Word: millions
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Dates: during 1950-1959
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...women. Today's housewife not only runs her kitchen, but takes the children to school, picks up her husband at the train, belongs to the P.T.A. and a host of other organizations, reads the latest bestsellers, takes a voice in community affairs. Even more important, more than 20 million U.S. women hold jobs outside the home; they do not want to come home to overtime hours in the kitchen, so need foods that can be prepared quickly and without fuss. For such women processed foods are indispensable; there is no other...
Tomato to Wonton. In tribute to the ease of "heat and serve,'' hungry Americans last year ate more than $500 million worth of frozen prepared dishes, mostly in convenient, built-in containers that went from oven to table to trash can. The number of frozen-food packers has grown from 750 in 1949 to 1,100; the dollar value of frozen foods has jumped more than 2,700% to $2.7 billion. Almost one in every three cups of coffee is now made with instant coffee. Postwar sales of prepared baby foods have grown some 230% to a quarter...
...great increase in travel, has upgraded and greatly widened U.S. food tastes, whetted appetites for exotic new dishes. Many Americans who only ten years ago thought that an artichoke was part of an automobile now serve it regularly at table; Artichoke Industries of Castroville, Calif, froze 2.9 million artichoke hearts this year. Sales of such fancy foods in the U.S. have more than doubled since 1954, last year passed the $100 million mark. Charlie Mortimer put General Foods into the field in 1957 for prestige purposes, now puts out 60 gourmet items from green turtle soup with Madeira wine...
...General Foods, this policy has resulted in a pretax profit of 10? on sales v. 6.8? for the No. 3 processor, Standard Brands (Chase & Sanborn, Royal desserts, etc.), but well below the 14.8? of Campbell Soup, the No. 2 company. Overall, General Foods profits have risen from $28 million in 1954, when Mortimer took over, to an estimated $60 million this year. But Mortimer is still not satisfied with some of his products, notably the Gourmet line, intends to make some changes. Says he: "At one of these business things I go to, the dowager wife of some fancy businessman...
STUDEBAKER-PACKARD merger with Oliver Corp. will bring S-P into the farm-equipment business. S-P proposes to buy Oliver for $83 million, giving Oliver stockholders 7/10 of a share of Studebaker-Packard for every share of Oliver, plus $15 per share in cash...