Word: avco
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Every maker, big & small, is expanding the number of his products. RCA, once known only for phonographs and radio-TV appliances, this year is selling air-conditioners and electric ranges. Crosley Division of Avco Manufacturing Corp. will begin marketing washing machines. General Electric is building the world's biggest appliance center at Louisville, Ky., on which it will spend $200 million...
Victor Emanuel, who built his Avco Corp. into a $165 million business by a series of complicated financial deals, last week wound up a new one. As part of his program to concentrate Avco on home-appliance manufacture, he sold control of his New York Shipbuilding Corp., third biggest in the U.S., for $2,000,000 cash. The buyer: Louis Wolf son, a 41-year-old Florida financier who could probably teach even a master like "V.E." a few tricks in turning a deal...
...make sure the plant would not be needed. The board assured GSA that it did not want the plant; it would be useful only in the event of total mobilization. The price was $2,010,000, and Hirsch and friends paid $85,000 down. When Hirsch heard that Avco Manufacturing Corp. was looking for a plant to make plane engines for the Air Force, he signed up the company as a tenant at $725,000 a year...
...when Hirsch and his friends offered their second payment of $320,000, they got a surprise: GSA refused to accept the cash. It announced, instead, that the Government needed the plant after all, and was taking it back through condemnation. And why did the Government need it? For Avco's new engine production, of course. The Air Force had suddenly discovered that altering and equipping the plant at Government expense for Avco would run into millions; it didn't like the idea that when Avco's lease ran out, the plant would revert to Hirsch, improvements...
...refrigerators, radios, scalp exercisers, bed coolers and sundry other gadgets, Powel Crosley Jr.'s first love was always the automobile. Seven years ago, the 6 ft. 4 in. Cincinnati millionaire decided to satisfy his passion. For $19 million he sold all his other interests to Aviation Corp. (now Avco), concentrated on making midget Crosley autos. His goal was to produce 150,000 cars a year, eventually bring the price down to $500. But Crosley fell far short of the mark...