Word: armours
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...choicest cut of the meat packing business -which traditionally has the thinnest profit margin of any major industry - goes to Chicago's Armour & Co. One reason is Armour's chairman, William Wood Prince, an athletic and esthetic man of 47, who is equally at ease in a Michigan Avenue art gallery or on a stockyard's manure pile. In four years as chief executive, Billy Prince has raised Armour's earnings fivefold, to $16 million on last year's sales of $1.7 billion. This year, despite a first-quarter squeeze on profits. Prince expects...
While his competitors are following the same formula, Armour is by far the fastest-changing meat company. Prince has put more than 40% of its assets into more profitable lines, notably those that were originally meat byproducts, such as chemicals, oils and soaps. Last week, for example, Armour began regional marketing of its Princess Dial, a complexion soap for women, to go with its deodorant Dial, the nation's leader in dollar volume. But Prince is not overlooking his meat marketing. Armour has begun to sell high-profit, boil-in-the-pack frozen meals, and soon will begin limited...
Billy Prince began his business career at the most difficult place: the top. He was born William Wood, the son of a wealthy insurance executive. His father was a friend and distant cousin of eccentric Magnate Frederick Henry Prince, who played a dominant role in Armour for 15 years and liked to boast that he had built four U.S. railroads and controlled 46 others. Frederick Henry Prince lacked an heir: his younger son had been killed flying in World War I and his older son preferred the life of a gentleman farmer to business. Prince took a fatherly interest...
...free hand to mechanize cargo handling-in exchange for a guarantee of present jobs, plus early retirement and liberal death benefits. In Chicago this week, President Clark Kerr of the University of California, one of the top labor economists, will preside over a company-union committee meeting at Armour & Co. to draw up a plan for the rapidly automating meat industry...
...DIVERSIFICATION will keep Swift & Co., Armour & Co. and Cudahy Packing Co. from expanding into sales of nonmeat products such as fish, vegetables, flour, sugar, cigars, china and furniture. U.S. District Court reaffirmed 40-year-old antitrust decree that bars the big packers from entering retail trade, which they want...