Word: lamberts
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Dates: during 1960-1969
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...This is Mac calling all the team." The voice crackles with authority as loudspeakers carry it to every corner of the sprawling aerospace plant on the rim of St. Louis' Lambert Field. It sparkles with an enthusiasm that rises above the inescapable racket of jet aviation?the rumble of commercial planes lifting off the long runways, the ear-shattering passage of military fighters climbing aloft on steep, improbable curves...
Died. Gerard B. Lambert, 80, venturesome businessman who made Listerine a U.S. household word by coupling his father's antiseptic mouthwash to the word halitosis (meaning bad breath in Latin), was so successful that he was able to sell out for $25 million in 1928, after which he spent four years, from 1931 to 1934, putting an edge on Gillette Co. (by introducing a one-piece razor and the blue blade) before retiring for good to sail his J-class sloops Yankee and Vanitie in numerous America's Cup trials without notable success; of arteriosclerosis; in Princeton...
...York Hilton Hotel, where the Salvation Army in nonsectarian generosity honored Francis Cardinal Spellman, hosts and guests could have turned to a subject of mutual interest: sales of Listerine antiseptic. Listerine at a religious convocation? Why not-since, under terms of an old and apparently inviolable legal document, Warner-Lambert Pharmaceutical Co. must still make royalty payments on Listerine to the heirs, executors or assignees of its originator. The assignees include the Salvation Army, and until recently counted the aging cardinal as a major holder...
...riches was laid in 1881 when Dr. Joseph Joshua Lawrence, a St. Louis physician who worked out the secret formula for Listerine, decided to retire. The canny doctor sold his formula for Listerine and, four years later, for another remedy called Lithiated Hydrangea, to fellow St. Louisan Jordan W. Lambert. In the deal, Lawrence got a royalty for each gross (144 bottles) of Listerine that was first set at $20; this was later scaled down to $6 on sales of either preparation. Lithiated Hydrangea has disappeared-but Listerine sales spiraled after Lambert's son made halitosis a household word...
...royalty arrangement meanwhile has lasted despite efforts to break it. Warner-Lambert, the company that' evolved from the Lamberts' firm, last tried to break the arrangement in 1960 and was turned down flatly by a federal appeals court. Lawrence's heirs, who still retain about three-eighths of the royalties, continue to benefit as a result, and so do assignees of one of the most remarkable transactions in U.S. business history. Warner-Lambert this year, on sales of Listerine worth $50 million or more, will pay out about $4,000,000 in royalties...