Word: boveri
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...William Mellon founded New York Shipbuilding in 1899 (see p. 47). Astute, he sold it out at the height of the Wartime shipbuilding boom. After the War when marine construction dwindled almost to nil, it branched into electrical equipment under license agreements with the famed Swiss firm of Brown, Boveri & Co. Ltd. In 1925 it changed its name to American Brown Boveri Electric Corp. Diversification proved to be illadvised. In 1931 it sold its electrical business to Allis-Chalmers, resumed its old name, began to make money. Profits jumped from...
...been revealed as such a buyer. Last fort night it acquired the business of Advance Rumely Corp., unprosperous maker of farm machinery (TIME, April 27). Last week it again went forth to shop. This time it angled (with cash plus stock) for the unprofitable electrical business of American Brown Boveri Electric Corp. Boveri was formed in 1925 to succeed New York Shipbuilding Corp., and acquired the U. S. licenses of Brown Boveri & Co., Ltd. of Baden, Switzerland, one of the world's leaders in the electrical equipment field. In 1928 it contemplated sale of its shipbuilding business but changed...
...Equipment. Inc. another Clarke-managed company. The recent decline in the shares of these two companies and of Fox Film Corp. are thought to have brought Pynchon & Co. to the breaking point. Other companies with which its name is associated include Consolidated Aircraft, American States Public Service, American Brown Boveri, Servel. As usual, Pynchon & Co. gave hope to creditors that not one cent would be lost, that even at present prices assets can meet liabilities. The extent of the money tied up is estimated at $40,000,000, establishing the failure as the biggest yet on the New York Stock...
...Camden, N. J. last fortnight 1,500 men were suddenly out of work. They had been employed by American Brown Boveri Electric Corp. on two big ships for U. S. Lines. A few days later they were called back to work. Reason for their being called off: the U. S. Shipping Board refused to advance a $15,750,000 loan on the ships until U. S. Lines put up its own stake of $5,250,000; U. S. Lines was able to furnish only some $3,000,000. Reason for resumption of work: the U. S. Shipping Board went ahead...
Governments often come to the aid of their country's industries. Seldom do industries render direct financial aid to their governments. Last week four great electric corporations - Siemens-Schuckert, German General Electric, Bergmann Electrical Co. and Brown Boveri-lent $12,000,000 cash to the German State Railways, to electrify roads in the south of Germany (particularly the Augsburg-Stuttgart line) and incidentally reduce unemployment by providing work for 10,000 men for a year and a half...