Word: textron
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Tough-minded Textileman Royal Little, 58, says he got bald the hard way: by "butting into stone walls." As boss since 1928 of Textron, Inc., he built up a $55 million firm on the theory that what the textile industry needed was a fully integrated company that produced everything from the staple to such finished goods as negligees, blouses and bedspreads. Until 1948 the theory worked well, and Textron prospered with the rest of the textile industry, but when the industry went into its postwar slump Textron's profits turned to losses. Little found out that in the textile...
Little reversed his field, abandoned integration, and went in for diversification by buying non-textile companies. Five years ago, he ran into a stone wall of another sort-a stockholder's suit charging that Little had set up a maze of charitable trusts which owned some of Textron's property, and that through them, he had pocketed profits that should actually have gone to Textron. Little settled the suit by paying $600,000 back to Textron. A year ago, he lowered his head at the thickest stone wall of his career: he started a fight to 1) take...
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...
TEXTILE MERGER between Textron Inc., American Woolen and Robbins Mills (TIME, Aug. 16) has finally been approved by the directors of the three companies. Textron will be the surviving company, but will change its name to Textron American Inc. American Woolen stockholders will exchange their preferred stock for Textron bonds and their common for Textron common at the rate of one share of American for two of Textron. Robbins stockholders will exchange one share of common for one share of Textron common...
...industry, bringing a realignment of some of the oldest textile mills. Burlington Mills spent $33 million to buy Pacific Mills and Goodall-Sanford (TIME, July 26). M. Lowenstein & Sons bought control of famed old Wamsutta Mills. Mergers are now pending between Botany Mills and Daroff & Sons, and between Textron Inc., American Woolen and Robbins Mills. The mergers are either to put money-losing companies on a better competitive footing or to make profitable companies stronger for further rough times ahead. But few textilemen believe that in bigness alone there is strength. The industry is hampered by too many other problems...