11, 1961, Ford Motor Company purchased Philco and continued to offer consumer products, computer systems and defense related projects. The company, which had supplied Ford with some of its car radios as early as the 1930s, continued to provide Ford with car and truck radio receivers; consumer product investments were also made to color television production. Along with color and black and white television, Philco continued to produce refrigerators, washers, dryers, air conditioners, stoves, radios, portable transistor radios, portable phonographs, audio console systems with high quality "Mastercraft" furniture cabinets, and component stereo systems. The company branded Philco products as "Philco-Ford" in 1966, and console stereo systems reached their zenith during 1966 and 1967, with high quality cabinet construction and powerful stereo chassis systems of 100- and 300-watt consoles. Philco at one time was one of the largest furniture producers in the world, but the end was near for "high quality" furniture cabinets along with stereo equipment. Solid wood cabinets with veneers were replaced with cheaper wood composites covered in vinyl paper and plastic wood pieces. The quality electronic systems that had been built in the United States were replaced with new designs and systems, engineered and built at a plant owned by Philco-Taiwan. Eventually, all consumer electronic goods would be made by Philco-Taiwan, to lower costs of production and be more competitive in the market. The prevailing industry trend was to move consumer electronic manufacturing to Asia in order to lower the cost of labor and production, and Philco-Ford was no exception to this movement. Heavy consumer goods (major appliances) such as refrigerators, air conditioners and washer-dryers continued to be built in the United States, along with television receivers. Ford dropped the computer business a few years into its owership of the company. In 1973, a complete line of breakthrough refrigerators was introduced, consisting of eight side-by-side "Cold Guard" models, which used about one-third less electricity than comparable competitive makes. But by January of 1974, Ford was eager to rid itself of the home products in Philco's lines, which was not doing well. Negotiations with appliance maker White Consolidated Industries (WCI) started in January, but were called off in March. By September, Ford and GTE Sylvania – Philco's largest competitor – announced the sale of the non-automotive parts of the business, with the exception of the new refrigerator range, which Ford also kept. The deal closed on December 11. In