ...
AUTOMOTIVE NEWS WORLD CONGRESS Automotive News
US Auto Firms Need One Goal: Build the Best! Wall Street Journal
General Motors, Ford Trade Higher Wall Street Journal
MarketWatch
all 8 news articles »
The Automaker Strikes Back
Forbes, NY - 1 hour ago
News of the deal sent shares of General Motors (nyse: GM - news - people ) and Ford Motor (nyse: F - news - people ) higher Wednesday morning prior to the ...
Techs Fly High, Stricken GM Rides Low Forbes
all 9 news articles »
Supply problem halts Ford pickup line in Dearborn
DetNews.com, MI - 21 hours ago
Ford Motor Co. sent workers at its Dearborn Truck Plant home today after logistical problems with a supplier left the automaker without sufficient parts for ...
Ford to close F-150 line at Claycomo for two weeks because of ... Kansas City Star
all 3 news articles »
US Stock-Index Futures Advance; Ford, Motorola Rise in Europe
Bloomberg - 24 Sep 2007
Ford Motor Co. climbed in Europe after the world's third- largest automaker opened another plant in China due to rising demand. Motorola Inc., the biggest ...
US Stocks Advance, Led by Computer Companies; Apple, EMC Gain Bloomberg
US Stocks Climb; General Motors, Chevron Shares Advance Bloomberg
all 24 news articles »
New ads boast presidential candidates drive Ford hybrids
DetNews.com, MI - 23 hours ago
WASHINGTON -- Ford Motor Co. will begin running ads Wednesday touting the fact that a growing number of presidential candidates are driving Ford Escape ...
Escape rides campaign trail DetNews.com
all 3 news articles »

红网
Ford opens Nanjing plant(图)
红网, China - 24 Sep 2007
25 -- Ford Motor Co, a relative latecomer inChina,yesterday opened a 160000-unit car plant in this easterncity aspart of its catch-up plan in the worlds ...
GM strike's effects begin to be felt
Los Angeles Times, CA - 12 hours ago
The UAW is at loggerheads with GM, Ford Motor Co. and Chrysler over a range of issues, including healthcare benefits, wages, pensions and job security. ...
Little Houston impact likely in short strike Houston Chronicle
Reputation of Detroit 3, UAW seen as casualty DetNews.com
UAW on strike at GM Louisville Courier-Journal
Louisville Courier-Journal
all 8 news articles »
Marketing VP at Ford to Depart
Adweek, NY - 23 Sep 2007
By Steve Miller DETROIT Francisco Codina, group vp, North American marketing, sales and service at Ford Motor Co., will retire effective Nov. ...
Automatic auto payments get shifted into reverse
Chicago Daily Southtown, IL - 25 Sep 2007
Dear Fixer: Can you help me with Ford Motor Credit? I bought a Ford Explorer in 2005 and enrolled in the auto debit program, and my first automatic payment ...
UPDATE: Tanfield Group's First-Half Pretax Profit Trebles
CNNMoney.com - 24 Sep 2007
The London listed company also revealed it would introduce its Smith Edison model under the Ford Motor Co.'s (F) Transit shell in the US market. ...

Earthtimes.org
Before the Bell - GM rises 6 pct on UAW deal, Ford rises too
Reuters - 4 hours ago
Shares of competitor Ford Motor Co. (FN: Quote, Profile, Research) also gained ahead of the market's open, rising 16 cents, or nearly 2 percent, ...
US STOCKS-Futures higher on GM deal, rate cut hopes Reuters
all 66 news articles »
Suit settled over Ford taxes
Chronicle-Telegram, OH - 24 Sep 2007
ELYRIA — A lawsuit between Sheffield Lake and Sheffield concerning tax collections from Ford Motor Co. was settled this summer. ...

