Word: siragusa
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This week, Chicago's Admiral Corp. announced that it would put out a console combination (radio, phonograph and ten-inch televiewer) at $399, by far the lowest-priced combination to date. Admiral's President Ross Siragusa said his company would soon follow up with cheaper models down the line. Other manufacturers conceded that ten-inchers, which now sell for $325 to $375, would have to be slashed and other models generally reduced to meet competition. Some dealers were already advertising "no charge for installation," "free inside antenna" and "90day free service" in an effort to clear their decks...
...this year, and eastern and midwestern networks are to be linked this month, so the industry's prospects are by no means gloomy. But could the 2,000,000 sets which manufacturers hope to turn out in 1949 be sold at current high prices? Admiral's Siragusa said no: "The honeymoon is over . . . [We'll have to use] all the tricks of the trade and [develop] some new and fresh ones . . . [and] sell at competitive prices...
...Hand. Admiral, which now claims to be the third biggest U.S. television manufacturer (after RCA and Philco), is an old hand at developing new tricks. The tricks are usually those of 42-year-old Ross Siragusa...
...immigrant Italian cobbler, Siragusa started making radio transformers 25 years ago in his father's Chicago shop. He developed an improved kind of transformer, and built his Transformer Corp. of America into the largest company of its kind in the world. Five years after refusing $5,000,000 for the business, he went bankrupt in the depression...
...Siragusa is a console combination of a shrewd mind, a sharp eye for a deal and a glib tongue. He sold his car and furniture for a new grubstake in radios. Adding such other products as refrigerators, electric ranges, etc., he made Admiral Corp. into a $12 million property with eleven plants...