Word: electrolux
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Dates: during 1950-1959
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...Andros Island, Axel Wenner-Gren, the Swedish tycoon (Electrolux vacuum cleaners, Bofors guns), has sunk $11 million in a long-range resort-and-home-building project. On the northern end of Andros, Parker Pen Co. Chairman Kenneth S. Parker is developing 8,500 acres of building and truck-gardening land. Louis R. Wasey, former ad agency executive (Erwin, Wasey & Co.), sold frs stockholdings in 1956 to concentrate on his Cat Cay Club, a heaven for well-heeled fishermen. Biggest venture of all is Freeport, a man-made harbor, industry site and bunkering installation 81 miles east of Palm Beach...
...Wenner-Gren, one of the world's richest men, stretched his long legs in the lower-deck lounge of a New York-to-Nassau Stratocruiser last week and reflected with satisfaction on the progress of his newest enterprise. In his 73 years, Wenner-Gren has made fortunes in Electrolux vacuum cleaners and refrigerators, Bofors antiaircraft guns and Mexican telephones. But of late, his major interest has been building a fabulous tropical resort worthy of the monocled titles and Palm Beach socialites that Swedish-born Wenner-Gren (who started his career at 15? an hour in a New Jersey tractor...
Same day, in Philadelphia's federal district court, Antitrust Chief Herbert Bergson went after a small company which had closely held patents: Servel, Inc., sole maker of U.S. gas refrigerators. Charged Bergson: Servel has a monopoly on gas refrigerators, through exclusive licenses from Sweden's Aktiebolaget Electrolux, founded by International Financier Axel Wenner-Gren (TIME, Jan. 5, 1948). Bergson asked the court to break up the patent arrangement. Servel's Chairman Louis Ruthenburg retorted that his company already competed with "a dozen large manufacturers aggressively in the market with refrigerators of all types, sizes and prices...