General Motors Corporation,

2007-09-26T08:44:00.001-07:00

General Motors Corporation,

General Motors Corporation, also known as GM or The General, an American multinational conglomerate corporation, is the world's largest auto company by annual production volume for 2006, and the second largest by sales volume as of the first half of 2007, behind Toyota Motor Corporation.[4] Founded in 1908, in Flint, Michigan, GM employs approximately 284,000 people around the world. With global headquarters at the Renaissance Center in Detroit, Michigan, USA, GM manufactures its cars and trucks in 33 countries. Their European headquarters are based in Zurich, Switzerland.Their Holden headquarters are in Melbourne, Victoria, Australia. In 2006, 9.18 million GM cars and trucks were produced globally under the following brands: Buick, Cadillac, Chevrolet, GMC, Holden, Hummer, Opel, Pontiac, Saab, Saturn and Vauxhall. GM is the majority shareholder in GM Daewoo Auto & Technology Co. of South Korea and has had collaborative ventures in technology and manufacturing with several of the world's automakers. It has ventures with Shanghai Automotive Industry Corporation of China.

GM Parts and accessories are sold under GM Performance Parts, GM Goodwrench and ACDelco brands through GM Service and Parts Operations which supplies GM dealerships and distributors worldwide. GM engines and transmissions are marketed through GM Powertrain. GM's largest national market is the United States, followed by China, Canada, the United Kingdom, and Germany. GM half owns a finance company, General Motors Acceptance Corporation Financial Services, which offers automotive, residential and commercial financing and insurance. GM's OnStar subsidiary is a vehicle safety, security and information service provider.

KCBS

Auto workers, GM announce deal

Los Angeles Times, CA - 1 hour ago

United Auto Workers President Ron Gettelfinger announces an agreement with General Motors was reached in Detroit early Wednesday. From the Associated Press ...

4TH UPDATE: GM Shares Up 5% On Settlement With Union CNNMoney.com

UAW ends strike against GM Bizjournals.com

GM reaches tentative deal with striking US workers AFP

The Associated Press - CNNMoney.com

all 5,009 news articles »

Canada.com

GM Canada ready to resume normal operations as US strike ends

The Canadian Press - 27 minutes ago

TORONTO - General Motors of Canada plans to resume normal operations at its two car assembly plants in Oshawa, east of Toronto, with the start of the ...

Ontario bracing for GM impact Toronto Star

Future looks bleak at `Generous Motors' Toronto Star

GM car plants idle Globe and Mail

Reuters - CTV.ca

all 214 news articles »

UAW Concedes to GM

BusinessWeek - 1 hour ago

by David Welch For General Motors (GM), a new labor contract represents a step forward. For the United Auto Workers, a big step back. ...

GM Stike Over, But Will the Plan Fly? TIME

GM and Union Reach Tentative Agreement New York Times

UAW, GM AGREE TO A TENTATIVE DEAL Detroit Free Press

Times Herald-Record - Detroit Free Press

all 49 news articles »

Philadelphia Inquirer

Parts makers start to feel squeeze of the GM strike

Detroit Free Press, United States - 8 hours ago

BY JEWEL GOPWANI The UAW's strike against General Motors Corp. has forced auto suppliers to slow production, shut down plants and temporarily lay off ...

GM strike being felt far and wide Bizjournals.com

Non-GM Employees Losing Jobs Because of GM / UAW Strike WIVB

The GM strike: a critical moment or a transient problem? Automotive World (subscription)

Sandusky Register - The Associated Press

all 180 news articles »

Earthtimes.org

GM rises 6 percent on UAW deal

Reuters - 4 hours ago

G. Richard Wagoner, Jr. has been Chairman and Chief Executive Officer, General Motors Corporation, since 2003; held offices of President and Chief. ...

Before the Bell - GM rises 6 pct on UAW deal, Ford rises too Reuters

US STOCKS-Futures higher on GM deal, rate cut hopes Reuters

all 66 news articles »

US Stocks Climb; General Motors, Monsanto Shares Advance

Bloomberg - 35 minutes ago

26 (Bloomberg) -- US stocks rose for the first time this week after General Motors Corp. agreed on a contract with the United Auto Workers and a drop in ...

