Avco

Avco Corporation[1] is a subsidiary of Textron, which operates Textron Systems Corporation and Lycoming.[2]

History

The Aviation Corporation was formed on March 2, 1929, to prevent a takeover of CAM-24 airmail service operator Embry-Riddle Company by Clement Melville Keys, who planned on buying Curtiss aircraft rather than Sherman Fairchild's. With capital from Fairchild, George Hann, Lehman Brothers, and W. A. Harriman,[3] the holding company began acquiring small airlines. By the end of 1929, it had acquired interests in over 90 aviation-related companies. In January 1930, the board broke off the airlines into Colonial and Universal Air Lines. Universal Air Lines name was changed to American Airways, and later merged with Colonial to form

Timeline

1929 Aviation Corporation (AVCO) holding company formed by multiple participants

1932 Airplane Development Corporation formed as a subsidiary of the Cord Corporation by Gerard F. "Jerry" Vultee [23]

1934 AVCO acquired the Airplane Development Corporation from Cord and formed the Aviation Manufacturing Corporation (AMC)[24]

1936 AMC liquidated to form the Vultee Aircraft Division, an autonomous subsidiary of AVCO

1939 Vultee Aircraft Division of AVCO reorganized as an independent company known as Vultee Aircraft, Inc.

1940 Barkley-Grow Aircraft acquired by AVCO[25]

1941 Consolidated Aircraft Corporation sold to AVCO

1943 Consolidated-Vultee, known as Convair, formed by the merger of Consolidated Aircraft and Vultee Aircraft; still controlled by AVCO

1945 AVCO acquired the New Idea Company from the heirs of Joseph Oppenheim, who founded the farm machinery manufacturer in 1899

1945 AVCO acquired Crosley Corporation from Powel Crosley Jr.[26]

1947 Convair acquired by the Atlas Corporation

1947 AVCO name changed to Avco Manufacturing Corporation

1951 Purchased Bendix Home Appliances, South Bend, Indiana manufacturer of automatic clothes washers, combining Bendix Appliances with Crosley Appliances[27]

1956 Avco sold Bendix Home Appliances to Philco [28]

1959 Avco Manufacturing Corporation name changed to Avco Corporation

1966 Avco acquired Carte Blanche charge cards from First National City Bank [29]

1967 Avco acquired Embassy Pictures

1968 Avco acquired the developer of Rancho Bernardo, San Diego[30]

1971 Avco acquires a stake in the developer of Laguna Niguel, California[31]

1975-1977 Crosley Broadcasting stations divested

1976 Sold rights to Crosley Appliances to Crosley Corporation, a new distributor who contracted for appliances from companies such as Whirlpool Corporation and Electrolux

1978 Sold Carte Blanche to Citibank [29]

1982 Sold Embassy Pictures to Norman Lear and Jerry Perenchio

1984 Avco sold the New Idea line of farm machinery to Allied Corporation, which then purchased the White Farm Equipment, forming White-New Idea

1984 Textron acquired Avco Corporation, renamed it Avco Systems Textron

1985 Avco Systems Textron became Textron Defense Systems

1995 Textron Systems Corporation created, consisting of what is now Textron Defense Systems, Textron Marine & Land Systems, and Lycoming

References

Paul Revere Insurance Gets a New President The New York Times, December 27, 1990, retrieved January 22, 2023^

Avco Corporation: Private Company Information - BusinessWeek Investing.businessweek.com, retrieved 2011-12-18^

F. Robert Van der Linden. Airlines and air mail: the post office and the birth of the commercial aviation industry^

Peck, Merton J. & Scherer, Frederic M. The Weapons Acquisition Process: An Economic Analysis (1962) Harvard Business School p.619^

