Clean-Air Buff

Stiff federal controls on carbon monoxide and hydrocarbon emissions, scheduled to take hold on 1975 model cars, have been a migraine for the automakers. But for Milton Rosenthal, a lawyer who is chief executive of Engelhard Minerals & Chemicals Corp., Washington's demand for cleaner air could produce a bonanza. Engelhard makes a catalytic converter--a steel cylinder containing a platinum-treated honeycomb structure--that changes some toxic gases into harmless substances. The converter, which costs less than $50, shows strong evidence of enabling the automakers to meet the Environmental Protection Agency standards.

Various companies are trying to perfect similar devices, but with the 1975 models already on the planning boards, the auto manufacturers must already begin to line up suppliers. Ford was the first, recently making a "firm commitment" with Engelhard for half of the catalytic converters it will need in 1975. Other U.S. automakers may soon follow Ford's lead, and Rosenthal, 58, a meticulous executive who tries to keep an eye on details, is looking abroad for still more customers. Japan and Canada, he believes, will soon pass restrictive emission standards.

Engelhard is an unusual company.

It was long run by flamboyant Charles Engelhard, who before his death last year built up a billion-dollar business, mostly as an international trader and fabricator of precious metals. Engelhard does much business with Anglo-American Corp. of South Africa Ltd., which owns 30% of Engelhard's common stock and is run by Harry Oppenheimer, the South African mining magnate. But Rosenthal clearly would welcome any new business. Last year, on revenues of $1.5 billion, the company's earnings dropped from $36 million to $28 million.

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