Wednesday, November 27, 2013

Chevron Abandons Pittsburgh

I know I probably gave a few of our friends Downtown a minor heart attack.  Relax.......

Just a big anniversary of sorts coming up tomorrow. This is a big deal in Pittsburgh's economic history... 29 years ago:


Anonymous Anonymous said...

Good find CP, reading that article tho they say they will move to "Richmond, Va." lol I think they meant Richmond, Ca.

You know it was Harold Hammer (Gulf's 2nd in command 'hatchet man') who famously said of T. Boone Pickens to the effect: We got rid of the Mellons we can get rid of him, and then was shocked weeks later that Mellon Bank actually financed Pickens hostile LBO. It seems that the Mellon family used Pickens & the Chevron buyout as a proxy to settle some scores/regain some control of Gulf assets or at the very least the old 'if I can't play then no one can' game.

I've stated on this blog before and will always maintain that if Gulf had stayed, Mellon would have remained independent and a good chance of Westinghouse, Rockwell & Heinz staying too, the critical mass and 'keiretsu' synergies would provide the other Fortune 500s with a better foundation in many ways to stay both independent and in Pittsburgh.

Wednesday, November 27, 2013 10:49:00 AM  
Anonymous Anonymous said...

Ah, the Fortune 500 meme again. Sure, they make great PR talking points, but the fact remains Management of Companies and Enterprises has been doing pretty good in Pittsburgh recently, and in the past few years, dare I say "exceptional"?

A lot has to do with decentralizing these operations south (Mylan, Consol, Ansys, Crown, etc) and North (Westinghouse, Mine Safety, etc.) which has provided some room to grow for these companies. I'm not saying it's good or bad, but it shows the Fortune 500 metric is a bit overrated IMO.

Wednesday, November 27, 2013 1:58:00 PM  
Anonymous Anonymous said...

Huh? First Westinghouse is a division of Toshiba or some other company using the logo as a marketing tool, sure I love that they kept some U.S. operations here but that is MUCH DIFFERENT then having a thousands strong white collar 50k+ staff of opinion makers and PhDs & C_Os.

This isn't about urban v suburban, if keeping Gulf Oil meant they'd move all their HQ staff to Green Tree or Canonsburg I wouldn't care at all. This is about the critical mass that comes along with a dozen or more top tier Fortune 100s or 200s. New York and Columbus, Ohio aren't too different when you take away 15 Fortune 200s from NYC, that is the massive donations to the arts, parks, hospitals that is the magnet for major architecture and a global airline hub the list goes on and on.

This is a regional chicken and the egg, without a good showing in the Fortune 100 or 200 there is no more critical mass for all the other things we would love about a great city, global air non-stops, great department stores, world class hospitals and universities, new growing construction etc. all spring from the fountainhead of a Gulf Oil at #9 on the Fortune 500 list and Westinghouse at #84.

-Original poster

Thursday, November 28, 2013 1:08:00 AM  

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