Editing BTR plc (section)

==History==

===Early years===
BTR can trace its origins back to 1924, at which point the American rubber specialist [[Goodrich Corporation|B.F.Goodrich Company]] formed a UK-based subsidiary, British Goodrich Rubber Co. Ltd. During 1934, Goodrich opted to sell the majority of its shares in the company, which promptly changed its name to the British Tyre & Rubber Co. Ltd. Shortly thereafter, it was successfully [[Initial public offering|floated]] on the [[London Stock Exchange]].<ref name="cc85"/> The company primarily focused on the manufacture of tyres for road vehicles, conveyor belts, and industrial hoses. It benefitted considerably from several innovations developed during the [[Second World War]], such as [[synthetic rubber]] and [[plastics]].<ref name="cc85"/> By 1955, British Tyre & Rubber was one of eleven tyre manufacturers operating in the UK.<ref>[http://webarchive.nationalarchives.gov.uk/20120119185105/www.competition-commission.org.uk/rep_pub/reports/1950_1959/fulltext/012c05.pdf Competition Commission Report c. 1955] para 68.</ref>

During 1956, the company opted to cease production of tyres in favour of its other activities as this business unit was becoming increasingly unprofitable.<ref name="cc85"/> To reflect the company's changing product line, its name was changed to BTR Limited. The late 1950s and early 1960s were marked by efforts towards diversification and rationalisation, however, BTR achieved poor fiscal performance up until the mid-1960s.<ref name="cc85">{{usurped|1=[http://webarchive.nationalarchives.gov.uk/20120119203942/http://www.competition-commission.org.uk/rep_pub/reports/1982/fulltext/152c02.pdf Competition Commission report 1982]}}</ref>

===Owen Green and subsequent years; acquisitive industrial group===
During late 1966, BTR came under the control of a new central management team; the prevailing philosophy was stated to be "growth is the goal, profit is the measure, security is the result".<ref name="cc85"/> Furthermore, it was posited that, for the company to be strong and lucrative, it would need to operate on an international basis. To this end, BTR, through both acquisition and establishment, established numerous overseas operations; while in-house investment was favoured, external acquisitions were pursued where it was through to result in greater growth opportunities.<ref name="cc85"/> This process was encouraged by the British government, which supported BTR's amalgamation with similar companies such as the Leyland and Birmingham Rubber Company.<ref name="cc85"/>

Between 1967 and 1993, BTW was dominated by Sir [[Owen Green]], who initially served as its managing director (until 1986) and then as its chairman.<ref>{{Cite book |last1 = Sheikh |first1 = Saleem |last2 = Rees |first2 = William |date = 5 March 1995 |title = Corporate Governance & Corporate Control |url = https://books.google.com/books?id=IJfYqoujckcC&dq=%22Sir+Owen+Green%22+appointed&pg=PR14 |publisher = Cavendish |isbn = 9781874241485 |via = Google Books}}</ref> Green's principal focus was on [[operating margin]]s and [[cash flow]], which arguably came at the cost of long-term investment.<ref name = "reir nelbourne1993">{{cite news |id={{ProQuest|225629264}} |last1=Reier |first1=Sharon |title=The Man From Melbourne |newspaper=[[Financial World]] – Europe's CEO of the Year |date=20 July 1993 }}</ref>

By 1982, BTR had acquired a large number of companies in the United Kingdom, the US, Canada, Australia, South Africa and Germany.<ref name=cc85/> These ventures ranged into various fields of work, from extracting raw materials such as natural and synthetic rubbers, textiles and chemicals, to [[insurance]], [[pension]]s, corporate planning, international taxation and legal matters. The majority of BTR's product line were sold to other manufacturers and businesses.<ref name=cc85/> The company did not have a large centralised [[research and development]] division, a factor that led to the company being criticised for not valuing a long term perspective.<ref name=cc85/><ref name = "pilkington bidnewyork"/>

