Word: simca
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...become the French distributor of Italy's Fiat cars. When he ran into import and tariff troubles, he took over a small assembly plant in France. In 1934, after assembling 32,000 Fiats, he bought out a bankrupt auto factory near Paris for $300,000 and organized Simca (Sociéte Industrielle de Mécanique et Carrosserie Automobile). Gradually he loosened his ties with Fiat, and today Simca, while it still uses Fiat designs on a royalty basis, is Pigozzi...
...Simca's sleek little Aronde car is considered the hottest thing on the French market today. Priced at $1,870, it is a strong competitor in popularity to the $995 Renault Baby. Simca's passenger-car output in the first six months of 1954 totaled 40,655. Net profit last year was $1,570,000. Simca's exports have climbed from 4.77% of all French cars sold abroad in 1949 to 18% last year...
...Place to Grow. Ford of France had good reasons to merge with Simca. Until two years ago French Ford was in trouble. The first postwar model of the Vedette, its bestseller, was brought out in November 1948 with a 67-h.p. engine* that proved underpowered for the weight of the car. It sold well until the sellers' market disappeared. Then French Ford began to lose money. Jack Reith and a team of experts were sent over from Detroit early last year to put the company on its feet. They cut labor and materials costs, produced 20,338 passenger cars...
Target: 700 Cars a Day. Reith convinced U.S. Ford, which owns 55% of the French company's stock, that it would be best to merge with Simca. This gives Simca Ford's 60-acre plant at Poissy, eleven miles from Paris, with 4,500 workers and 3,000 machine tools, plus its own 55-acre plant at Nanterre, with 9,000 workers and 3,200 machines. Production next year is scheduled at 500 Aronde and 200 Vedette passenger cars a day, about 40% of the French market. The new Vedette so impressed foreign dealers that the Belgian distributor...
...Paris Bourse and American Stock Exchange, stock traders looked with favor on the Simca-Ford combine. French Ford shares rose from 56? last January to $1.87 on the American Exchange, while Simca stock went from $34 to $54 a share on the Bourse. Stockholders of Ford of France will get one share of Simca for each 23 shares they now hold. They will be entitled to a dividend of $2.14 paid on Simca stock last May (i.e., about 9? a share on Ford stock) and will also have a U.S. market for their stock when Simca is listed...