Word: textron
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Ever since Textron Inc. decided to close its Nashua, N.H. plants and wipe out 3,500 jobs (TIME, Sept. 27), New Hampshire's excitable Republican Senator Charles W. Tobey had been gunning for Textron's President Royal Little...
Back to Nashua. Textron, Inc., which had vowed to pull out of its Nashua (N.H.) textile mills because of high costs, did some backtracking. After union and public officials protested about the loss of jobs, Textron agreed to sell the mills to a non-profit organization formed by local businessmen, lease part of the mills back for ten years. Of the town's 3,500 Textron workers, 1,800 will thus be assured of steady employment...
...Textron Retreat. In the Battle of Nashua (N.H.) over the closing of Textron, Inc.'s sheet and blanket factory (TIME, Sept. 27), the town won a partial victory. Harassed by a Senate committee, Textron's Royal Little agreed to continue his sheetmaking department (which employs 1,000 of his 3,500 workers) "as long as it remains profitable." Little also picked up some ammunition for his case against New England's easygoing textile workers. When he offered to keep the entire plant open if the workers would accept a heavier work load and increase production, the C.I.O...
...Nashua, where one-fourth of the working force was employed by Textron, Roy Little's Puerto Rican deal looked like a death sentence. Cried a local labor leader: "A disaster for the entire community." A textile man was just as sore. "It is ridiculous," said he, "to demand that labor act with responsibility while capital takes an irresponsible attitude...
...Little, higher productivity had suddenly become very necessary. With the slump in textiles (TIME, Aug. 30), he was beginning to find it difficult to sell some of his products. Although Textron's net profits have jumped to $3,805,000 in the first half of 1948, from $2,841,835 in the same period last year, its current gross sales, running at a rate of $100 million, were off $25 million from 1947. Little thought next year would bring a further decline. To see him through the leaner years ahead, he was concentrating on his Textron brand name products...