Word: woolen
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...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...
...weather. The Air 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...
...running of a business. But management has been slow to learn the importance of good relations with another big group in the company: the stockholders. Sometimes the lesson has been taught the hard way. The managements of such big companies as New York Central Railroad, Decca Records and American Woolen Co., which never went out of their way to woo stockholders, suddenly found themselves this year fighting for survival in bitter proxy wars. In some cases the awakening came too late. In many others management had to take desperate steps, declare extra dividends and stock splits, and hurriedly beef...