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Hammer dabbled in several businesses during the 1950s, including cattle ranching and radio. In 1956 he became involved in Occidental Petroleum Corporation, a small Los Angeles-based oil company. Hammer invested in the company thinking it was a tax writeoff, but with the usual Hammer luck Occidental began striking new wells throughout California. Hammer took the helm and transformed the company, diversifying its interests into other natural resource production, such as mining and fertilizer. As he had with the Soviet Union in the 1920s, Hammer offered developing nations badly needed goods in trade for access to their raw materials. As he had with pencil manufacturing, Hammer raided other petroleum companies for talent. It was savvy business. By 1966 Occidental had annual sales of almost $700 million. By the 1970s Occidental would have lucrative contracts with Libya, Saudi Arabia, Venezuela, and Singapore. In 1972 Hammer resurrected the deal he had made with...
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This section contains 180 words (approx. 1 page at 300 words per page) |
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