The promise," he said, "was that the newly consolidated companies would be endowed with core competencies, and we could turn over quality control" to the contractors.

That would not be true if the books of the consolidated company were counted.

The two commodities markets said they would form a joint governing board that would oversee any consolidated company resulting from a merger.

And workers in consolidated companies often resent the forced marriage, and service may suffer as a result.

Southwest will contribute $25 million of subordinated debt to the consolidated company as equity.

Nissui was founded in 1911 and now employs 10,513 people (consolidated companies) worldwide.

They spoke of the savings that could be wrung from a consolidated company, estimated at about $100 million.

"Conversion will be a question for consideration by the new board of directors of the consolidated holding company," he said.

The number of consolidated companies was increased, beginning with the current fiscal year ending March 31, 1989.

The number of consolidated companies is 165, including 90 manufacturing companies, 60 sales companies and 15 financial subsidiaries.