Chris-Craft Industries
Encyclopedia
Chris-Craft Industries, Inc., formerly National Automotive Fibers, Inc., was a publicly-held American corporation traded on the New York and Pacific Stock Exchanges. 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.
, for $4 million on September 1, 1959. A Bing Crosby
led group sold KCOP-TV
in 1960 to the Corporation.
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 1962. 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 later.
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 chairman.
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 for 19 percent of United Television.
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. 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 company.
Chris-Craft Industries was acquired by News Corporation
in 2000 for its television subsidiaries.
Chris-Craft Boats
Chris-Craft Boats, formerly Smith and Sons Boat Company, is a defunct manufacturer of wooden boats. It was sold in 1960 to NAFI which would take the Chris-Craft name.-History:...
. This forebear was founded in the late 19th century by Christopher Columbus Smith, and became famous for mahogany
Mahogany
The name mahogany is used when referring to numerous varieties of dark-colored hardwood. It is a native American word originally used for the wood of the species Swietenia mahagoni, known as West Indian or Cuban mahogany....
hulled powerboats in the 1920s through the 1950s.
National Automotive Fibers
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 million. NAF and Bing Crosby teamed up to purchase a television station, KPTVKPTV
KPTV is the Fox-affiliated television station serving the Portland, Oregon market, which includes most of the state of Oregon and portions of Southwest Washington. KPTV is owned by the Meredith Corporation in a duopoly with MyNetworkTV affiliate KPDX , with its studios located in Beaverton and...
, for $4 million on September 1, 1959. A Bing Crosby
Bing Crosby
Harry Lillis "Bing" Crosby was an American singer and actor. Crosby's trademark bass-baritone voice made him one of the best-selling recording artists of the 20th century, with over half a billion records in circulation....
led group sold KCOP-TV
KCOP-TV
KCOP-TV, channel 13, is a television station in Los Angeles, California. Owned by Fox Television Stations, a division of the News Corporation, KCOP is a sister station to Fox network outlet KTTV , and is affiliated with the MyNetworkTV programming service...
in 1960 to the Corporation.
Chris-Craft Industries
Chris-Craft BoatsChris-Craft Boats
Chris-Craft Boats, formerly Smith and Sons Boat Company, is a defunct manufacturer of wooden boats. It was sold in 1960 to NAFI which would take the Chris-Craft name.-History:...
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 1962. In 1962, the company acquired the Old Crown Brewing Corporation
Old Crown Brewing Corporation
Old Crown Brewing Corporation was an American brewery, founded as The French Brewery in 1862 by Charles L. Centlivre , on North Spy Run Avenue, in Fort Wayne, Indiana....
, a brewery
Brewery
A brewery is a dedicated building for the making of beer, though beer can be made at home, and has been for much of beer's history. A company which makes beer is called either a brewery or a brewing company....
company based in Fort Wayne, Indiana
Fort Wayne, Indiana
Fort Wayne is a city in the US state of Indiana and the county seat of Allen County. The population was 253,691 at the 2010 Census making it the 74th largest city in the United States and the second largest in Indiana...
. Old Crown was sold to its employees a short time later.
In 1964, Chris-Craft launched the all-fiberglass Chris-Craft Commander
Chris-Craft Commander
Chris-Craft Commanders are a range of cruisers built by Chris-Craft Industries.The 1964 38’ Commander Express was the first fiberglass cruiser built by the company....
. 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 chairman.
Chris-Craft Industries formed BHC, Inc.
BHC Communications
BHC Communications, Inc. was the holding company for the broadcast property of Chris-Craft Industries. BHC is said to stand for "broadcasting holding company".-History:...
to hold its two existing television stations, KCOP in Los Angeles
Los Angeles, California
Los Angeles , with a population at the 2010 United States Census of 3,792,621, is the most populous city in California, USA and the second most populous in the United States, after New York City. It has an area of , and is located in Southern California...
and KPTV
KPTV
KPTV is the Fox-affiliated television station serving the Portland, Oregon market, which includes most of the state of Oregon and portions of Southwest Washington. KPTV is owned by the Meredith Corporation in a duopoly with MyNetworkTV affiliate KPDX , with its studios located in Beaverton and...
in Portland, Oregon
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...
, both placed within BHC's Chris-Craft Television, Inc. subsidiary. That same year, Chris-Craft purchased a share of 20th Century Fox
20th Century Fox
Twentieth Century Fox Film Corporation — also known as 20th Century Fox, or simply 20th or Fox — is one of the six major American film studios...
. In 1981, the 20th Century Fox share, then at 20 percent, was traded for 19 percent of United Television.
Between the 1960s and 1980s, Chris-Craft lost market share as competitors with more innovative designs and less expensive manufacturing techniques such as fiberglass
Fiberglass
Glass fiber is a material consisting of numerous extremely fine fibers of glass.Glassmakers throughout history have experimented with glass fibers, but mass manufacture of glass fiber was only made possible with the invention of finer machine tooling...
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
Outboard Marine
Outboard Marine Corporation was a maker of Evinrude and Johnson boat motors and many different brands of boats. Evinrude initially began in Milwaukee, Wisconsin in 1907. OMC was based in Waukegan, Illinois. They also owned several lines of boats such as Chris Craft, Lowe Boats, Princecraft, Four...
Corporation acquired the company in 1989. OMC went into bankruptcy in 2000 and was purchased by Genmar. Genmar sold the Chris-Craft division to Stellican, Ltd., then Stellican purchased the Chris-Craft trademark from News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...
thus reuniting the two parts of the company.
Chris-Craft Industries was acquired by News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...
in 2000 for its television subsidiaries.