"This was a good diversification move for Warner-Lambert into several high-growth product areas."

Celeron's primary business has been an unprofitable 1,750-mile crude-oil pipeline between California and Texas, which it bought in 1985 as a diversification move.

But, later, sagging profits and some ill-timed diversification moves saw the stock trade as low as $27.125 in August 1982.

He has been able to turn around the once-unprofitable cement company and make it the base for his diversification moves.

Pacific has had operational and marketing problems in its retailing chain, which was acquired in 1986 in a diversification move.

Mr. Hoffman got out as a diversification move related to his retirement planning, a spokesman said.

Gone is the company's kitchen cabinet business, an ill-fated diversification move Whirlpool made in 1986 and wrote off for $45 million last year.

But most analysts say the bank would benefit from such a diversification move.

Goodyear is also saddled with an unprofitable 1,750-mile crude-oil pipeline between California and Texas, which it bought in 1985 as a diversification move.

But the diversification move has already gained its own momentum since it began about five years ago.