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Chris-Craft Industries

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Chris-Craft Industries, Inc, formerly National Automotive Fibers, Inc, was a publicly held American corporation traded on the New York and Pacific Stock Exchanges1 It later took on the name of one of its acquisitions, Chris-Craft Boats This forebear was founded in the late 19th century by Christopher Columbus Smith, and became famous for mahogany hulled powerboats in the 1920s through the 1950s

Contents

  • 1 History
    • 11 National Automotive Fibers
    • 12 Chris-Craft Industries
  • 2 See also
  • 3 References

Historyedit

National Automotive Fibersedit

National Automotive Fibers NAF was formed in Detroit in 1928 as a manufacturer of upholstery, carpeting, interior trim, plastic products for Chrysler Motors, Ford Motors and Studebaker-Packard, all automobile companies While successful, the company was only a minor automotive supplier In the 1940s, NAF purchased the Montrose Chemical Company of San Francisco, but was still centered on the auto industry In 1956, the company suffered a major loss of $1 million against sales of $46 million Paul V Shields, a senior partner of Shields & Company, a Wall Street investment firm, acquired National as he saw that NAF was overdependent on the auto industry but had growth potential Shields trimmed NAF's product line and diversified the company into oil and gas operations, television and radio broadcasting With this diverse portfolio, the company was renamed the NAFI Corporation in 1959 This brought a record profit of $1 million against lowered sales with assets of $10 million1 NAF and Bing Crosby teamed up to purchase a television station, KPTV in Portland, Oregon, for $4 million on September 1, 19592 A Bing Crosby led group sold Los Angeles' KCOP-TV in 1960 to the Corporation3

Chris-Craft Industriesedit

Chris-Craft Boats was an independent company until it was acquired by Shields & Company's NAFI Corporation in 1960 and merged with NAFI They renamed the merged company Chris-Craft Industries, Incorporated in 19621 In 1962, the company acquired the Old Crown Brewing Corporation, a brewery company based in Fort Wayne, Indiana Old Crown was sold to its employees a short time later4

In 1964, Chris-Craft launched the all-fiberglass Chris-Craft Commander This dramatic new design was unveiled at the New York City National Boat show, perched at the top of an escalator on a giant, castered cradle This first Commander was a 38' express hardtop with a 13' beam The line of Commanders soon grew to include sizes ranging from 19' to 60'—all "styled in fiberglass"

In 1968, Baldwin-Montrose Chemical Co, Inc took a controlling interest in Chris-Craft and installed its chairman, Herbert J Siegel, as Chris-Craft's chairman5

In 1977, Chris-Craft Industries formed BHC, Inc to hold its two existing television stations, KCOP in Los Angeles and KPTV in Portland, Oregon, both placed within BHC's Chris-Craft Television, Inc subsidiary That same year, Chris-Craft purchased a share of 20th Century Fox In 1981, the 20th Century Fox share, then at 20 percent, was traded to Marvin Davis and Marc Rich for 19 percent of United Television5

Between the 1960s and 1980s, Chris-Craft lost market share as competitors with more innovative designs and less expensive manufacturing techniques such as fiberglass hulls came on the scene Chris-Craft ended production of its last mahogany-hulled boat, the Constellation, in 1971

Chris-Craft Industries sold its boat division to Murray Industries in 1981 Chris-Craft Industries retained the Chris-Craft trademark and licensed it to Murray Outboard Marine Corporation acquired the company in 1989 OMC went into bankruptcy in 2000 and was purchased by Genmar Holdings Genmar sold the Chris-Craft division to Stellican, Ltd, then Stellican purchased the Chris-Craft trademark from News Corporation thus reuniting the two parts of the company6

Chris-Craft Industries was acquired by News Corporation in 2000 for its television subsidiaries7

See alsoedit

  • Chris-Craft - a company that reunited the brand with the manufacturing division

Referencesedit

  1. ^ a b c d "Chris-Craft Industries, Inc Company History" Funding Universecom Retrieved 21 March 2011 
  2. ^ Dunevant, Ronald L "KPTV Timeline" Yesterday's KPTV Ronald L Dunevant Retrieved 23 March 2011 
  3. ^ "KCOP Studio" Seeing Stars: the Television Studios Retrieved 23 March 2011 
  4. ^ "A Brief History of Brewing in Fort Wayne, Indiana" Indiana Brewing History Retrieved 23 March 2011 
  5. ^ a b "BHC Communications, Inc Companies History" html Company Histories Funding Universe 1997 Retrieved 2009-07-20 
  6. ^ "Everything Old Is New Again: The New Chris Craft" boat digestcom Force 12 Media, LLC January 7, 2007 Archived from the original html on January 27, 2010 Retrieved 2009-07-20 
  7. ^ Wootliff, Benjamin 14 Aug 2000 "News Corp's $37bn for American TV stations" The Telegraph Retrieved 21 March 2011 

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