US Stock-Index Futures Climb; General Motors, Red Hat Advance Bloomberg

US Stocks Climb; General Motors, Chevron Shares Advance Bloomberg

all 24 news articles »

Auto Racing Daily

GM reaches tentative agreement with union

MarketWatch - 4 hours ago

By Simon Kennedy, MarketWatch.com LONDON (MarketWatch) -- General Motors and the United Auto Workers reached a tentative contract agreement Wednesday that ...

General Motors and union reach preliminary labour agreement Earthtimes.org

GM Workers Walk Off the Job BusinessWeek

Lengthy strike would be bitter blow for both sides MSNBC

Motley Fool - MSNBC

all 20 news articles »

GM Strikes Deal, Union Ends Strike

Forbes, NY - 26 minutes ago

General Motors workers return to work today after the auto maker agreed to a new labor contract with the United Auto Workers union. ...

GM and Union Reach Tentative Agreement

New York Times, United States - 17 minutes ago

By MICHELINE MAYNARD and NICK BUNKLEY The United Automobile Workers union and General Motors reached a landmark agreement early today, ending a two-day ...

US stocks start higher, fueled by GM-UAW deal

MarketWatch - 1 hour ago

Among the most active, GM shares gain in light of the Detroit-based auto maker's pact with the UAW, which includes plans for an independent retiree ...

Dow, NASDAQ, S and P 500 Up Half A Pct. On GM-UAW Deal AHN

Stocks set for opening gains CNNMoney.com

all 13 news articles »

GM riding on contract concessions

Globe and Mail, Canada - 1 hour ago

General Motors Corp. made a fast 7 per cent move to the upside at the opening Wednesday, taking Ford Motor Co. on a 3 per cent ride. ...

Text of GM's statement on the tentative deal with the UAW

San Diego Union Tribune, United States - 14 minutes ago

AP The full text of General Motors Corp.'s statement on the tentative contract agreement reached Wednesday with the United Auto Workers: "General Motors and ...

General Motors' Chevrolet Volt. Photograph: EPA

Guardian Unlimited, UK - 25 minutes ago

General Motors has reached a tentative agreement with union leaders that appears to have ended the America's biggest industrial dispute in seven years. ...

BOND REPORT Treasurys drop after GM reaches deal to end strike

MarketWatch - 1 hour ago

By Nick Godt, MarketWatch NEW YORK (MarketWatch) -- Treasurys fell in early trade Wednesday, sending yields higher, pressured by news that General Motors ...

BOND REPORT Treasurys rise on growth concerns MarketWatch

all 9 news articles »

CityNews

GM strike cascades into parts plants

Globe and Mail, Canada - 7 hours ago

Two General Motors Corp. car plants in Canada are idle and Canadian auto parts makers began laying off thousands of workers yesterday amid worries that a ...

UAW Reaches Tentative Agreement with GM CD98.9

Strike threatens jobs here London Free Press

GM Strike in the US - Could Affect Norfolk Factories CD98.9

all 6 news articles »

Montreal Gazette

Wall Street advances on GM deal

Reuters.uk, UK - 1 hour ago

By Ellis Mnyandu NEW YORK (Reuters) - Stocks rose on Wednesday, helped by news of General Motors Corp's (GM.N: Quote, Profile , Research) deal ending a ...

Wall Street seen up on GM deal Reuters.uk

Ford says 'pleased' GM-UAW reached labor deal Reuters

Wall Street opens higher on GM deal Reuters.uk

Reuters - Reuters

all 310 news articles »

Tenneco lays off 500 because of GM strike

Chicago Sun-Times, United States - 6 hours ago

Lake Forest-based Tenneco laid off 500 workers at five plants as the United Auto Workers strike against General Motors Corp. entered its second day. ...

UPDATE:Toyota:US JV May See Impact If GM-UAW Talks Prolonged CNNMoney.com

UPDATE:LATE TRADING: GM Steady Amid Unsettled Labor Issues CNNMoney.com

UAW To Conduct Press Conference At 12:15 PM EDT In Detroit CNNMoney.com

all 9 news articles »

GM Rising, Home Builders' Shaky Footing

Forbes, NY - 20 minutes ago

General Motors has continued its climb on Wall Street after a tentative deal with the UAW has removed healthcare cost obligations from GM's books. ...

