Word: airtemp
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...third largest automaker. True enough, the company suffered a record net loss of $259 million for 1975, $27.7 million of it during the fourth quarter. But the last three months were in the red only because Chrysler incurred losses of $62.6 million on the sale of its Airtemp air-conditioner division. For the first time in five quarters, the company earned a profit (of $34.9 million) from its automotive operations. Riccardo predicted a net profit in each quarter of 1976, and Wall Street seemed to believe him. Investors bid the price of Chrysler stock as high as $19 a share...
There were solid underpinnings for the bullishness. Earlier in the week Chrysler completed the sale of Airtemp to Fedders Corp. Long a drag on profits, Airtemp had run up losses of about $35 million since 1971. The sale was the second coup pulled off by Riccardo and his deputy, President Eugene Cafiero. Last fall they threatened to close Chrysler's beleaguered British subsidiary and add to Britain's grim unemployment picture. Prime Minister Harold Wilson angrily complained that his government had "a pistol at its head." But he eventually came up with $325 million to rescue the subsidiary...
Manufacturers are already 'looking for other sales. Exports last year climbed to 395,000 units worth $62 million. And William P. Balthrop, president of Chrysler Corp.'s Airtemp division, predicts that boat owners will soon be buying air conditioners in volume...
...Cooled. An air-cooled central home air conditioner was put on the market by Chrysler Corp.'s Airtemp division. Designed especially for areas where water scarcity makes water-cooled conditioners impractical, the unit brings in outside air to cool the refrigerant (Freon), needs no water piping. Price...
...unit as well, York's Boss Lauer thinks he holds first place, claims 40% of the market. Chicago's Mitchell Manufacturing Co. insists that it is second. In the package-unit group, General Electric (which sold the units for the Dallas housing group), Chrysler Corp.'s Airtemp Division and York all claim to be the biggest...