Word: borge
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Beauty & Food. The hard-hit appliance industry came back in strength. Earnings of Whirlpool Corp. were up sharply from last year's 29^ a share to 80^. With sales up 12% in the first quarter, Borg-Warner Corp.'s President Robert S. Ingersoll announced a 45% hike in earnings, noted that Borg-Warner has "a very substantial portion" of the parts orders for the Ford and General Motors small cars. Admiral Corp., reported a profit on a sales rise of 15%. Said President Ross D. Siragusa: "All the bad things are behind...
...tons next year, says Alcoa Market Researcher E. M. Strauss Jr., who foresees expanding markets in the auto industry, containers and construction. ¶ Appliances will have a banner year, with sales up 5% to more than 15 million units, says President Judson Sayre of Borg-Warner's Norge Division. The industry will sell 16% more automatic washers, 8.3% more clothes dryers, 3.6% more refrigerators...
...everything from electric irons to autos in a bewildering variety of models and colors. Many manufacturers are now beginning to wonder whether they are doing the consumer a service-and whether they have not strayed too far from the basic principles of mass production. Says Judson Sayre, president of Borg-Warner's Norge Division: "Multiplicity of products is creating a trend toward phony obsolescence. Industry, in trying to create obsolescence with chrome decorations and gadgets, is building monuments to futility...
...hard-pressed appliance men, the turnabout came none too soon. Said Westinghouse Vice President Richard J. Sargent: "We are confident that the recession for this industry is over." Most of the industry agreed. Items: ¶Borg-Warner's Norge Division reported that September sales were up 29% for the best month in nearly two years. The company recalled more than 600 workers in three plants, put them on two shifts. Says Norge President Judson S. Sayre: "The way orders are landsliding, we could be sold out for the year by October 15." ¶General Electric's Appliance Park...
Even the appliance industry, which has been lagging for more than a year and a half, showed new life. Factory sales of new TV sets during August topped the year-ago pace for the first time during 1958. Borg-Warner's Norge division hired 600 workers and put on second shifts "to meet unfilled orders and refill depleted inventories...