Word: philco
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Manufacturers Trust Co. and Hanover Bank, the trustbusters said that they would persist in the courts-which means that the case may drag on for months after all the banks' change has been put in one pocket. And when Ford announced that it planned to absorb noncompetitive Philco (see Corporations), the snap reaction among many businessmen was: "What will Bobby Kennedy...
Even old Henry Ford, accustomed as he was to thinking big, would have been impressed by his grandson's latest feat. In one of the largest industrial mergers in U.S. history, Ford Motor Co. last week proposed to buy outright control of Philadelphia's Philco Corp. Terms: one share of Ford for each 4½ shares of Philco common, $101.50 in Ford common (plus cash equal to accrued dividends) for each share of Philco preferred. Estimated cost to Ford: $110 to $120 million...
Provided Justice Department trustbusters do not intervene-Ford did not feel them out before announcing the deal-Ford will get good value for its money. Besides ranking as one of the nation's leading makers of radios, phonographs, TV sets and home appliances, Philco has branched out into radar, high-frequency radio and television transmission equipment. Thanks to a first-rate scientific team, Philco has also firmly established itself in the expanding field of solid-state physics. It built the Courier communications satellite, contributed components for the Discoverer and Midas satellites. Within the past six months, the company...
Weakened but Worthwhile. What weakened Philco and made it a likely prospect for acquisition was lagging consumer demand for home appliances, plus the unexpectedly high development costs of Philco's new computers; in 1961's first half, Philco lost $4,400,000 on sales of $196 million. Nonetheless, well-run Ford was sufficiently impressed with Philco's management that no major shakeups are planned; Philco will operate as a semi-autonomous Ford subsidiary...
Diversification by acquisition is a new trend for Ford. It began this year, when Ford bought the spark-plug plant of Toledo's Electric Autolite Co. for $28 million. Philco fits nicely into Ford's future. The Philco line of home appliances will make Ford competitive with General Motors in that field. Philco could also be called upon to build some equipment, e.g., radios and other electrical components, for Ford cars...