Word: textron
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...lost $7,000,000 in the past two years. The president of the Childs Co. restaurant chain, and also of a string of hotels (e.g., Chicago's Edgewater Beach, Manhattan's Plaza and Ritz Tower), Sonnabend first got interested in textiles this year, when he supported Textron's attempt to take over American Woolen. Recent purchases of Botany stock gave him working control of the company along with Philadelphia's H. Daroff & Sons, maker of men's suits. To get Botany on its feet, he has plans to merge a middle-sized, prosperous firm...
...purchase, Nash and Hudson became American Motors, Hilton Hotels took over the Statler chain, Mathieson Chemical and Olin Industries combined. Still more big mergers are in the making throughout industry. Packard and Studebaker stockholders vote this week on consolidating. Bethlehem Steel is talking merger with Youngstown Sheet & Tube, and Textron is working on a three-way merger with American Woolen and Robbins Mills...
...Line Pilots Association (A.F.L.) has sent out strike ballots to 3,500 pilots (one-third of the airline total) flying for American, United and Trans World Airlines, says that its members are flying the long runs only "under threat of discharge." THREE-WAY MERGER of American Woolen Co., Textron Inc. and Bachmann Uxbridge Worsted Corp...
...fallen through. Textron, which recently bought 45% (445,000 shares) of American Woolen's stock, blocked the merger because it felt the price of buying Bachmann Uxbridge was too high...
...TEXTRON, which lost the early rounds in its fight to take over the American Woolen Co. (TIME, March 22), has been busy buying up stock, now owns 45% (445,000 shares) of American Woolen's common and a block of voting preferred, and apparently has control. Prospects are for a three-way deal to merge the two companies with New England's Bachmann Uxbridge Worsted Corp...