Word: greenewalts
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Your otherwise very excellent and illuminating April 16 article on Mr. Crawford Greenewalt and the Du Pont enterprises fell to a new low on the local market because of the spelling of the name of our town. It is Kinston, not Kingston. This has been true since Revolutionary War days...
...thus obtain enough new products to spark its sales as old markets decline. It spent $38 million on research last year, will dedicate a new $30 million research center at Wilmington next month. "It took us ten years and $27 million to bring nylon to the production stage," says Greenewalt. "But for every nylon that hits the jackpot, there are 20 other gambles that fail to pay off. If we could not afford to carry the 19 failures, we would probably miss the nylon...
...fundamental (i.e., "pure") research which, while unpredictable, is also productive of the biggest strikes (e.g., nylon). It concentrates most heavily on applied research - the further development of processes already known - which have now brought Orion out of the same test tubes where nylon was found. The greatest problem, says Greenewalt, is to be patient enough to carry a seemingly losing proposition for five or six years, but at the same time be hard-boiled enough to know when to quit. ("No scientist ever wants to.") By so doing, Du Pont is able to trim the 20-to-1 odds...
...Pont no longer meets such attacks with its closemouthed, publicity-shy methods of old. Greenewalt, who devotes a great deal of his time to public relations, believes in taking Du Pont's case to the public. His answer to the charge of bigness is that Du Pont has grown big because it has succeeded in providing things the U.S. consumer wants, that it will continue to grow as long as it succeeds in the market place. Says President Greenewalt: "It is the customer, and the customer alone, who casts the vote that determines how big any company should...
...Greenewalt points out that small businesses, instead of declining, have continued to multiply, with big companies such as Du Pont contributing to their growth. "Cellophane alone," he says, "has given rise to 300 smaller businesses that process it. They provide 40,000 jobs with an annual payroll of $120 million-and only 7,000 of the jobs are in the manufacture of it. Concentration, far from being unwholesome, may be desirable or even indispensable if it means that through a concentration of money, skill and management a job is done that otherwise would not be done...