Word: brownhoist
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PENN-TEXAS CORP. will slice its sales volume almost 50% by shucking subsidiaries to raise cash for its bills. Penn-Texas sold Hallicrafters Co. (which brought in $30 million yearly in sales) and Industrial Brownhoist Corp. (sales: $14 million). Now Penn-Texas' President Leopold Silberstein is dickering to sell its 51% interest in Tex-Penn Oil & Gas Corp., Liberty Aircraft Products Co. and Quick-Way Truck Shovel...
...attempt to take over Fairbanks, Morse & Co. last May, bad reason for more pain. To help pay off the huge debts contracted in the proxy fight, his Penn-Texas Corp. last week was forced to 1) omit a quarterly dividend on preferred stock, 2) sell a major subsidiary, Industrial Brownhoist Corp. of Bay City, Mich., one of the first companies in the Silberstein empire. An undisclosed buyer picked it up for $3,000,000 in cash-half of what Penn-Texas paid for it in 1954. Other subsidiaries that will probably go up for sale before...
...Ladder. Next on Silberstein's list in 1953 was Industrial Brownhoist Corp., a Michigan industrial-machinery maker which had more than $1,000,000 in cash reserves. The following year, Silberstein used Penn-Texas capital to buy up 51% of the stock in Connecticut's Niles-Bement-Pond, a machine-tool mak er with plenty of cash in the till. After a bitter proxy fight, Silberstein won control, made the company a Penn-Texas subsidiary. Last week he changed the name of the company to Pratt & Whit ney Co., the name of a company it had once absorbed...
...during the 1920s, made his first U.S. raid by buying 75,000 shares (of 148,000 outstanding) in the small, shaky Pennsylvania Coal & Coke Corp. With that as a base, he diversified into gas and oil, went on to take over companies making cables, power shovels, and cranes (Industrial Brownhoist Corp.). With cash from his growing empire (now called Penn-Texas Corp.), he recently bought 80,000 shares of machine tool maker Niles-Bement-Pond, whose stock was selling a few points below the $25 per-share value of its working capital. Silberstein eventually got 51% control and forcibly installed...
...weeks later, Schmeller bought a new plant, 191,000 square feet which the Industrial Brownhoist Corp. had used for storage space. In one more week it was ready for machinery installation. To two Army officers from Wright Field John Schmeller said: "Give us the tools and we'll do the job." Replied they: "You'll not only get the equipment, but we'll carry it here on our backs if necessary." Both parties made good. Thirty days later, aluminum fabrication in the new plant was underway...
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