Word: textron
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They are well-lighted, pastel-tinted and smog-free (there is no heavy industry), and their signs cry out familiar brand names: Remington Rand, Sylvania, Paper-Mate, U.S. Rubber, Textron, Maidenform, A.S. Beck, Carborundum, Van Raalte, Bostitch, Sunbeam...
...with tax-deductible losses to balance their gains. With even higher income-tax rates it was also a good way for the individual businessman to sell out for a relatively low capital-gains tax and retire with a fortune. As a prime example of how mergers worked in 1955, Textron, Inc., after years of trouble, merged with Robbins Mills for its modern, high-capacity plants, added on American Woolen Co. for its $30 million tax loss carry-forward. Result: the new Textron American, Inc. boosted not only its textile business but expanded into electronics, machine parts, upholstery, and turned...
ROYAL LITTLE, who wants to put half of his Textron American, Inc. assets in non-textile diversification, is moving into another new field. For $18 million, Textron will take over Western Union's international cable system to Cuba, England, the Azores, Spain and Italy. The sale solves a big problem for Western Union, which was ordered to give up its international operations when it bought out Postal Telegraph twelve years ago, has been looking for a buyer ever since...
Unbeatable Combination. That year was filled with fights, recriminations and adjourned stockholders' meetings as American's management tried to keep its own identity. Little finally settled the matter by buying American Woolen common stock with Textron cash and preferred stock, until he had 47% control. Meanwhile, he had also acquired 42% control of Robbins Mills, a synthetics producer with modern machinery...
...consisted of buying an old tobacco warehouse and an ancient mill. But Royal Little's reasons for wanting American were plain: it has $28 million in working capital and a $30 million tax loss that can be used to offset future profits. Said a Little man last week: "Textron has the management, Robbins has the plants, American Woolen has the money...