Word: corpe
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Dates: during 1950-1959
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RAMBLER SALES BOOM is pulling American Motors Corp. into the black and easing its self-admitted doubts of survival (TIME, Sept. 23). Sales for first ten months of 1957 hit 77,318, topping all of 1955 and 1956, and deliveries in October-first month of the 1958 series-ran 78% above deliveries of all Ramblers in October...
American Express, which likes to call itself a home away from home for Americans, last week decided to supply the home with a car. It teamed up with Hertz Corp., the world's biggest car renter, to form a new company that will rent cars around the globe. The new firm, called Hertz American Express International Ltd., will set up a system whereby a traveler can drive a Hertz car to any U.S. airport, hop a plane, and have another Hertz auto meet him at the terminal abroad. The company will first blanket Europe with rental agencies, then push...
...company's stock, and Hertz Chairman Leon C. Greenebaum, 49, and Hertz President Walter L. Jacobs, 61, will run it. Not only will American Express cash in on the potentially rich market for foreign-car rentals, but the deal also calls for it to invest in Hertz Corp. so that it can participate in domestic profits. Express is buying 25,000 Hertz Corp. common shares at the current market price, has an option to buy 75,000 more over the next four years for no less than 42-7/8 or no more than 60g each. Says American Express...
Hertz has indeed moved fast since 1953, when it was sold by General Motors to the old Omnibus Corp., which operated bus lines in New York City and Chicago. In four years, Hertz's operating revenues have risen from $28.7 million to 1957's expected $78 million, which will bring $6,000,000 in after-tax profits. Now that the 107-year-old company has the highly useful services of the 405 American Express offices, it can really step on the gas overseas. Says Hertz's Greenebaum: "Our goal is an annual volume of $15 million overseas...
...Walter R. Dornberger, 62, former German general and one of Germany's leading rocket engineers before and during World War II, was named technical assistant to President Leston Faneuf of Bell Aircraft Corp. Dornberger directed V-1 and rocket-powered V-2 missiles at Peenemunde, Germany's big rocket-research center, where he bossed Wernher von Braun, a top U.S. Army missile expert. Dornberger later developed Bell's Rascal, air-to-surface guided missile how used by the Strategic Air Command...