Corporations: It's a Merry Christmas When The Output Is Torn to Shreds

At Pittsburgh's Papercraft Corp., it is Christmas in August. Last week, at the firm's modern one-story plant, some 1,000 employees worked round the clock in three shifts to produce gift-wrapping paper for the 1967 holiday season. Traveling around the premises in an electric golf cart was President Joseph M. Katz, 54. Shouting to make himself heard above the roar of the presses, through which rolled 600 miles of paper daily, Katz exulted: "You can't eliminate Santa Claus."

Since Katz founded the company in 1945 on an investment of $10,000, Papercraft has become...

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