Word: hoses
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...runaway price rises will fan inflation in the U.S., Western Europe and Japan. Affected are not only the price of gasoline and heating oil but also the cost of thousands of products made from petrochemicals?goods ranging from fertilizers and laundry detergents to panty hose and phonograph records. Oil price hikes will bear on apartment rents and the price of food brought to stores by gasoline-burning trucks. The price boosts act as a kind of gigantic tax, siphoning from the pockets of consumers money that would otherwise be used to buy non-oil goods and services, thus depressing production...
Last year the Aeroquip Corp., a subsidiary of Toledo-based Libbey-Owens-Ford, announced that it was closing its hydraulic hose plant in Youngstown, Ohio. The city was already strug- gling to absorb the layoffs of more than 4,000 steelworkers, and new job prospects in the area seemed slim. So some of the 375 employees decided to buy the 48-acre facility and run it themselves...
...nine months after the new employee-owned company, Republic Hose Manufacturing Corp., took over the one-story plant, productivity is up 40%, and the rate of rejected products has dropped from 8% to 1%. The firm, which today employs 130, estimates that for its first complete fiscal year it will earn a pretax profit of up to $600,000 on revenues of $7 million; that is less than the approximately $12 million in revenues of Aeroquip's final year but at least double the new owners' initial projections...
...sell if the buyers could pay the $2.5 million price. Frank Ciarniello, head of the United Rubber Workers local and a machine operator at the plant, and William Hawkins, then a general foreman and now vice president for operations, persuaded C.C. ("Pete") Broadwater, Aeroquip's manager of hose operations, to quit his job and join the new company as chairman and president. Aided by the Ohio Public Interest Campaign, a group that works to encourage business development, and Youngstown Mayor J. Phillip Richley, the three men managed to raise a bit more than $2.5 million. A bank arranged...
...other Radcliffe marshals elected are, in order of votes won, Caryl E. Yanow '80 of Winthrop House, Leslie E. Greis '80 of South House, and Susan Kish '80 of Lowell Hose. The other Harvard marshals are Ruben J. Alvero '80 of South House, George A. Jackson '80 of Lowell House and Steven V. Winthrop '80 of South House...