Difference between revisions of "1966"
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* On April 26, 1966, Commodore sold Willy Feiler Zahl-Und Rechenwerke GMBH, its West German manufacturing plant, for $2,858,000 to Litton Industries, Inc. |
* On April 26, 1966, Commodore sold Willy Feiler Zahl-Und Rechenwerke GMBH, its West German manufacturing plant, for $2,858,000 to Litton Industries, Inc. |
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* Commodore sold Humber Typewriters and Business Equipment, Ltd on October 1, 1966 |
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* Irving Gould became Chairman of the Board on October 28, 1966. |
* Irving Gould became Chairman of the Board on October 28, 1966. |
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Latest revision as of 17:51, 19 August 2018
General information
This was a year of financial reorganization and recovery for Commodore. They were forced to sell off assets just to survive after the Atlantic Acceptance collapse. Irving Gould's companies had been loaning money to Commodore so it could survive, and Irving Gould had been brokering the sale of Commodore's assets and taking commission on the sales. In 1966, Commodore owed Gould more money than it could possibly ever pay him, so Gould took an ownership stake in the company in return.
Notable company events
- Commodore's Irish subsidiary, Commodore Industries Limited ceased operations.
- On April 26, 1966, Commodore sold Willy Feiler Zahl-Und Rechenwerke GMBH, its West German manufacturing plant, for $2,858,000 to Litton Industries, Inc.
- Commodore sold Humber Typewriters and Business Equipment, Ltd on October 1, 1966
- Irving Gould became Chairman of the Board on October 28, 1966.
Products
Commodore continued to manufacture and market steel office equipment, typewriters, radio-stereo equipment and copy machines. With the sale of the Willy Feiler plant, Commodore was temporarily no longer dealing in adding machines but would be negotiating to have them manufactured under contract.
Revenue and profit
| Revenue | $6,389,366 |
| Net profit (loss) | $1,569,545 |
Directors
| Irving Gould - Toronto | Chairman of the Board |
| Jack Tramiel - Toronto | President |
| Manfred Kapp - Toronto | Executive Vice-President |
| Thomas McGourty - Norfolk, Conn. | Vice-President |
| David Perlmutter CA - Toronto | Partner, Perlmutter, Orenstein, Giddens, Newman & Kofman, Chartered Accountants |
Officers
| Irving Gould | Chairman of the Board |
| Jack Tramiel | President |
| Manfred Kapp | Secretary-Treasurer |
| Thomas McGourty | Vice-President, Manufacturing |
| Robert P. Zupa | Vice-President, Planning and Development |
Corporate entities and subsidiaries
| Location | Corporate Entity |
|---|---|
| Canada | Commodore Business Machines (Canada) Ltd. |
| Belpree Co., Limited | |
| Humber Typewriters and Business Equipment Ltd. | |
| Associated Tool & Manufacturing Ltd. | |
| Pearlsound Distributors Limited | |
| New York | Commodore Business Machines, Inc. |
| Commodore Drycopy, Inc. |
June 30, 1966: Commodore Business Machines (Canada), Ltd. Annual report to shareholders