Acquisitions continued through the 1980s; larger companies included the [[Tilling Group]] in 1983, and [[Dunlop Rubber|Dunlop Holdings plc]] in 1985.<ref>{{Cite news |date = 9 March 1985 |title = Dunlop and BTR Reach an Accord |work = [[New York Times]]|url = https://www.nytimes.com/1985/03/09/business/dunlop-and-btr-reach-an-accord.html}}</ref> The Dunlop road tyre business was immediately sold to [[Sumitomo Rubber Industries]].<ref>{{Cite news |date = 21 November 1986 |title = Dunlop Stake For Sumitomo |work = The New York Times |url = https://www.nytimes.com/1986/11/21/business/dunlop-stake-for-sumitomo.html}}</ref> During late 1986, BTR launched a [[hostile takeover]] bid for [[Pilkington]], a leading manufacturer of high quality glass with operations worldwide, which it valued at $1.64 billion.<ref name = "pilkington bidnewyork">{{cite news |url = https://www.nytimes.com/1986/11/21/business/pilkington-bid-made-by-btr.html |title = Pilkinton Bid Made By BTR |work = The New York Times |date = 21 November 1986}}</ref> Pilington's management rejected the offer and fought a successful defensive campaign with politicians taking sides in the matter, thus BTR was compelled to withdraw its offer in February 1987.<ref>{{cite web |url = https://hansard.parliament.uk/Commons/1987-01-15/debates/48c5115f-e144-4a91-84d3-aae61a13a617/BtrAndPilkingtonBros |title = Btr And Pilkington Bros |volume = 108 |publisher = [[Hansard]] |date = 15 January 1987}}</ref><ref>{{cite web |url = https://www.building.co.uk/pilkington-wins-its-war-of-independence/3060532.article |title = Pilkington wins its war of independence |publisher = [[Building (magazine)|Building]] |date = 1 January 2006}}</ref> Three years later, BTR withdrew from another failed hostile takeover, this time of [[Norton Abrasives]], which it had valued at $1.643 billion.<ref>{{cite web |url =https://www.upi.com/Archives/1990/03/16/BTR-launches-unsolicited-cash-bid-for-Norton/8361637563600/ |title = BTR launches unsolicited cash bid for Norton |publisher = United Press International |date = 16 March 1990}}</ref><ref>{{cite web |url = https://www.nytimes.com/1990/04/27/business/company-news-after-defeat-btr-sells-norton-stock.html |title = Company News: After Defeat, BTR Sells Norton Stock |work = The New York Times |date = 27 April 1990}}</ref>

In 1988, BTR purchased [[Schlegel Corporation]] through a subsidiary. Schlegel had manufacturing facilities for door and window seals and related products in twelve countries.<ref name="PrattGrabowski2010">{{Cite book |last1 = Pratt |first1 = Shannon P. |url = https://books.google.com/books?id=OQG72qSk-zsC&pg=PA86 |title = Cost of Capital in Litigation: Applications and Examples |last2 = Grabowski |first2 = Roger J. |date = 26 October 2010 |publisher = John Wiley & Sons |isbn = 978-0-470-94491-2 |pages = 86–87 |access-date = 20 July 2015}}</ref> Schlegel made automobile and building products in Europe through its subsidiaries Schlegel UK and Schlegel GmbH.<ref name="Fishman2013">{{Cite book |last = Fishman |first = Jay E. |url = https://books.google.com/books?id=nQ1UlAgK9zUC&pg=PA49 |title = Standards of Value: Theory and Applications |date = 28 March 2013 |publisher = [[Wiley (publisher)|John Wiley & Sons]] |isbn = 978-1-118-22540-0 |pages = 49–50 |access-date = 20 July 2015}}</ref> Following the purchase, BTR decided to transfer the Schlegel UK and Schlegel GmbH subsidiaries from Schlegel Corporation to itself.<ref name="PrattGrabowski2010" /> There was a dispute over how the transfer should be valued for tax purposes, with BTR valuing the Schlegel UK and Schlegel GmbH subsidiaries at $21.8 million and $9.4 million, while the [[Internal Revenue Service]] valued them at $49.1 million and $13.2 million.<ref name="Fishman2013" />
During the early to mid 1990s, under [[Alan Jackson (businessman)|Alan Jackson]]’s stewardship as CEO, BTR controlled over 1,500 subsidiary companies in over 60 different countries. This was largely due to the takeover bids that were led by Green and, later, by Jackson.<ref name = "reir nelbourne1993"/>

