In 1954, Nash-Kelvinator Corporation began acquiring the Hudson Motor Car Company in what was called a merger, forming the American Motors Corporation. The goal of the merger was to cut costs and strengthen sales organizations to meet the intense competition from the Big Three automakers. The merger doubled up on purchasing and production with Nash, allowing Hudson to cut prices on their vehicles. American Motors had its first profitable quarter in 1955, and the company began informal discussions with James J. Nance of Packard to outline a strategic vision. When the president and CEO of Nash, George W. Mason, died in 1954, George W. Romney succeeded him. American Motors also developed its own V8 engine and Double Safe Single Unit monocoque in the mid-1950s.