Word: underwoods
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Five years ago the company took a calculated risk, becoming the first European corporation since World War II to take over an American firm. It now holds 90% of the stock of foundering Underwood, onetime leader in the U.S. business-machines field, whose ragged research and inadequate product line had pushed it into hard times. But Olivetti had hardly nursed Underwood back from a 1959 sales low of $75 million to annual sales of $117 million - and a profit last month for the first time - when other problems appeared...
...vice president in charge of news operations. When he took the job in 1961, Ike's former press secretary thought that ABC's news announcers should be re porters. But the idea flopped for the simple reason that most reporters have the public personality of an Underwood portable. So it came as no real surprise when ABC announced that Hagerty would now become a vice president in charge of corporate relations for the network's parent company, American Broadcasting-Paramount Theaters, Inc. In that post, he will most likely serve as a spokesman for A.B.-P.T. before...
...Aiken was talking about all modest business proprietors, had no particular Mrs. Murphy in mind. Indeed, near his own home town of Putney, the rooming-house operator most closely meeting his definition is a Mrs. Carl Underwood, 78, whose $5-a-night place can lodge 18 at a time. * Last August, however, cloture was invoked against a handful of liberal Democratic Senators filibustering against an Administration bill to establish a communications satellite corporation owned partly by private interests...
...biggest attraction the U.S. has for overseas companies is its highly developed market for sophisticated products; often foreigners buy into a U.S. company to get an established trade name and marketing network. One of the main advantages that Italy's Olivetti gained from buying the money-losing Underwood Corp. was its office-machine sales organization. Hopes of spreading its fertilizer on U.S. suburbia's broad lawns led Britain's Fisons Ltd. to buy an 80% control of Doggett-Pfeil Co., a New Jersey garden-supply producer. France's largest electronics firm, Compagnie...
Some Went Running. Rather than face further losses, Royal McBee, Underwood and General Mills quit making computers. Former RCA President John Burns lost his job largely because of RCA's huge computer-development costs. Pioneer Remington-Rand, which was merged in 1955 into Sperry-Rand, failed to capitalize on its headstart, and its Univac division is still deeply in the red. In fact, besides IBM, the only company making money on computers is the smallest one-Minneapolis' Control Data (TIME. Nov. 24, 1961). Its formula: concentrating on only a few computers and aiming specifically for the scientific market...