Word: darte
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Superficially, the news from Dart Industries might seem to foretell deep trouble. The Los Angeles-based company has sunk $75 million into recreational-land developments in California, and has been stymied in selling many lots by conflicts with environmentalists; on top of that, it is being sued for a total of $500 million by buyers alleging fraudulent land-sales practices. Even so, Chairman Justin Dart found a "plus factor" to report to New York security analysts in a recent speech. The plus, said Dart, was that "we're not planning any more developments of this type...
...Dart's report was much more than a bit of gallows humor. Despite its troubles in land development, Dart Industries is rolling toward a 1973 net profit that is estimated by its chairman to be 14% higher than the record 1972 earnings of $53 million registered on sales of $888 million. Main reason: high earnings in the Tupperware plastic-container division and the chemicals division. In fact, in an era during which "conglomerate" has become a dirty word on Wall Street, Justin Dart has put together one of the few conglomerates that are continuing to post steady growth...
...factor in Dart Industries' success has been Tupperware, acquired in 1958 by Justin Dart over the initial opposition of his own board of directors. Since then, Tupperware sales of plastic food containers have multiplied 18 times to $187 million in 1972; its earnings currently contribute 50% of Dart Industries' net profits. Tupperware products are sold by self-employed dealers, mostly housewives, who peddle the plastic food containers at home demonstration "parties." In order to maintain the evangelical zeal of the distributors, Dart regularly holds sales jubilees at which the most successful of the housewife-saleswomen are awarded such...
Refreshing Tendency. Tupperware is not the only ingredient in the Dart success formula. The company's crack chemicals division, which is expected to show a 40% surge in profits this year, was put together in 1960 to produce polyethylene. It now has 170 U.S. and 460 foreign patents. Both G.E. and Exxon have become licensees. More important in Dart's view, the division contributes product technology to the company's other units, like Tupperware. By merger, Dart has also moved into fabricated plastic products and glass bottles...
Columbia fumbled the kick-off and Harvard got the ball back on the Lion 12. Holt came back in and on third and seven tossed a short lob to junior halfback Steve Dart at the five. Dart took it in for the score. Tetirick's toe put Harvard on the half century mark...