Word: mergers
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Dates: during 1950-1959
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Last week Royal Little crashed through the wall. At meetings in Boston and New York, stockholders of American Woolen, as well as those of Robbins Mills, overwhelmingly approved a merger with Textron. With 13,600 workers and 43 textile and other plants, the new Textron American, Inc. will be the sixth biggest textile company in the U.S. It will have $160 million in assets, and estimated 1955 sales of some $180 million. On top as chairman will sit Little; his president will be Robert L. Huffines Jr., president of Robbins; Joseph B. Ely, onetime governor of Massachusetts...
Emily Postscripts. Inevitably, the day comes when Willis Wayde's growing firm takes over the Harcourt Mill in a merger...
...Better Day. The merger will take time. A constitution must be written and approved by both A.F.L. and C.I.O. conventions, probably in the fall, and a new name chosen (possibly Congress of American Labor). Over the next few years, A.F.L. and C.I.O. staffs, treasuries, state and local councils will be meshed. The no A.F.L. and 34 C.I.O. unions remain intact, but mergers will be encouraged between competing unions (as in textiles, paper and chemicals). Within the new federation C.I.O. unions will form a department with its own funds and director (perhaps Reuther). But the A.F.L. will supply...
...STEEL MERGER between Bethlehem Steel and Youngstown Sheet & Tube Co. (TIME, Oct. 11) is still in the works despite strong Justice Department warnings that it violates antitrust laws. The companies intend to test the Government's objections in court. At the first overt move, such as a registration statement on stock changes with the SEC, the Justice Department will file a suit to stop the merger...
...DRUG MERGER between Warner-Hudnut and Lambert Co. (Listerine) will result in the seventh biggest U.S. drug firm, with assets of more than $28 million and sales of $100 million annually. New company, called Warner-Lambert Pharmaceutical Co., will be formed by an exchange of one share of Warner-Hudnut common stock for each share (774,621 outstanding) of Lambert common. Warner-Hudnut's president, Alfred E. Driscoll, former New Jersey governor, will be president of the new firm...