For New Milacron President Meyer, The Dollar's Loss May Be His Gain
CINCINNATI -- For such executives as Daniel J. Meyer, newly named president at Cincinnati Milacron Inc., the dollar's sharp plunge may bring opportunity.</br></br>A lower dollar tends to help capital-goods makers like Milacron compete in world markets -- and it also generates business from certain U.S. manufacturers who themselves fare better in world competition. "(The dollar's drop) may kill the stock market and cause all other kinds of havoc, but it will put us in a better competitive position in world markets," Mr. Meyer says optimistically.</br></br>The trick at Cincinnati Milacron will be to transfer its present know-how in metal-parts manufacturing and factory automation into related businesses with world-wide growth. For Mr. Meyer, former executive vice president and chief financial officer, the assignment is to do it profitably.</br></br>"Putting a finance man in as president is a clear signal that the company will emphasize profitability," says Eli S. Lustgarten, machinery analyst with PaineWebber Inc. "The board wanted somebody less emotionally tied to operations to take a hard look at what costs can be eliminated."</br></br>Mr. Meyer, an Indiana native who has worked for Milacron since 1969, says he has already begun a cost-cutting scrutiny. "The whole cost structure is under review right now," he says. His promotion followed immediately after the company reported a $3.9 million loss for the third quarter, in contrast to a profit of $5 million, or 21 cents a share, a year earlier.