Word: tex
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Dates: during 1950-1959
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That Mace is dedicated to the ideals of American Business is all but undeniable, if only from his description of Litton president "Tex" Thornton: "One of the greatest leaders of modern industry...imaginative, insists on sound planning, aggressive, dynamic, inspirational, very high sense of integrity...
Only one major segment of the economy has yet to turn around: car sales. Last week President Lester Lum ("Tex") Colbert showed off Chrysler Corp.'s new line, predicted that the industry's calendar 1959 sales will rise to 5,500,000 or 6,000,000, well above calendar 1958's estimated 4,600,000. But even optimistic Tex Colbert felt that buyers are not yet as enthusiastic as the industry would like. Said he: "People still show some tendency to wait for further signs of recovery before taking on new obligations." To loosen consumer purse strings...
Battle for Funds. Stocky, handsome Tex Thornton, who was born in Knox County, Texas and graduated from Texas Technological College ('37), got a backhanded boost toward success from eccentric, erratic Howard Hughes. Thornton quit Hughes Aircraft in the same big blowup of Hughesmen (TIME, Oct. 5, 1953) that sent Simon Ramo and Dean Wooldridge off to start their own famed Ramo-Wooldridge Corp. With Thornton went Roy L. Ash, Hughes Aircraft's assistant controller and now Litton...
...heads one of the fastest-growing electronics makers: Beverly Hills' Litton Industries. In five years under Thornton, Litton's yearly sales have risen from $3,000,000 to $83 million, are expected to top $110 million in the twelve months ending next July. Last week "Tex" Thornton was ready to bite off another chunk of the market. He said that Litton had closed a deal-pending the Justice Department's expected approval-to buy Westrex Corp. (yearly sales: $13 million), a communications firm, with outlets in 35 foreign countries, that the trustbusters forced Western Electric to sell...
...year, they have yet to live up to the price of his highly touted, fast-rising stock, now selling at 56^-or 26 times earnings. The competition in the industry is growing so rough that competitors still question whether Litton is strong enough to compete over the long run. Tex Thornton himself expects that many a promising, new electronics maker will be shaken out of the industry. Says he: "The same thing will happen in the relatively new electronics-based industry as in autos and aircraft. All industries have gone through a maturing phase, and a few companies emerge...