The 1960s heyday of conglomerates may be over, but there are plenty of companies like ITT Corp. that make it their business to be involved in all sorts of unrelated activities.

　　大企业集团像上世纪60年代那样的全盛期可能结束了，但目前仍存在大量像ITT Corp.一样的公司，它们将涉足各式各样彼此不相干的商业活动当成了自己的工作。

　　Those conglomerates range from General Electric Co. (jet engines, washing machines, loans to medium-size companies) to DuPont Co. (seeds, Kevlar, countertops) to Warren Buffett's Berkshire Hathaway Inc. (machine parts, neon signs, Ginsu knives). But not all conglomerates are under the same sort of pressure as ITT to break up, and many are flush with cash and hunting for acquisitions.

　　无论是生产飞机发动机、洗衣机并向中型企业放贷的通用电气(General Electric Co.)，还是生产种子、凯夫拉尔合成纤维以及厨房操作台的杜邦公司(DuPont Co.)，抑或是沃伦?巴菲特(Warren Buffett)出产机器零部件、霓虹灯和金厨刀具的伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)，全都属于这类企业。但并非所有的大企业集团都像ITT那样面临分拆压力，许多这类企业手头都有充裕的现金，正在四处搜寻收购目标。

　　Conglomerates 'aren't going to go away,' said Wayne Titche, chief investment officer at AMBS Investment Counsel LLC, though he noted company-specific considerations could spur some to significantly adjust their lines of business.

　　投资咨询公司AMBS Investment Counsel LLC的首席投资长提彻(Wayne Titche)说，大企业集团不会消亡，但他也指出，一些大企业集团出于公司自身利益考虑可能会大幅调整其业务布局。

　　GE had long been a target of investors and analysts who figured its pieces were worth more apart and pushed for some sort of division.

　　通用电气曾一直是一些投资者和分析师鼓动分拆的目标，他们认为，通用电气的一些业务如果独立出来会更值钱，因此敦促这家公司进行某种形式的分拆。

　　That pressure has dissipated as GE has worked to better focus its operations around its industrial businesses. GE is shrinking GE Capital and is selling control of its NBC Universal media assets.

　　但随着通用电气开始致力于更好地将旗下业务集中在工业部门周围，这种压力已经消散。该公司目前正在缩减通用金融(GE Capital)的规模，并将出售旗下媒体资产NBC Universal的控股权。

　　GE said Wednesday a breakup is out of the question. Chief Executive Jeff Immelt said at the company's investor meeting last month that he considers GE's portfolio of assets to be the best since he took charge in September 2001.

　　通用电气周三说，将公司分拆是不可能的。该公司首席执行长伊梅尔特(Jeff Immelt)在公司上个月举行的投资者大会上说，他认为通用电气目前的资产分布状况是他2001年9月就任以来最佳的。

　　Conglomerates blossomed five decades ago, when favorable interest rates made it relatively easy to boost revenue and stock prices with serial acquisitions. But they fell out of favor when the stock increases slowed and investors began to question whether promised efficiencies would materialize.

　　大企业集团这种企业形式兴起于50年前，当时有利的利率环境使得企业能够相对容易地通过连续收购来提振收入和股价。但当股价增速放慢、投资者开始对企业能否兑现其通过收购提高经营效率的承诺提出质疑时，这种企业形式也就失去了魅力。

　　Companies have since swung between diversifying through acquisitions and refocusing on core businesses via divestitures.

　　自那以来，企业一直在通过收购实现业务多元化和通过分拆重新集中精力发展核心业务这两条道路间左右摇摆。

　　Danaher Corp. last year spun off its tools business into a joint venture with Cooper Industries PLC. Emerson Electric Co. sold its electric-motors business. Tyco International Ltd. sold its metals processing and distribution business after announcing plans to spin off the unit to shareholders as a separate company.

　　Danaher Corp.去年将其工具业务分拆出去，将其注入一家Danaher与康珀工业公司(Cooper Industries PLC)成立的合资企业。艾默生电气公司(Emerson Electric Co.)出售了其电动机业务。泰科(Tyco International Ltd.)在宣布将其金属加工和分销子公司分拆出去作为一家独立的公司给予股东的计划后，出售了这家子公司。

　　Acquisitions, however, are expected to ramp up now that the recession-era cost cutting has left firms with plenty of cash and relatively little debt. Conglomerates' net debt to market capitalization is at an all-time average low of 11%, according to Citi Investment Research. Meanwhile, cash holdings at conglomerates amount to 8% of their combined market capitalization.

　　但现在，鉴于企业通过在本次经济衰退期的成本削减降低了债务负担并积累了大量现金，业务收购之风预计又会卷土重来。花旗投资研究(Citi Investment Research)的数据显示，大企业集团平均的净债务与企业市值之比已经降至11%的历史低点。而大企业集团的现金持有量则相当于他们总市值的8%。

　　Under Buffett's control, Berkshire Hathaway has become a holding company for companies including Dairy Queen, the Burlington Northern Santa Fe railroad and Geico insurance. But Berkshire, unlike ITT and other conglomerates, has rarely faced questions about whether the businesses it owns are better together than they are apart.

　　在巴菲特的经营下，伯克希尔哈撒韦公司已经变成了一家下辖乳品企业Dairy Queen、铁路公司Burlington Northern Santa Fe和保险公司Geico等不同行业企业的控股公司。但与ITT和其他大企业集团不同，很少有人向伯克希尔哈撒韦公司质疑说，它旗下的各种业务聚拢在一起是否比各自独立更好。

　　Jeff Matthews, founder of hedge fund Ram Partners and author of 'Pilgrimage to Warren Buffett's Omaha,' said it was largely because Berkshire stock has done so well--the 'Buffett premium' attributed to faith in the company's CEO.

　　对冲基金Ram Partners的创办人马休(Jeff Matthews)说，这很大程度上是因为伯克希尔哈撒韦公司的股票表现太好了，人们将该公司股票的“巴菲特溢价”归因于投资者对巴菲特的信心。马休还撰有《去沃伦?巴菲特的奥马哈朝圣》(Pilgrimage to Warren Buffett's Omaha)一书。

　　Buffett didn't respond to a request for comment left with an assistant Wednesday.

　　记者周三向巴菲特一名助手提出想请巴菲特发表相关评论，但巴菲特未予以回应。