“Scope Broadened by Aviation Corp.," New York Times, October 30, 1945 stating that AVCO “will purchase slightly over 50% of New Idea’s outstanding shares from the four managing officers of the company, Henry Synck and J.A, J.H. and T.H. Oppenheim” and “Mr. Synck will be retained as a consultant and director and each of the Messrs. Oppenheim will remain officers and directors." See also:”New Idea Development,” Celina Daily Standard, August 27, 1999, page 7A, Sidebar. See also:Brian Wayne Wells, “The New Idea Spreader Company (part 2 of 2 Parts)” Belt/Pulley Magazine, Vol.11, No.6, November/December 1998, Part 2, (accessed Nov. 8, 2010). AVCO, founded in 1928 as The Aviation Corporation, is now a subsidiary of Textron. In 1950, the last entirely orange wagon with green wheels and the New Idea motto, “Invention, Leadership, Quality,” rolled out of the Coldwater facility. The serial number of the wagon was 11,398 and the lot number was W-108. Wells, “The New Idea Spreader Company … Part 2”^

Textron Systems History, 1984 History, "Textron acquires Avco, including Lycoming, to become Avco Systems Textron", 2010, accessed 2010-11-27.^

The Associates Announces Acquisition Of Avco Financial Services Prnewswire.co.uk, retrieved 2011-12-18^

Citi - About Citi Citigroup.com, retrieved 2011-12-18^

F. Robert Van der Linden. Airlines and air mail: the post office and the birth of the commercial^

Donald M. Pattillo. Pushing the Envelope: The American Aircraft Industry^

Howard Lee Scamehorn. Balloons to Jets: A Century of Aeronautics in Illinois, 1855-1955^

Entrepreneurs, managers, and leaders: what the airline industry can teach us^

Embry Riddle Early Years retrieved 13 December 2011^

Ira Harkey. Pioneer Bush Pilot Bantam Books, 1991^

Tim Brady. The American aviation experience: a history^

Airline deregulation and laissez-faire mythology^

Textron Lycoming Turbine Engine, a Company History of AVCO and Lycoming/Textron^

Avco Financial Services, Inc. from the Lehman Brothers Collection – Twentieth Century Business Archives^

Consolidated Vultee Aircraft Corporation, U.S. Centennial of Flight Commission^

General Dynamics Corporation, U.S. Centennial of Flight Commission^

Central Manufacturing Co. of Connersville, Indiana, a history of Cord, AVCO, and others^

Westward Ho... Aviation, McGraw-Hill Publishing Company, February 1936, retrieved 26 June 2021^

Aviation Corporation to Build Aviation, McGraw-Hill Publishing Company, February 1935, retrieved 26 June 2021^

Aviation Corporation Acquires Plane Firm Nashville Tennessean, 3 June 1940^

Cars, Radios & Appliances: How Powel Crosley Jr. Changed Industries Retro Planet, 18 July 2014^

Judson S. Sayre 12 May 1986^

Bendix Sale by Avco to Philco Affirmed 14 November 1956^

Justice Won't Fight Carte Blanche Buy Pittsburgh Post-Gazette, 3 April 1978, retrieved 14 April 2014^

History - Rancho Bernardo Historical Society retrieved 2016-10-14^

Alexander R. Hammer. AVCO UNIT TO GET SHARE OF LAGUNA; $19-Million Transaction Set by the Two Concerns The New York Times, 1969-10-14, retrieved 2016-10-14^

PR Newswire, December 8, 1999. “1999 AGCO To Close Its Coldwater, Ohio Facility Lockney, Texas Plant to Cease Production by Second Quarter The Free Library(December, 8), http://www.thefreelibrary.com/AGCO To Close Its Coldwater, Ohio Facility Lockney, Texas Plant to...-a058077591(accessed November 21, 2010)”^

Stratford's troubled Army Engine Plant property back on market - Connecticut Post Ctpost.com, 2011-08-19, retrieved 2011-12-18^

History : Triumph Aerostructures - Vought Aircraft Division retrieved 2012-07-04^

type	Subsidiary
traded as	until 1984
industry	Aerospace industry Arms industry
founded	1929 in Wilmington, Delaware
hq location city	Greenwich, Connecticut
hq location country	United States
area served	Worldwide
parent	Textron (1984–present)
website	textron.com

History

Early companies bought or merged by Avco

Timeline

Locations

See also

External links

References