Word: packards
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...worried group of stockholders met in Detroit early this week at the Studebaker-Packard annual meeting. There they heard a statement from President James J. Nance that the company was in trouble...
Trouble was a mild word for Studebaker-Packard's plight. Instead of the strengthening expected from the October 1954 merger, the combined company has been losing money heavily. Production is running 30% below 1955, the backlog of Packards in dealers' hands is big, and the company has used up nearly $25 million of its $45 million line of bank credit...
Dismayed, the S-P executives considered liquidating the company and selling its plant piecemeal, but rejected the idea almost immediately. They tried sounding out the Big Three on buying out Studebaker-Packard. The only interest was shown by Ford, which plans to bring out a new line some time next year, priced between the Mercury and Lincoln, and could use SP's ready-made setup. After some dickering, Ford declined...
...weight by mileage, dividing by gas consumed), 10 miles more than the runner-up, a Pontiac Chieftain Catalina (51.72 ton miles per gallon), and 13 miles more than the average 48.65 t.m.p.g. It was also well ahead of the others in the High Price Class-the Packard 400, which did 50.32 t.m.p.g., and the Buick Roadmaster Riviera, which averaged 48.25 t.m.p.g. But in straight mileage, regardless of weight, a Nash Rambler did best of all, running 24.35 miles per gallon, v. 21.04 for the Imperial...
STUDEBAKER-PACKARD auto merger is not giving the two companies the lift they expected. Losses for 1955 totaled $30 million ($4,000,000 more than combined 1954 losses), even though sales doubled to $480 million. In an effort to recoup, Packard will bring out a new 275 h.p. "Executive" series next month. Price: about...