Stock futures rise as GM strike action to end

MarketWatch - 2 hours ago

By MarketWatch LONDON (MarketWatch) -- US stock futures were solidly higher Wednesday, with General Motors in focus after it reached a tentative agreement ...

Stock futures point to gains as GM strike to end MarketWatch

Dollar higher vs. yen, euro as stocks rise MarketWatch

all 8 news articles »

GM strikes will hurt Pacifica profits

The Australian, Australia - 7 hours ago

CAR brake and clutch maker Pacifica expects strikes at General Motors in North America to impact its full year earnings. General Motors in North America is ...

Pacifica: General Motors US Labor Strike To Hurt Earnings CNNMoney.com

all 6 news articles »

GM news boosts stocks

CNNMoney.com - 21 minutes ago

NEW YORK (CNNMoney.com) -- Stocks gained Wednesday morning, as investors welcomed news that General Motors has reached a deal with its union workers to end ...

Gettelfinger proud of new UAW-GM labor deal

Detroit Free Press, United States - 5 hours ago

The UAW issued a formal statement this morning saying it had reached a tentative agreement with General Motors Corp. for a new four-year labor agreement. ...

It's crunch time for GM MLive.com

Employees told to report for 2nd shift Detroit Free Press

Analysts, experts talk about the strike Detroit Free Press

Macomb Daily - Detroit Free Press

all 10 news articles »

Plotlines: Take a look at GM shares vs. liabilities

Reuters - 56 minutes ago

General Motors shares jumped on news that the automaker reached a deal with its union members on Wednesday, but the stock is well down from its peak in 2000 ...

Gettelfinger proud of new UAW-GM labor deal

Detroit Free Press, United States - 4 hours ago

By TIM HIGGINS With a tentative agreement in hand with General Motors Corp., the UAW expects to move quickly to lock in similar labor contracts with ...

UAW, GM make progress toward reaching a tentative deal Detroit Free Press

Dispute boils down to costs, self-interests for union and automaker Detroit Free Press

all 8 news articles »

Reuters

GM bonds rise after strike ends, 2033 bond gains

Reuters - 3 hours ago

NEW YORK (Reuters) - Bonds of General Motors rose on Wednesday after the automaker reached a tentative deal to end a strike at GM, raising hopes that ...

Live-PR.com (Pressemitteilung)

Hope seen as GM-UAW talks continue

Kansas City Star, MO - 11 hours ago

The United Auto Workers and General Motors Corp. were back at the bargaining table Tuesday as workers walked the picket lines for a second day. ...

GM cancels most of second shift locally Bizjournals.com

Moraine GM plant feels impact of UAW strike Bizjournals.com

Local GM Workers Happy That Strike Is Over WHIOtv.com

Dayton Daily News (subscription) - Dayton Daily News (subscription)

all 36 news articles »

RPT GM, UAW union reach agreement on new labour contract

CNNMoney.com - 4 hours ago

26, 2007 (Thomson Financial delivered by Newstex) -- General Motors (NYSE:GM) and the UAW have reached a tentative agreement on a new national labour ...

GM strike's effects begin to be felt

Los Angeles Times, CA - 12 hours ago

By Martin Zimmerman, Los Angeles Times Staff Writer The effects of the day-old General Motors Corp. walkout began to ripple through the automaker's vast ...

UAW on strike at GM Louisville Courier-Journal

Will GM strike have local impact? WHAS 11.com (subscription)

Striking a deal, not striking out The Grand Rapids Press - MLive.com

Louisville Courier-Journal - Houston Chronicle

all 10 news articles »

High stakes in General Motors strike

Times Online, UK - 8 hours ago

Who will blink first: General Motors or the United Automobile Workers? The New York Times says that the three-day-old strike by 73000 union members could ...

Premarket Movers: UAW Deal Stokes GM

CNNMoney.com - 2 hours ago

NEW YORK (Associated Press) - Shares of General Motors Corp. gained in heavy premarket trading Wednesday on reports that the Detroit automaker and its ...

