Word: hotpoint
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...everybody can own a car! Come and get 'em while we got 'em!" blared a Manhattan newspaper ad last week. In Chicago, Hotpoint advised its appliance dealers: "Be first to advertise and promote a no-down and easy-payment plan . . . Change your ads to scream 'NO DOWN PAYMENT.' " One Los Angeles merchant was so carried away that he posted a "NO CASH DOWN- SIX MONTHS To PAY" sign over some $3.95 shirts...
Nance has spent $40 million building or buying five new plants. Hotpoint, which once had to get some of its products from G.E. factories, now makes most of its own washers, dryers, dishwashers, garbage-disposal units, ranges and heaters. Only Hot-point's refrigerators and food freezers are still made by G.E., and last week Nance took steps to change that. He announced he has bought a 400-acre site near Chicago to build a $20 million refrigerator plant as soon as building restrictions permit...
...refrigeration department, bossed Zenith Radio's wartime production. Charlie Wilson liked his zip, enthusiasm and selling touch. He sent him to Chicago in 1946 as executive vice president of a G.E. subsidiary then called Edison General Appliance Co. The company's chief value was its brand name, Hotpoint, first nationally advertised appliance in the U.S. As president, Nance took full advantage of the brand immediately by changing the company's name to Hotpoint...
...from G.E., was to build an electric-range plant in Cicero, Ill. to turn out 600,000 ranges a year. He spent another $11 million buying and retooling a surplus war plant in Milwaukee to turn out hot-water heaters, but with the Korean war, used it to land Hotpoint's first big defense order for turbo superchargers. With a Government tax write-off, Hotpoint expanded the plant, now makes both turbo superchargers and hot-water heaters. Nance had also begun a new $20 million plant to make refrigerators when a Navy contract diverted it to making Pratt & Whitney...
Electric Living. Hotpoint's expansion has freed it from dependence on G.E. for basic components for many of its products, allowed it to bring out its own designs. Despite talk of overproduction, Nance thinks the market for appliances has hardly been scratched. The refrigerator, he points out, has already reached 90% of its potential market, but the electric range has reached only 21%. "The automatic washing machine had the greatest postwar growth of all appliances but has saturated only 13% of the market. The electrical dishwasher has reached only a little more than 1,000,000 homes...