Word: textron
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Dates: during 1946-1946
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...Helen Hayes, by Textron...
...over a hundred years it has been customary for each textile mill to specialize in a single process only. One mill would spin, another weave, etc. But when Little established Textron's parent company (Special Yarns Corp.) on $10,000 capital in 1923, he had different ideas. He believed that in textile making all stages of manufacture, from yarn to consumer, should be under one management...
Under the name of Textron Inc., his company began retailing its first civilian goods in August 1943, through department stores and other selected outlets. This proved highly profitable. Furthermore, Textron, a new producer, got a better break on price ceilings than oldline textile companies. The $5 million worth of consumer products made in 1944 were increased last year to $16 million. Nevertheless, Textron's 1945 balance sheet showed a deficit ($147,000), in spite of individual profits by subsidiaries which it acquired. Reason: earnings went partly to former owners; Textron needed time to finish processing their products...
...Today, Textron is integrated from raw yarn to finished product; it covers the field of house furnishings and clothing, employs its own designers, chooses its own retail outlets. And Little talks about a $100 million gross next year...
...Trusts. Another Little innovation is his policy of setting up nonprofit foundations which purchase his textile mills, or getting outside foundations to buy them. The foundations then lease the mills back to Textron. Example: the Rhode Island Charities Trust owns the Manville Mills and leases them to Textron at $210,000 a year. The U.S. Treasury, always suspicious of any unorthodox financial practices which seem to benefit a corporation taxwise, looked over Textron-connected foundations, dropped the matter. Little's own explanation is that he would rather help charitable foundations while he's alive than will them money...