Exxon Mobil Corporation

2007-09-26T08:40:00.001-07:00

Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), a multi-national American corporation and a direct descendant of John D. Rockefeller's Standard Oil company, is the largest publicly traded integrated petroleum and natural gas company in the world, formed on November 30, 1999, by the merger of Exxon and Mobil. ExxonMobil is the world's largest company by revenue, at $377.6 billion in its fiscal year of 2006. It is also the largest corporation by market capitalization, at $517.92 billion on July 20, 2007. It is the largest of the six oil super majors with daily production of 6.5m boe (barrels of oil equivalent). ExxonMobil ranks first in the world in proven oil and gas reserves among corporate oil producers, though it is still eclipsed by several of the largest state petroleum producers.

The Exxon Mobil Corporation global headquarters are located in Irving, Texas. ExxonMobil markets products around the world under the brands of Exxon, Mobil, and Esso. It also owns hundreds of smaller subsidiaries such as Imperial Oil Limited (66% ownership), an oil retailer in Canada, and Sea River Maritime, a petroleum shipping company.

The upstream division dominates the company's cash flow, accounting for approximately 70% of revenue. The company employs over 82,000 people worldwide, as indicated in ExxonMobil's 2006 Corporate Citizen Report, with approximately 4,000 employees in its Fairfax downstream headquarters and 27,000 people in its Houston upstream headquarters.

ExxonMobil Awards $1 Million to Society of Exploration Geophysicists

Die Welt, Germany - 24 Sep 2007

Exxon Mobil Corporation (NYSE: XOM) announced today it will award $1 million to the Society of Exploration Geophysicists Foundation in support of the ...

Reuters

ExxonMobil Chemical Announces Expansion at Its Rotterdam Aromatics ...

Business Wire (press release), CA - 24 Sep 2007

1) ExxonMobil, the ExxonMobil logo, and the interlocking X are trademarks of Exxon Mobil Corporation and PxMax is a trademark and a service mark of ...

Endeavor Energy Announces $24 Million Financing and Exxon Mobil ... Financial News USA (press release)

Exxon Expands European Petrochem Plant and BP-MIT Partnership to ... Financial News USA (press release)

all 26 news articles »

EUX.TV

ExxonMobil accused of 'greenwashing' facts on climate change

EUX.TV, Netherlands - 3 hours ago

TV) -- US oil company ExxonMobil Corp. on Wednesday stood accused of having falsely influenced public opinion on climate change by paying lobby groups and ...

Apex Resources Announces Mackenzie Valley Pipeline Hearings to ...

CNNMoney.com - 4 hours ago

ExxonMobil Corp. and ConoccoPhillips Co., are now in Ottawa talking with Canadian federal officials about fiscal incentives for the project. ...

ExxonMobil allocates N381 billion to check gas flaring

Business Day, Nigeria - 24 Sep 2007

GGFR members include multinational oil companies BP PLC, Chevron, Eni, Exxon Mobil Corporation, Marathon Oil Corporation, Norsk Hydro AS, Shell, ...

McLane Company and ExxonMobil Extend Service Agreement Through 2011

Die Welt, Germany - 7 Sep 2007

McLane Company, Inc. and Exxon Mobil Corporation announce the signing of a new agreement that extends through 2011. Under the agreement, McLane will ...

Corporate greed, greed, greed

Tehran Times, Iran - 17 hours ago

... to provide oil pipeline security), not to mention the oil imperialists themselves, Chevron, ExxonMobil, and their petrol profiteering contemporaries. ...

Oil industry reward scheme renewed

News.gov.hk, Hong Kong - 25 Sep 2007

The five oil companies are Chevron Hong Kong, Chinaoil (Hong Kong) Corporation, ExxonMobil Hong Kong, Shell Hong Kong and Sinopec (Hong Kong). ...

ExxonMobil Makes Final Decision to Build and Awards Major ...

Die Welt, Germany - 4 Sep 2007

Editor's note: The term "ExxonMobil Chemical Company" refers collectively to some or all of the companies affiliated with Exxon Mobil Corporation, ...

