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This is an extraordinary blow-by-blow story of a venerable but vulnerable British chemical company which in its last 50 years went round a circle from family-dominated quoted company to subsidiary of a major American conglomerate and then re-flotation before final absorption by a French company. Rapid expansion in the 1950's and 1960's was followed by disastrous mistakes, leading to a near-collapse and rescue by Tenneco Inc. in 1971. Although wholly-owned by Tenneco from 1978, Albright & Wilson retained its identity and management until it was divested by a public offering in 1995, as a part of the break-up of Tenneco. Less than four years later, a slump in the company's share price after disappointing results led to a take-over battle, won by the French chemical company Rhodia, and final disintegration.
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