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Beyond Junk BondsExpanding High Yield Markets$
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Glenn Yago and Susanne Trimbath

Print publication date: 2003

Print ISBN-13: 9780195149234

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195149238.001.0001

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Industrial Restructuring

Industrial Restructuring

(p.186) 10 Industrial Restructuring
Beyond Junk Bonds

Glenn Yago (Contributor Webpage)

Susanne Trimbath

Oxford University Press

This chapter investigates industrial restructuring in the slow‐growing food industry in the USA, asking why an industry with a growth factor of less than 1% flourishes in a world in which companies strive for growth rates of 10% or more. It first looks at the industrial composition (sectoral distribution) of the Fortune 500 [the largest 500 companies in the US as listed by Fortune Magazine, on the basis of publicly available data], and at the industrial restructuring that occurred in the 1980s in the US economy, showing a breakdown of consumer products into cyclical and noncyclical groups. The food industry is in the noncyclical group, which increased its share of revenues while decreasing its share of companies in the Fortune 500. Other sections of the chapter look at the following: consolidation through mergers and acquisitions; financial innovations – the ability to use public markets for leveraged financing and a possibly more heavy reliance (of noncyclical companies) on high‐yield bond financing (for which evidence is presented); the financing of biotechnology for food production and the associated structural change in production; the impact of the combination of high‐yield financing and high tech in the food industry; and foreign and international influences.

Keywords:   acquisitions, biotechnology, consolidation, financial innovation, food industry, food production, Fortune 500, high‐yield bonds, high‐yield financing, high‐yield markets, industrial restructuring, innovation, leveraged financing, mergers, restructuring, structural change, USA

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