Wall Street advances on GM deal

Reuters - 1 hour ago

A jump in crude oil prices above $80 a barrel also underpinned the market as shares of energy companies, including Exxon Mobil Corp (XOM. ...

AME Info (press release)

ExxonMobil Exploration sponsors INJAZ Kuwait and provides ...

AME Info (press release), United Arab Emirates - 16 Sep 2007

Today, ExxonMobil Exploration & Production Kuwait Limited, a subsidiary of ExxonMobil Corporation, a global leader in the oil, gas and petrochemicals ...

US Gulf production, offshore operations returning to normal

EnergyCurrent, TX - 24 Sep 2007

ExxonMobil had shut-in approximately 23000 b/d of liquids production and 200 Mcf/d of gas in response to the storm. The company last week evacuated around ...

Exxon Mobil to expand Colo. natural gas production

KJCT8.com, CO - 7 Sep 2007

Exxon Mobil Corporation has begun construction on its newest development phase in the Piceance (PEE'-ance) Basin, which will boost production from 55 ...

ExxonMobil Chemical Introduces New Fast Cycling Santoprene TPVs ...

Trading Markets, CA - 1 hour ago

Vistamaxx, Vistalon, Exxelor and Exact are trademarks of ExxonMobil Chemical. Santoprene is a trademark of an Exxon Mobil Corporation affiliate. 2. ...

MHI Awarded Large-scale Polyethylene Plant Contract for ExxonMobil ...

Chemie.de (press release), Germany - 19 Sep 2007

20 Sep 2007 - Mitsubishi Heavy Industries, Ltd. (MHI) has been awarded a contract by ExxonMobil Asia Pacific Pte. Ltd. for two large-scale polyethylene (PE) ...

Dallas Voice

2 N. Texas companies earn zeroes from HRC

Dallas Voice, TX - 20 Sep 2007

Meanwhile, Irving-based ExxonMobil Corp. and Plano-based Perot Systems Corp. represent two of only three companies — out of the 519 HRC rated this year ...

Mitsubishi in talks with Shell and ExxonMobil for development of ...

Polymerupdate.com (subscription), India - 17 Sep 2007

... Royal Dutch Shell and ExxonMobil Corporation for the development of coal liquefying facilities for production of petrol and other petroleum products. ...

Beware the new world energy order

Canada.com, Canada - 11 Sep 2007

Instead, Rex Tillerson, chairman and CEO of Exxon Mobil Corp., Jeroen van der Veer, chief executive of Royal Dutch Shell PLC, and Thierry Desmarest, ...

Exxon Mobil Plans Singapore Plant and ConocoPhillips to Offer E-85 ...

Financial News USA (press release), CA - 6 Sep 2007

Exxon Mobil Corp. (NYSE: XOM) chemical division ExxonMobil Chemical Co. said it will build a second petrochemical complex in Singapore, expected to start up ...

ExxonMobil Unveils New Website for Mobil Industrial Lubricants

Business Wire (press release), CA - 18 Sep 2007

... visit www.mobilindustrial.com or call 1-800-MOBIL25. ExxonMobil and Mobil are trademarks of Exxon Mobil Corporation (NYSE:XOM) or one of its subsidiaries.

Onward For Hayward At BP

The Business Magazine, UK - 25 Sep 2007

Exxon Mobil's shares have outperformed BP's by 40% in the past year, Royal Dutch Shell's by 20%. BP's assets have historically been more attractive than its ...

【页面调色版

金融界, China - 24 Sep 2007

... Exxon Mobil Corporation, First Data Corporation, Interac Association, JPMorgan Chase and Co, McDonalds Corporation, Microsoft, Moneris Solutions ...

ExxonMobil Teams up with Allison Transmission to Release New Mobil ...

Trading Markets, CA - 14 Sep 2007

Mobil, Mobil Delvac and ExxonMobil are registered trademarks of Exxon Mobil Corporation (NYSE:XOM) or one of its subsidiaries. Allison Transmission, Inc. is ...

H2Diesel Announces Appointment of David H. Goebel, Jr as Vice ...

