Word: stromberg
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Dates: during 1950-1959
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General Dynamics' widespread diversification eases the task of finding uses for its scientists' new ideas. When Convair evolved the idea for the Charactron tube, which can read 1,200,000 characters a minute. Stromberg-Carlson got the job of producing and distributing it. and Electric Boat set to work adapting it into a "synthetic porthole" to give a commander all the complex information picked up by a submarine's scouting equipment...
...defense business. General Dynamics' earnings-about 3% of sales-are not overimpres-sive. To get the company into more profitable fields. Pace would like to increase General Dynamics' nonmilitary business to 50%. Convair is turning out jet-powered 880 airliners (though sales have so far been disappointing). Stromberg-Carlson is bending its efforts toward new and better electronic computers that could open up vast new commercial markets for General Dynamics. And last fall the corporation worked out a merger through an exchange of stock with Liquid Carbonic, an international producer of industrial and medical gases...
...company name, expanded into guided missiles, atomic research and atomic submarines (the U.S.S. Nautilus), and boosted volume 25-fold (to $649 million last year). Last week Jay Hopkins put another feather in another hat. He announced that General Dynamics will diversify still more by taking over 61-year-old Stromberg-Carlson Co., which does a $65 million annual business in radio and TV sets, telephone switchboards and public-address systems. The merger will be accomplished, stockholders willing, by a share-for-share swap of stock...
Judging from the past action of General Dynamics stock, Stromberg-Carlson shareholders should be more than willing. A favorite among speculators. General Dynamics has for weeks been among the most actively traded stocks and has risen 63% (to 65½ last week) in the past four months alone. In all, the stock has soared 130 points since Hopkins took control, taking splits into account. Yet its dividend is relatively low ($1.75 last year), and earnings, though rising, are hardly in line with the price of the stock. Last week Hopkins announced that General Dynamics earned...
...front. It hopes to sell 25,000 machines in the first year. Columbia is not the only company to decide that the hi-fi cult, started by music lovers who wanted better phonographs than the mass produced models, is now a big enough market for mass production. Stromberg-Carlson brought out a hi-fi set recently, Hallicrafters hopes to bring out a machine early next year, and General Electric is also busy developing one of its own. It looks as if non-hi-fi phonographs may soon be as outmoded as 78 r.p.m. records...