Word: tiring
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Dates: during 1950-1959
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...Synthetic. The Firestone Tire & Rubber Co. began production of a synthetic rubber which it claims is as good as but cheaper than the famed "cold rubber" synthetic now used in making most tires. The new synthetic is usable directly after coming out of the "hot process" tank, eliminates the need for costly refrigeration used in present synthetic processes. Another advantage: the new rubber will cut costs of future construction of synthetic plants...
Last week, with his auto plant shut down, 65-year-old Powel Crosley finally threw in the towel. In a stock swap, he turned over 317,077 shares (58% control) to Akron's General Tire & Rubber Co. for the equivalent of $63,400, or 20? a share. (Crosley stock, traded on the Curb, promptly fell nearly a point to 1½.) In partial payment of his $3 million loan, Crosley will keep $1.5 million worth of plant real estate, which he will lease back to the rubber company; the balance of the loan will be paid off with stock...
Holy Cross to Broadway. What might a tire company want with Crosley? The answer lay in the amazing changes wrought in General Tire over the past few years by its president and founder, William Francis O'Neil, 66. A rough & ready graduate of Holy Cross, Bill O'Neil left his father's New England textile mill in 1907, got a Firestone tire dealership in Kansas City, Mo. A friend suggested that he make tires and plug his "home talent" products in the vicinity. "I didn't go for that home talent stuff," O'Neil recalls...
...forthwith moved to Akron and founded General Tire & Rubber. Instead of selling direct to automakers, O'Neil set off in hot pursuit of the replacement tire market. He quickly made General Tire the world's fifth biggest rubber company, boosted sales to $44 million by 1941. Then, after first scorning the diversification of other rubber companies (e.g., Firestone's hardware, Goodrich's chemicals), O'Neil himself began to stretch out. He bought New England's Yankee radio network for $1.3 million...
Tennis Balls to Jets. During the war, General Tire made military equipment ranging from gas masks to barrage balloons; at war's end, it switched to tennis balls, hospital beds, washing-machine tubs and other civilian products. Bill O'Neil then bought control of California's Aerojet Engineering Corp., maker of rockets and Jato (jet-assisted-take-off units) (TIME, Jan. 1, 1951). Last year, he snapped up the West Coast's Don Lee radio network and the Mutual Broadcasting System, biggest in the nation...