INDUSTRY: Fight for Appliances

The holder of the oldest name in automatic washers tossed in the towel last week. Bendix Home Appliances, which brought out the world's first automatic washer in 1937, will be sold, pending approval of final terms, by Avco Manufacturing Corp. to Philco Corp. Avco also said it will close its money-losing Crosley appliance business (refrigerators, ranges, radio-TV), leaving 78 distributors around the nation with nothing to distribute. Chairman Victor Emanuel ticked off a host of reasons for Avco's retreat from appliances: "Increasingly severe competition, large over-capacities, rampant price-cutting, rising costs of labor...

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