Word: canadair
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Dates: during 1950-1959
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...Former U.S. Budget Director and Army Secretary Frank Pace Jr., 40, was elected executive vice president and director of General Dynamics Corp. (TIME, April 6), and vice chairman of the corporation's planemaking subsidiary, Canadair...
Moreover, Hopkins has other promising irons in the fire. Another General Dynamics subsidiary, Canadair, has the exclusive contract for building F-86 jet fighters in its Canada plant for the R.C.A.F. Since Canada has no excess-profits tax, this contract has proved so lucrative that Canadair alone contributed 70% of General Dynamics' gross of $134,500,000 last year (net: $4,900,000). Thus, Jay Hopkins, a man few know, has become boss of a major North American armament complex...
...expansion, built 124 subs for the Allies, but for the next 13 years got not one Government order. In World War II, it whipped out 82 submarines, and ended the war with $5,600,000 cash in reserves. Hopkins sought bargains to even out the submarine business, grabbed up Canadair in 1947 from the Canadian government for $8,000,000, half its cost. In 1949 he got the Canadian license for North American's F-86s, gave Canadair its biggest growth ever. Last year Hopkins created General Dynamics for his two companies...