Word: stoning
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Dates: during 1960-1969
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...company's name was changed in 1958 to Monogram Industries to cover a rapidly growing hodgepodge of products. Stone wanted to eliminate some and focus attention on one or two products. His boss balked, so Stone quit...
...accomplish this, Stone and Karp applied some basic business principles to once-floundering Monogram: they cut costs, fired unproductive employees, eliminated worthless products while bol stering a profitable line of recirculating toilets for aircraft. Stone had acquired this talent shortly after graduating from law school, when overnight he made a reputation - and a pile of cash - as a resuscitator of sick companies for Hous ton Fearless Corp. In 1954, the com pany split up, and he joined International Glass, a former division...
Quick Surgery. At about the same time, Harvey Karp, who had joined Stone in a number of successful real es tate ventures, also left his job at Pathe Laboratories and took his family to Eu rope. "One morning in Rome," recalls Karp, "I woke up and couldn't think of a single new thing to do that...
...they paid $60,000 for 15% of California-headquartered Electro-Vision Corp., rid themselves of its lackluster movie-theater business, and began producing optical and cargo-handling equipment. Early in 1961, Stone's old boss at Monogram offered to sell him and Karp a controlling interest in the company, which, as Stone had fore seen, was going bankrupt. In addition to sanitation equipment, Monogram was manufacturing temporary production holding devices used to attach unbolted metal sheets to the frames of jets, along with precision sheet metal and containers. A quick and drastic surgical job was essential if the company...
...Stone and Karp drove hard to increase Monogram's lead in the field of recirculating toilets, which return the chemically treated water to the bowl after the waste is filtered away. Monogram now supplies toilets for 15% to 80% of U.S. airliners (at $1,500 to $3,000 per unit), and most corporate jets...