Word: textron
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Detroit's Charles Langs, who invented a stick-on, strapless bra named "Poses," but came a cropper when he tried to market it (TIME, Aug. 29), sold out to Textron Inc. The price: $70,000 in cash and the prospect of more in royalties. With the bright merchandising idea, Textron also got full title to the job of soothing irate Poses' customers who are griping over shoddy workmanship and non-delivery of orders...
...Jobs. Last week PRIDC, now headed by energetic Teodoro Moscoso Jr., announced that under agreements reached with private firms, 40 new plants were in operation or planned; five other companies were dickering to set up factories. Biggest of the newcomers is Textron Inc., which abruptly closed its Nashua, N.H. plant (TIME, Sept. 27) and is now finishing the first of five factories to manufacture rayon and other textiles in Puerto Rico. Other new plants include Tele-tone (radio tubes and equipment), Crane China, Fashion Rite Gloves...
...issue of TIME, you ran an article based on Senator Tobey's recent Textron report. As you state in your article, Tobey certainly had been "gunning for" me, and, as a result, I feel his one-man investigation was completely biased and his report in many respects inaccurate...
...Paragraph 2, you mention "... tax-exempt foundations and charitable trusts which hold title to most of the property in Little's $60-million textile empire." Only two of Textron's 26 plants are owned by tax-exempt foundations or trusts, and one of those is the Tobey-sponsored Nashua-New Hampshire Foundation...
...Paragraph 7, you state that the various "fiscal manipulations" of the trusts ". . . gave Textron an unfair advantage over taxpaying corporations." Textron is, of course, not tax free. In fact, as a result, in part, of the financial transactions referred to by you, Textron was able to increase its sales and therefore its taxes, enormously. In 1940, Textron paid less than $60,000 in taxes; in 1947, more than $6,000,000 in state and federal income taxes...