Convair Supervisory Newsletter, Number 86, April 1, 1953 Page: 1 of 2
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/OnJYa 0 FORT WORTH
S U P E R V -1 S 0 R Y
NEWSLETTER
ISSUED WEEKLY TO ALL SUPERVISORY PERSONNEL
1 April 1953
Most of you have probably heard by now that the General Dynamics Corporation has con-
tracted to acquire from the Atlas Corporation, 400,000 shares of its stock holdings
in Convair. This represents approximately 17 per cent of the total Convair stock
outstanding and will be the largest block of stock in the hands of one holder. The
Atlas Corporation will retain 30,300 shares of Convair stock and will acquire 20,000
shares of stock in the General Dynamics Corporation.
Many of you are wondering what the General Dynamics Corporation is. This is the name
adopted about a year ago for the parent company of the fifty-four year old Electric
Boat Company of Groton, Connecticut, which is building the U. S. Navy's first atomic-
powered submarines; of Canadair Limited, of Montreal, which is turning out F-86 Sabre
jet fighters for the Canadian and British Air Forces; and of the General Atomic Corp-
oration,in embryo as yet, but predestined for applications of nuclear power in industry.
General Dynamics was one of the twenty common stocks listed in the New York Stock Ex-
change having the greatest percentage of price increase during last year. On 1 January
1952, the stock was selling at $26 per share. Last month it was selling around $42 per
share. In the year just past, combined sales were ;135 million, as compared with $81
million in 1951, and net income, at 14,917,000 was up some 25 per cent over the previous
year. The company has a total of approximately 22,000 people on its payroll, Canadair
having around 14,000 people, Electric Boat having 7,500, and the Electro Dynamics
Division in Bayonne, New Jersey, which makes electric motors mostly for naval and
merchant ships, employs about 500 workers.
What does this all mean to you and to ml? It means that we are members of a new team,
a team with unusual growth potential. Convair' s management and policies are to be
maintained. General Joseph McNarney will continue as President of Convair and no
changes are contemplated in the operating management personnel. With the Atlas Corp-
oration' s interest in both C onvair and General Dynamics, and with General Dynamic' s
present organization and future growth potential, Convair's future appears to be very
bright.
Two important elections will be held shortly. Three men will be elected to the school
board this Saturday, April.4. Nine men will be elected to the city council on Tues-
day, April 7. I encourage each of you to exercise his voting privilege and help
select the men who will guide the school administration and the city government in
the years ahead.
Vote as you please, but please vote.
A-- s C. E thnwein
Dib on ManagerNo. 86
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Esenwein, August C. Convair Supervisory Newsletter, Number 86, April 1, 1953, periodical, April 1, 1953; Fort Worth, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1149592/m1/1/: accessed July 9, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Lockheed Martin Aeronautics Company, Fort Worth.