Word: aircrafters
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Dates: during 1930-1939
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...Britain's colossal problems in air rearmament, Sir Christopher Bullock, Permanent Undersecretary of the Air Ministry (TIME, Aug. 17). Now that skilled and outspoken Sir Christopher is out of the way, silky Air Ministry civil servants have been going ahead on a secret program which they call "shadow aircraft engine industry." There is nothing of an engineering nature about this genteel idea, and last week Lord Nuffield blew the lid off. He declared that under "shadow aircraft engine industry" one factory is to make the crankshafts of British airplane engines, another is to make the cylinders, a third...
Stockholders willing, a corporate fission will occur this autumn in a notable aviation name. Fairchild Aviation Corp. announced plans last week to divorce its engine and aircraft units from its aerial camera and survey business. The latter will be carried on by the present company. Shares in a new concern to be known as Fairchild Engine & Airplane Corp. will be distributed share-for-share to stockholders in Fairchild Aviation...
Profitable though it has been, the camera and survey division has not been able to offset the aircraft losses. Founder Fairchild built his first plane because he could not find one that suited him for photographic work, starting commercial production in 1926. During Depression engine and aircraft sales shrank to a low of $72,000 (in 1931). Since then Fairchild has entered the transport field, has developed a high-speed amphibian popular with Pan American Airways, is developing for the Navy an in-line air-cooled motor. Sales recovered to $511,000 last year, and a comfortable backlog of orders...
...whole the company has been in the red for years, though losses in any one year since 1930 have never exceeded $100,000. By splitting into its two component parts, Fairchild will give stockholders the benefits of the camera and survey earnings, leave the engines and aircraft to stand or fall by themselves. Another reason for the split is that the expanding aircraft division will require additional capital, which would dilute the equity in the self-sufficient camera and survey business...
...executive and engineering talent, including such names as Col. John H. Jouett, famed "father of the Chinese air force"; James S. Ogsbury, a high-powered onetime International Business Machine executive; Col. Virginius Evans Clark, successively chief aeronautics engineer to the U. S. Army, to General Motors Corp., to Consolidated Aircraft Corp. to Aviation Corp...