Word: townsendized
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Dates: during 1960-1969
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Autos, if anyone did not already know it, are having a boom year - and Chrysler, because of the management stream lining of Chairman George Love and President Lynn Townsend (TIME cover, Dec. 28), is reaping the rich rewards of a comeback champion. On a 40% sales increase, to $661 million, Chrysler's third-quarter earnings were up sevenfold to $22.8 million...
Ford's market share rose significantly, to 27.3% v. 25.9%-and the increase came partly out of G.M.'s hide. Chrysler's rapid sales rise of the last two years seems to have leveled temporarily with its market share at 12%. This week Love and Townsend will begin consumer-testing of the industry's first turbine-powered car, which they hope will stimulate overall interest in Chrysler. American Motors climbed from 6% to 6.2%. Studebaker, whose mid-October daily sales rate fell behind last year's, clung to less than 1% of the market...
Under its aggressive young president, Lynn Townsend, 44, resurgent Chrysler Corp. is not only trying to catch up with Ford and General Motors in the U.S. but also to match their overseas holdings. Chrysler has 16 plants overseas, and earlier this year acquired control of Simca, France's fourth largest automaker. Last week Townsend outmaneuvered both Ford and General Motors to become the first U.S. automaker to win a foothold in Spain...
Both G.M. and Ford have been negotiating with the Spanish government, but failed to reach an agreement because of a new government regulation requiring unrealistically high auto output. Taking another tack, Townsend paid $17 million for a 35% interest in Madrid's thriving Barreiros Diesel S.A., Spain's biggest privately owned truck and enginemaker, which is not bound by the new decree. Aided by Chrysler know-how and money, President Eduardo Barreiros, 43 (TIME, April 12), will build a new plant, intends to produce 15,000 Dodge Darts the first year. Another attractive angle for Chrysler: autos made...
...annual budget of $3,000,000 provided by contributors in the U.S. and Latin America. Institute presses in Mexico work overtime printing dictionaries, Bibles and textbooks in 80 Indian languages; some steps in translation are now handled by electronic computers at the National University of Mexico. In Peru, where Townsend has been working since 1945, institute teams stationed near the headwaters of the Amazon keep in touch by radio and a fleet of planes. Yet it is only the beginning. "This is the most virgin field of science I know," Townsend says. "Of over 3,000 languages in the world...