Word: litton
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Dates: during 1960-1969
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Charles Thornton, chairman, Litton Industries...
Most businessmen consider the last 10% or so of capacity in most industries almost inevitably inefficient, agree that producing at full capacity leaves no room for flexibility and frequently leads to costly breakdowns and power failures, crash expansion programs and industrial slovenliness. Chairman Charles ("Tex") Thornton, 49, of Litton Industries, which has done so well in keeping ahead of the competition with new electronics products and processes that its sales have increased an awesome 13,000% in the ten years of its history, believes that "to properly modernize U.S. industry, there should be expenditures of $100 billion to $300 billion...
...student at U.C.L.A. in banking and finance, he at first wanted to become a teacher, changed his mind during the war after teaming up with nine other brilliant young men at the Air Force's statistical school at Harvard. Led by Tex Thornton, now chairman of Litton Industries, and including McNamara, they offered themselves in a package deal to Henry Ford II in 1946, went on to become the famous "Whiz Kids" who revivified ailing Ford...
...stocks listed on the New York Stock Exchange rose on Thursday alone. The ones that recovered most were the ones that had fallen the farthest: the battered glamour stocks. By closing time Friday, Polaroid had shot from 87! to 96, IBM from 320 to 339¼, Litton Industries from 79¼ to 92, Xerox Corp. from 97¾ to 112⅝. Main force behind the resurgence was a burst of buying by the big army of short sellers (TIME, June 29), many of whom apparently decided that the time had finally come to take their profits...
...certain not to be the last. With the bull market pushing many stocks into the high-priced range, stock analysts expect that splits in 1962 will top even the record of 320 set in 1959. Among the most talked-about candidates for early splitting: Bristol-Myers, Campbell Soup, Litton Industries, Quaker Oats and Polaroid Corp...