Word: woolen
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...Spend It To Make It." In his small, cluttered office in Boston's South Station. Buck Dumaine challenges McGinnis right down the line. As in the American Woolen battle, Dumaine wants to keep the New Haven in New England hands, has tried to run it to bring new trade to the area. When his father took over, Buck set out to become a railroader, worked alongside yard crews, poked his 6-ft. frame into every corner of the business. Buck, who became president in 1951, is proud of his record...
...AMERICAN Woolen Co. will ask its 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...
...Buck Dumaine's allies, Director Roy A. Young, hurried off to have lunch with Director Ray Morris, a New York financier who had originally voted with President White and the management faction. Young won over Morris. Then the Dumaine group got a break. When American Woolen's board met last week, Director William Wardall, who had taken no part in the fight, resigned. With Morris now on their side, Dumaine & Co. were able to elect Bennett to fill the vacancy. That gave them a majority, and the new board forthwith chose as chairman Roy Young, 71, longtime banker...
...surrender was that it was clear, from Bennett's vote-getting campaign, that management might lose the proxy fight. Furthermore, the company was getting a bad name in the trade because of the fight, and salesmen reported that customers were shying away for fear that American Woolen might not be able to deliver the goods. With the new balance of power, it looked as if the fight would be patched up. The board shelved the original plan to call in the preferred stock, decided to use the $20 million for modernizing plants and planned a careful review...