Birth Of A Machine Tool Giant

The nation's struggling machine-tool industry is about to get a new No. 1. On June 7, Giddings & Lewis Inc. of Fond du Lac, Wis., announced it would buy larger rival Cross & Trecker of Bloomfield Hills, Mich., for $225 million. The combined company, with nearly $700 million in sales, will likely pass Litton Industries as the nation's biggest maker of machine tools.

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