In 1992, [[Hawker Siddeley]] was acquired by BTR in exchange for [[Pound sign|£]]1.5bn despite opposition from Hawker Siddeley's board.<ref>{{cite web |url = https://www.nytimes.com/1991/09/21/business/btr-bids-2.55-billion-for-hawker-siddeley.html |title = BTR Bids $2.55 Billion for Hawker Siddeley |work = The New York Times |first = Steven |last = Prokesch |date = 21 September 1991}}</ref><ref>{{cite web |url = https://www.upi.com/Archives/1991/09/20/BTRs-26-billion-bid-rejected-by-Hawker-Siddeley-board/9413685339200/ |title = BTR's $2.6 billion bid rejected by Hawker Siddeley board |publisher = [[United Press International]] |first = Jane |last = Holligan |date = 20 September 1991}}</ref> This was the first large hostile takeover of a company that Jackson had completed in his role as managing director. During that same year, he also purchased two smaller companies; Rockware, the UK’s leading class manufacturer and Pirreli, a sealing company. These were bought for [[Australian dollar|A]]$400 and [[Australian dollar|A]]$200 million respectively.<ref>{{Cite web |title = History |url = http://www.brushtraction.com/fhistory/history.htm |url-status = dead |website =[[Brush Traction]]|archive-url = https://web.archive.org/web/20090210145639/http://www.brushtraction.com/fhistory/history.htm |archive-date = 10 February 2009}}</ref><ref>{{cite web |url = https://www.independent.co.uk/news/business/btr-pays-60m-pounds-for-pirelli-firms-1533196.html |title = BTR pays 60m pounds for Pirelli firms |work = [[The Independent]]|first = Heather |last = Connon |date = 13 July 1992}}</ref><ref name = "reir nelbourne1993"/>

In 1995, BTR purchased Australian platics manufacturer [[Nylex]].<ref>{{cite news |title = Jackson aims for BTR Nylex on the cheap |url = https://www.afr.com/companies/jackson-aims-for-btr-nylex-on-the-cheap-19950807-kaw3p |publisher = [[Australian Financial Review]] |date = 7 August 1995 |access-date = 2 January 2022}}</ref> This company during the late 1980s provided 41% of BTR’s profits and kickstarted BTR’s growth in the emerging markets of [[Southeast Asia]]. This was also due to the Malaysian wing of Nylex, Berhard.<ref>{{Cite news |agency = Associated Press |date = 22 July 1995 |title = International Briefs; BTR to Buy Out Unit For $3.2 Billion |work = The New York Times |url = https://www.nytimes.com/1995/07/22/business/international-briefs-btr-to-buy-out-unit-for-3.2-billion.html }}</ref><ref>{{Cite news |last = Underhill |first = Marion |date = 6 December 1990 |title = BUSINESS PEOPLE; Australian to Become Head of BTR of Britain |language = en-US |work = The New York Times |url = https://www.nytimes.com/1990/12/06/business/business-people-australian-to-become-head-of-btr-of-britain.html |access-date = 31 January 2023 |issn = 0362-4331}}</ref><ref name = "reir nelbourne1993"/>

One of the major ways BTR grew in size and in profits, was its continual takeover of other companies throughout the world. This led it to be a [[Multinational corporation|multinational]] [[Conglomerate (company)|conglomerate]]. Moreover, the company also gained further profits by investing large amounts of money in investing in capital and operations, as well as the methods used by Green and later Jackson, of ruthless cost-cutting. This included laying off staff and dispensing with unprofitable businesses. It was these methods that have been credited with the success of the company.<ref>{{cite news |last = Nicholas |first = Katrina |title = Nylex: from household name to oblivion |publisher = Australian Financial Review |date = 21 February 2009}}</ref> Nevertheless, this approach also was perhaps BTR's greatest weakness, which came ahead in the late 1990s following the retirement of both Green and Jackson, at which point debt had risen to high levels. Restructuring efforts failed to revive the company, in which, became increasingly inefficient and unprofitable in various manufacturing sections.<ref name = "wizardoz 1995"/>

===Later years===
BTR's activities in late 1990s was marked by a series of divestments, at which point the company was headed by Ian Strachan.<ref>{{cite web |url = https://www.independent.co.uk/news/business/btr-opts-for-pounds-2-8bn-disposal-programme-1238739.html |title = BTR opts for pounds 2.8bn disposal programme |work = The Independent |date = 11 September 1997}}</ref> During 1994, less than three years after arranging to acquire the company, BTR opted to spin off [[Hawker Siddeley Canada]] via a flotation on the [[Toronto Stock Exchange]], swapping its 59 per cent holding for around £65 million.<ref>{{cite web |url = https://www.independent.co.uk/news/business/btr-to-spin-off-hawker-siddeley-in-canada-toronto-flotation-valued-at-pounds-65m-part-of-stratgey-to-concentrate-on-core-manufacturing-1407921.html |title = BTR to spin off Hawker Siddeley in Canada: Toronto flotation valued at pounds 65m part of strategy to concentrate on core manufacturing |work = The Independent |first = Russell |last = Hotten |date = 19 January 1994}}</ref> Similarly, after less than a decade of ownership, the company opted to sell Rockware.<ref>{{cite web |url = https://www.irishtimes.com/business/ardagh-meeting-approves-rockware-purchase-1.169194 |title = Ardagh meeting approves Rockware purchase |publisher =[[The Irish Times]]|first = Eibhir |last = Mulqueen |date = 1 April 1999}}</ref><ref>{{cite web |url = https://www.britglass.org.uk/knowledge-base/digital-library-and-information-services/acquisition-rockware-flaconnage-stolzle |title = The Acquisition Of Rockware Flaconnage By Stolzle Oberglas |publisher = britglass.org.uk |first = P J |last = Christie |date = Winter 1995}}</ref>
 	
