Word: lear
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Dates: during 1950-1959
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...beset in his old age by two ungrateful daughters, who try to seize the paper in a proxy fight. Only his third daughter remains steadfast. Does the reader see the Shakespearean parallel? To make sure, Busch nudges him with the "Blow, winds, and crack your cheeks!" line from King Lear...
...Lear, his company's growth is only the beginning. He thinks that a whole new market is opening up in the fast-growing field of private flying, predicts that it will expand fourfold by 1965, is spending $1,200,000 a year on new-product research. To make the crowded air safer, the CAB last year drafted a proposed order directing planes intending to fly in all weather to install airline-quality equipment by 1961. The order roused such protests on grounds of expense that it was withdrawn. Lear is confident that a similar order will eventually be issued...
Looking for More. Lear also would like to crack the market for instruments used on the big airliners. His autopilot, other instruments and fuel pumps are used on the Air Force's KC-135 tanker-transport (the military version of the Boeing 707); Lear instruments are also used on the French Sud Aviation Caravelle jet airliners, but so far major U.S. commercial lines have hesitated to buy. Their reasons are that Lear's record for quality control, service and stocking spare parts has fallen short of the ingenuity of his inventions. Said one major airline executive last week...
...Lately Lear has shown that he is finally aware of such shortcomings. He has beefed up the service department, and a fortnight ago he shook up his top management to get in position for a concentrated attack on building markets and improving products. In the shift, Vice President James L. Anast, 40, former aide in Washington to Federal Aviation Boss Pete Quesada, moved up to president as Richard Mock became chairman of the executive committee...
Even without the big airliners, Lear has been doing well enough. Piedmont Airlines, a feeder line, has installed Lear instrument-landing equipment on eight of its planes, has found it "very satisfactory." Ozark Air Lines, another feeder, has also signed up. Lear profits in the first quarter of its fiscal year ran 33% ahead of 1958 (which registered an 87% gain over 1957) to better than $400,000. The backlog of firm orders was up to $77 million, biggest in the company's history, and a 10? dividend was declared, the third such quarterly dividend in a row. Last...