Word: avco
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Dates: during 1960-1969
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While Chairman Wilson makes policy and handles finances out of Manhattan, cost-conscious President Kerr bosses operations around the country. He has assigned accountants to ride herd over every research project to help determine whether expenses exceed potential results. Two weeks ago, with accountants' recommendations, Avco dropped one developmental program, assigned another to a licensee and beefed up a third with more money -all within three days. "Money means nothing to scientists," says one management spokesman, who happily recalls the occasion when one budget watcher snagged a scientist's purchase order for an $8,500 digital ohmmeter, told...
While many businessmen groan about "profitless prosperity," one manufacturer of everything from manure spreaders to nose cones has reversed the trend: profits are rising despite slipping sales at New York's Avco Corp. Last week Chairman Kendrick R. Wilson, 48, a onetime Wall Streeter told a luncheon of securities analysts that Avco's earnings for the first nine months of its fiscal year jumped 20% to $8,800,000, though sales slumped 3% to $234 million. As soon as Wilson sat down, his good friend, President James R. Kerr, 44, got up and explained how Avco turned...
Costs v. Results. This successful formula stems from a key management decision of five years ago. In 1956, when Avco washed out of the hotly competitive appliance business and swung heavily into defense work, it vowed to pass up flashy Government contracts that offered more publicity value than profit potential. Avco figured that it lacked the know-how in liquid rocket engines to bid for the upper-stage Centaur booster, lacked the size to manage the complex Dyna-Soar space vehide. Instead, it bid successfully for products that Avco itself developed: gas-turbine engines for helicopters, height-finding radar, missile...
...merits of its optical scanner, is down to 13 now that competitors have similar machines. By contrast, companies that are well diversified or solidly backlogged with defense contracts are holding up well. Litton Industries is close to its historic high at 134, as is Beckman Instruments at 131¾. Avco last week hit an alltime peak...
Died. Victor Emanuel, 62, a flamboyant operator from Dayton (AVCO, Republic Steel Corp.) and Government adviser (Aircraft Production Council, advisory committee of U.S. Senate Banking and Currency Committee), who liked to put knowledgeable Washingtonians, e.g., Presidential Crony George Allen, on his boards of directors; of a heart attack; in Ithaca, N.Y. The Depression wiped out a billion dollar utility empire, but Financier Emanuel bounced back as high as ever...