Word: nonauto
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Egbert is rapidly diversifying Studebaker into nonauto lines, from chemicals to ice cream cabinets. Last year he spent $47 million on four acquisitions, including Trans International Airlines, whose one DC-8 and four Constellations haul passengers on charter. Egbert is also expanding into the international market with Studebaker's Franklin Manufacturing, which sells refrigerators and freezers to mail-order houses. Other subsidiaries include Clarke floor polishers, Gravely small tractors, Onan engines and generators. Together, the safer nonauto lines account for 50% of Studebaker sales and have kept the company afloat...
...also at home in Government circles and in the world of Wall Street finance, where Studebaker's mergers may have to be worked out. Choosing a man whose experience is so remote from auto manufacturing marks a victory for S-P executives who have urged acquisitions in nonauto fields. Harold Churchill will henceforth take a back seat while Francis scurries around, looking for mergers...
STUDEBAKER-PACKARD plans to go into show business. A. M. Sonnabend, the man ailing Studebaker invited in to find nonauto firms to merge with it (TIME, Aug. 18), is dickering to buy Imperial Records (sales: $10 million) for stock and cash, also smaller Cadence Records (sales: about...
...autos may have already begun. As of the middle of May, although new cars were still selling well, dealers had about 750,000 new cars on hand, the biggest backlog since prewar days. While current orders from automakers remain strong, demand is expected to slip soon. However, with nonauto steel buying continuing to increase, the steel industry is looking for no real slump in demand...