Word: woolen
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...realignment of some of the oldest textile mills. Burlington Mills spent $33 million to buy Pacific Mills and Goodall-Sanford (TIME, July 26). M. Lowenstein & Sons bought control of famed old Wamsutta Mills. Mergers are now pending between Botany Mills and Daroff & Sons, and between Textron Inc., American Woolen and Robbins Mills. The mergers are either to put money-losing companies on a better competitive footing or to make profitable companies stronger for further rough times ahead. But few textilemen believe that in bigness alone there is strength. The industry is hampered by too many other problems, such as overproduction...
Every problem in the factories was matched by problems or poor management in the executive offices. For example, American Woolen Co., which earned as much as $21 a share, paid out most of it in dividends, built up little reserve for modernizing equipment and building new plants. Furthermore, as synthetics became popular, some producers did almost no research on new weaves and styling to meet the new competition...
...impressive list of U.S. industries have recently found themselves in trouble. Proxy fights toppled the managements of the New York Central and New Haven railroads, stockholder complaints plagued American Woolen Co. and now a fight is shaping up for Montgomery Ward & Co. Some of these difficulties might have been averted by better stockholder relations; good management would have prevented even more. Most stockholders, if convinced their companies are well run, will support management...
...years. The president of the Childs Co. restaurant chain, and also of a string of hotels (e.g., Chicago's Edgewater Beach, Manhattan's Plaza and Ritz Tower), Sonnabend first got interested in textiles this year, when he supported Textron's attempt to take over American Woolen. Recent purchases of Botany stock gave him working control of the company along with Philadelphia's H. Daroff & Sons, maker of men's suits. To get Botany on its feet, he has plans to merge a middle-sized, prosperous firm (e.g., Daroff) with Botany, to take advantage...
...Huge C124 Globemasters with tons of medicines, food and clothing (one ton of sulfa drugs, 10,000 hypodermic needles, 4½ tons of woolen blankets) took off for Pakistan from U.S. Air Force bases in Japan, West Germany...