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Lethbridge Herald Newspaper Archives

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Lethbridge Herald, The (Newspaper) - November 28, 1973, Lethbridge, Alberta TIM Herald-41 Kaiser tackles challenging task VANCOUVER tcpj -Ed- Sr F. Kaiser new bead of long-troubled British Columbia coal-producing firm of Kaiaer is a highly articulate young busi- Mtunan with an air of calm nurtured by ex- posure since youth to the jrorld of business and its lead- en. he is tackling the most challenging task in a ca- reer that has already taken litn to more countries than ftMt businessmen visit in a plus a stint in Wash- ington as an assistant to the late president Lyndon B. John- son. Ifr. Kaiser is the fourth person to hold the presidency firm's relatively snort History. His immediate prede- Stephen A. re- turned to to become a member of the ex- ecutive committee of Kaiser a parent company of the vast indus- trial'organization young Kai- ierjs the late Henry J. built up from i road construction and pav- ng business he founded here in 1914. ORGANIZED MAN described by mining nen as very organized and competent young has associated with Kaiser Resources almost since its joining the firm late in 1969 at cor- porate planning and develop- and spent seven months at the company's huge open- pit mine at Sparwood in the southeastern corner of British Columbia where coking coal is extracted for shipment to steel mills in Japan. I had little to do with the company's oper- Mr. Kaiser said in an interview. that time ev- eryone thought the project was going to be immensely successful and we started working on expansion Kaiser Resources encountered little but grief. Plant construction costs were underestimated and faulty de- sign in the processing plant held production well below es- timated levels. By when the first shipments of coal from Sparwood started moving to the com- pany had piled up a net oper- ating loss of million. By the end of losses had mushroomed to about mil- lion. BACK TO STATES the project got into it became apparent that my plan- a luxury for the said Mr. Kaiser. 'So I moved back to Oakland to work on Kaiser Resources' financial In he was EDGAR KAISER sleeted a director of the com- pany and returned to Van- couver as executive vice-pres- operations. Since He has divided his time be- tween the Vancouver head of- the 'mine and several trips to Japan for lengthy negotiating sessions with Japanese steelmakers. These now have been corn- Dieted with Kaiser Resources obtaining a higher price for its a substantial injection of new equity capital that allow- ad the company to lighten a crushing debt and the op- oortunity to turn a money- loser into a profitable iperatkm. Mr. Kaiser said the recent financing gives the company breathing room and that the job now is to our- selves as a proper businets A indefatigable he is credited with having played a major part in helping to turn the company around and halt the long string at operating losses. 4IMS AT TOP Outsiders speculate that young Edgar is being groomed Tor the top spot in Kaiser In- dustries Corp. now held by his who is chairman and chief executive officer. Edgar like his grew up working on various Kaiser projects around the world. travelled with my father a lot while I was in grade he recalled. I was a I went to work 011 construction in a sfael in an auto fac- tory ii Argentina and in li- mestoie quarries. When I went I was put into management training-type jobs and at one point I was building television towers for Kaiser Broadcasting Corp. in A 196S graduate from Cali- fornia's Stanford University with majors in history and po- litical he earned a master's degree in business administration at Harvard In specialising in inter- national finance and labor re- lations. Then be ipent II montbs in Vietnam with the economic division of the United States Agency for In- ternational Development doing series of studies on now the Vietnamese economy and On returning to the he was selected as a White House serving initially as an assistant to the late president Johnson after the Nixon administration took wotting for the then secretary of the Walter Hickel. The White House Fellow program is designed to give young men who don't intend to make a career in the federal government service an oppor- tunity to learn how gov- ernment works at first hand. A special attraction of his Vancouver post is that it puts him in a prime area for his favorite outdoor activities- sailing and skiing. He makes no secret of his admiration for the way Cana- dian directors of the company stuck by Kaiser Resources during its costly and frustra- ting early years and lists de- velopment of Canadian per- sonnel as a top company pri- ority. where Sears ideas begin Versatile radio stereo in a Spanish credenza Save -A magnificent entertainment centre that sounds as good as it looks. More than this popular credenza brings you unlimited versatility. At a low price. Feature solid state stereo tuner Garrard 2025 changer with turntable and dual sapphire needles and a six-speaker audio system. Cabinet has Antique Spanish finish on elm veneer moulded adds ample record storage. at Simpsons-Sears you get the finest guarantee satisfaction or money refunded and free delivery Reg. Simpsons-Sears UJ. Hours Opan dally from 9-30 m to S 30 pm Thura and Frl 9 30 to 9-00 p m. 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