Word: litton
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Since Xerox brought out the first electrostatic copier in 1960, more than 40 companies have elbowed into the increasingly profitable but competitive business, whose sales of $600 million are rising 20% annually. Into the field last week came another major manufacturer: Los Angeles' huge Litton Industries (fiscal 1965 sales: $916 million). As the first of what will ultimately become a whole family of copiers, Litton introduced the desktop Roy fax 7, which spins out seven dry copies a minute, reproduces documents as varied as 51-in. invoices and 362-ft. seismographic tapes. Introducing a tantalizing gimmick, Litton plans...
...deeply committed to the film business that it plans to erect a nine-building complex of film plants over the next ten years. Land is also developing a film that will produce instant color transparencies, and negotiating with Tex Thornton's Litton Industries to enter jointly the office-copier business. Polaroid recently opened a film plant in The Netherlands, this fall will open another in Scotland; later this year, U.S. Time will begin producing Swingers in Scotland. One indicator of Polaroid's foreign potential is that in camera-heavy West Germany, despite higher prices than...
...getting support. Small investors snapped up 80% to 90% of last week's 6,000,000-share Ford Motor Co. offering, while in 1963 the institutions grabbed up half of a similar Ford issue. The institutions were picking up a handful of stocks at bargain prices-such as Litton, Polaroid and Kresge-but mostly they just sat back and watched. Some figure that many stocks had been overpriced and were riding for a fall; others may be holding onto profits made by selling before the May 14 downturn in order to dress up their June 30 reports to shareholders...
...longest, bitterest and most expensive trials in business history, a California jury had watched a battle between a $700 million corporation and an ex-employee for 97 days of court sessions. The ex-employee, Emmett Steele, 45, former director of military relations of California's widespread Litton Industries, charged in a civil suit that he had helped to found Litton in 1953. He had, he said, persuaded Charles Litton to sell his electronics company to present Litton Chairman Charles ("Tex") Thornton and his associates, had later used his connections to help Litton Industries procure important contracts-in return...
...itself, now worth $24.5 million after splits and stock dividends. Mahl's ruling raises the possibility that he may yet throw out the jury's verdict. Steele, the man who had been derisively described in court as the gladhander, door-opener, court jester and party giver at Litton, seemed unconcerned. Sitting in his lawyer's office, he made known his immediate plans: a champagne party for the jurors...