Canada: Harvesting the World

Five years ago Toronto's Massey-Ferguson Ltd. was on the brink of bankruptcy. Dragged down by unwieldy inventories and a slumbering dealer network, the 115-year-old implement manufacturer in 1957 lost $4,700,000 on $400 million worth of sales in five continents. This week Massey-Ferguson will happily report on its performance for the first half of fiscal 1962. With business up 15%, the company is expected to show sales of about $263 million and profits well above last year's first half net of $6,000,000. The secret of this rejuvenation: a change in corporate philosophy, which has converted Massey-Ferguson into one of the world's...

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