Between 1996 and 1998, BTR sold the remaining Dunlop companies, and exited the aerospace sector entirely.<ref>{{cite web |url = https://www.independent.co.uk/news/business/btr-hives-off-aero-divisions-1168900.html |title = BTR hives off aero divisions |work = The Independent |first = Peter Thal |last = Larsen |date = 31 July 1998 |access-date = 22 October 2011}}</ref><ref>[http://www.highbeam.com/doc/1G1-59666966.html BTR sells South African tyre subsidiary]{{dead link|date=February 2019|bot=medic}}{{cbignore|bot=medic}}</ref> In November 1997, UniPoly S.A, bought 32 companies from BTR, including the Schlegel Sealing and Shielding Group, at a reported cost of roughly $867&nbsp;million.<ref>{{Cite web |date = 10 November 1997 |title = Unipoly S.A. Acquires Four BTR Product Divisions in 515 Million British Pound Management Buyout |url = http://www.thefreelibrary.com/Unipoly+S.A.+Acquires+Four+BTR+Product+Divisions+in+515+Million...-a019966436 |url-status = dead |archive-url = https://web.archive.org/web/20160305162217/http://www.thefreelibrary.com/Unipoly+S.A.+Acquires+Four+BTR+Product+Divisions+in+515+Million...-a019966436 |archive-date = 5 March 2016 |access-date = 20 July 2015}}</ref> The deal was a [[management buyout]] in which UniPoly Group was formed to take over most of the rubber products business of BTR plc.<ref>{{Cite web |date = 22 June 2001 |title = UniPoly executives leave company |url = http://www.rubbernews.com/article/20010622/NEWS/306229972/unipoly-executives-leave-company |website = Rubber News |access-date = 20 July 2015}}</ref> During these years, BTR was organised in the following businesses areas: Engineering, Packaging, Materials, Building products, Polymers.<ref>{{Cite news |last = Jones |first = Dow |date = 12 September 1997 |title = INTERNATIONAL BRIEFS; BTR to Sell Several Divisions |work = The New York Times |url = https://www.nytimes.com/1997/09/12/business/international-briefs-btr-to-sell-several-divisions.html }}</ref>

In 1999, BTR merged with [[Siebe plc|Siebe]] to form BTR Siebe, which was renamed [[Invensys]]. The last chief executive of BTR, Ian Strachan, became the initial chief executive of Invensys following the merger.<ref>{{cite web |url = http://www.managingautomation.com/maonline/news/read/Siebe_BTR_to_Merge_Into_14B_Automation_Giant_15661 |title = Siebe and BTR to merge into $24bn automotion giant |archive-url = https://web.archive.org/web/20110724184225/http://www.managingautomation.com/maonline/news/read/Siebe_BTR_to_Merge_Into_14B_Automation_Giant_15661 |archive-date = 24 July 2011 |publisher = Managing Automotion |date = 1 January 1999}}</ref><ref>{{Cite news |first = Sara |last = Calian |date = 24 November 1998 |title = Siebe, BTR Agree to Merge in Deal Worth $5.67 Billion |newspaper = [[Wall Street Journal]]|url = https://www.wsj.com/articles/SB911812349580621000 |via = www.wsj.com}}</ref> The merger has been viewed as a final admission that BTR's business model could no longer fulfil changes in customer expectations.<ref>{{cite journal |url = https://hbr.org/2008/12/when-you-shouldnt-go-global |title = When You Shouldn't Go Global |journal =[[Harvard Business Review]]|first1 = Marcus |last1 = Alexander |first2 = Harry |last2 = Korine |date = December 2008}}</ref>