Welbilt history

In fiscal 1940, however, when the firm had a net profit of $210,000 on net sales of $3.1 million, it was prosperous enough to begin paying dividends.

Detroit-Michigan Stove raised its revenues considerably by acquiring A-B Stoves, Inc. of Battle Creek, Michigan, in 1945.

Sales dropped by nearly half in 1949, however, and did not rise significantly thereafter.

In 1960 the company acquired American Coils Co., an air-conditioning manufacturer, and Unagusta Manufacturing Co., a furniture maker.

Welbilt reached a peak of $56.8 million in sales in 1969 but lost money for the next five years: a total of $10.4 million.

In 1971, 29-year-old Richard Hirsch succeeded his father Henry as president.

The following year Welbilt closed its Queens plant, transferring its production of cooking ranges, range hoods, air conditioners, and microwave ovens (introduced in 1973) to its remaining United States plants in Freeland, Pennsylvania, and Lafayette, Indiana.

After three straight profitable years it ended 1979 with net sales of $32.5 million and net income of $2.8 million.

The company ended 1987 with net income of $12.8 million on revenues of $234.3 million.

By 1989, largely due to other acquisitions, Belshaw systems were making about 65 percent of all the doughnuts in the world.

Marion H. Antonini was appointed chairman and chief executive officer of Welbilt in the fall of 1990.

In 1996 Welbilt was essentially a holding company for 12 subsidiaries or lines: Belshaw, Cleveland, Dean, Frymaster, Garland, Ice-O-Matic, Lincoln, Merco, Savory, United States Range, Varimixer, and Vent Master.