Word: textron
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TEXTILE SLUMP is getting more serious. Following slowdown announcements by Textron and J. P. Stevens & Co., six more big companies (among them: No. 1 synthetic producer Burlington Mills) are planning to shut down for one to two weeks, lay off 30,000 workers...
...stockholders to approve a merger with Bachmann Uxbridge Worsted Corp. As a combined operation, troubled American Woolen (1953 sales, $73,494,160; net loss, $9,476,981) and Bachmann Uxbridge (1953 sales, $52,609,000; profit, $272,000) would be by far the biggest woolen manufacturer in the country. Textron, Inc., which wants American Woolen to merge with it, and claims to own almost 4% of American Woolen's stock, plans to fight the merger...
...American Woolen Co. battle, which seemed settled a few weeks ago (TIME, March 1), broke out again last week. For the second time in less than two months, Textron Inc. offered to buy American Woolen's common stock and reorganize the company. This time it upped its cash offer from $2 to $5 a share (978,342 shares outstanding), offered in addition one-fifth share of Textron $4 preferred stock and one-half share of Textron common stock for each share of American Woolen common. The offer was equal to $24.49 a share (v. American Woolen's current...
...stock, decided to use the $20 million for modernizing plants and planned a careful review of the list of plants to be sold. On top of that, word got out at week's end that American Woolen was dickering to merge with another New England textile company, not Textron, which had offered to do so. When stockholders meet in April, President White is expected to resign. Said American's new Chairman Young: "I want to put the company back on a profitable basis...
...call it quits, decided to hold their own rump session. As their chairman they elected Stockholder Gilbert, and named a committee of eight to meet with the management and talk over its plans. Meanwhile, American Woolen management, claiming proxies for 55-57% °f the stock, sniffed at Textron's plan, prepared to put through its own proposals as soon as the court order was dismissed...