Word: brownhoist
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Dates: during 1950-1959
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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...
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