Business: Studebaker's New Boss

To improve its profits, Studebaker-Packard Corp. has long talked of diversifying out of car making. But in the last four years under President Harold Churchill, it has taken on only three smallish companies. The pace was so slow that much of the company's huge accumulated tax losses of $121 million, which can be carried over for only five years to offset profits, seemed likely to expire before they could be used up. Last week. as it brought out its 1961 models, the corporation also picked a new top man to speed up its diversification...

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