Word: subcontracting
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Dates: during 1950-1959
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...native Phoenician who stopped his formal training in high school, Long learned an invaluable lesson soon after he began building: "It's easier and cheaper to do it yourself than to subcontract. And volume is the key to continued growth." Long hired his own crew, used every known labor-saving device, estimated his costs to the penny. In his first development, he built 134 houses for $7,400 each, cleared only about $350 on each. Then, in 1953, to take advantage of the 10% down payment introduced by Congress for $7,000-or-under houses during the Korean...
Demon & Voodoo. Founded in 1939 by Engineer-Airman McDonnell with the help of the Rockefellers, the company taxied around until after World War II doing mostly subcontract and experimental work. Finally it took off with the first production order for a plane of its own design, the FH1 Phantom, the Navy's first carrier-based jet fighter. Other orders (800 planes) followed for its second plane, the F2H Banshee. What almost proved McDonnell's undoing was No. 3, an ambitious supersonic carrier fighter called the F3H Demon. It proved too heavy for its Navy-specified Westinghouse engine...
...York to organize them, thus made it tough for Manhattan manufacturers to compete. Dubinsky hotly denied it. His union countercharged that a group of fly-by-night dressmakers were chiseling on union contracts. They farmed work out to nonunion shops in violation of their contract, paid subcontract wages, welshed on union benefit payments, kept several sets of books. To fight back. Dubinsky demanded that union and management stiffen their policing of contract abuses, slap automatic fines on chiselers. Management said that the present loose policing methods are good enough. Furthermore, the union was not always an aggressive policeman. When...
...Black. They rented their first office and sat down to draw up a list of possible financial backers. The first name was Cleveland's Thompson Products, Inc., which already had its foot in the electronics door with a parts subcontract for Hughes's Falcon missile. As soon as Thompson heard from Ramo and Wooldridge. it told them to look no farther-just hurry to Cleveland to work out the financing details. Though Howard Hughes offered to help finance their new venture, it was too late...
Actually, the growth of giant industries has in some ways produced a more favorable climate for the small concern. Since the small operator can often turn out a better product, big companies find it is economical to subcontract as much work as possible. General Electric Co. pays out nearly half its sales volume (1955 gross: more than $3 billion) to 42,000 subcontractors and suppliers, 90% of them small businesses. RCA closed a Camden (N.J.) transformer plant because small electronics manufacturers produced better components...