CNNMoney.com - 20 Sep 2007

For nearly 20 years, Mr. Goebel worked at ExxonMobil and its predecessor, Mobil Corporation, in many different leadership capacities including manufacturing ...

Displaced Baylor Crew looks for new source of funding

Baylor University The Lariat Online, TX - 19 Sep 2007

Crew was previously funded by a 3:1 matching program between a private donor family and the Exxon Mobil Corp. The family gave $10000 a year to the Crew ...

BHP Billiton Petroleum Appoints President Production

Die Welt, Germany - 10 Sep 2007

Mr Cutt was previously employed with ExxonMobil as President of ExxonMobil de Venezuela, President of ExxonMobil Canada Energy, and President of Hibernia ...

Seven States Awarded First-Ever National Math and Science ...

Business Wire (press release), CA - 29 Aug 2007

Exxon Mobil Corporation (NYSE:XOM) announced its support for the initiative with a commitment of $125 million. In addition to the AP® grants, ...

Northern News Services (subscription)

Officials speculate on the future of Northern industry

Northern News Services (subscription), Canada - 20 hours ago

... of the Mackenzie Gas Project for Imperial Oil, a partner in the project along with the Aboriginal Pipeline Group, Shell, ConocoPhillips, and ExxonMobil. ...

Special Alert Stock Watch: DKSC! September 12, 2007

Market Wire (press release) - 12 Sep 2007

Exxon Mobil Corporation engages in the exploration, production, transportation, and sale of crude oil and natural gas. It also engages in the manufacture, ...

Exxon Valdez Plaintiffs Want $5B Penalty Restored

CNBC, NJ - 31 Aug 2007

In a prepared statement, Exxon Mobil spokesman Tony Cudmore said the company has already paid $3.5 billion in cleanup costs, compensation and settlements ...

Nippon Life Insurance Co.

2007-09-26T07:58:00.001-07:00

Nippon Life Insurance Co.

NLI America, a subsidiary of Nippon Life Insurance Company (Osaka, Japan), delivers a complete range of employee healthcare benefit programs, including group insurance for employees & their families. Customers of NLI America include quickly growing number of American & Japanese-owned companies based in the United States.

With service as the foundation stone of its every day task, Nippon Life Insurance has become one of the world's major organizations in the insurance industry. It has achieved this position by continuing to focus on its customers & delivering to them the products & services they want. Like parent company, NLI America operates with the same level of commitment to our customers, which has earned us their trust & loyal support. A recent survey of 2,000 NLI America medical & dental claimants gave us a 90% approval rating.

Employee benefit offerings are complemented by those of several leading managed health care companies that share a common focus—the highest level of quality service & customer satisfaction. Together, we provide employee benefit needs for U.S. companies of all sizes through our offices in New York City, Atlanta, Chicago, & Los Angeles as well as through the offices of our product partners.

Vision

NLI America will be the top provider of insurance products and financial services to Japanese associated businesses in the U.S. We will leverage that success to build increasing revenues from group benefit plans with other U.S. based businesses.

We will be successful because NLI America will develop and maintain long-term relationships. We will cultivate a reputation as an innovative and fast moving company and be known for delivering high quality products with outstanding service. We will utilize alliances and partnerships to extend our capabilities.

NLI America delivers a full range of health benefit programs to companies of all sizes. We are committed to giving members and their families the highest quality products, supported by excellent customer service.

We also know that times have changed. Consumers these days are insurance-savvy and need more than what a traditional plan provides. That's why we offer products that utilize innovative and flexible designs — all with the health and convenience of our members and their families in mind.

Medical
Comprehensive, affordable and worry-free plans for companies and their employees.
Life
Insurance that gives members and their families added security should the unexpected occur.
Dental
Plans designed with preventive care in mind, and members can use the dentist of their choice.
Disability
Complete coverage for both short-term and long-term disability.
Vision
Includes allowances for eye exams, glasses, and contacts lenses.
Consumer-Driven Health Plans (CDHPs)
Innovative plans that improve the health of members and companies' bottom-lines.
Prescription Drugs
NLI America offers the convenience of Caremark® Health Systems, Inc., and its 54,000 participating pharmacies nationwide.