Bangor Punta

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Bangor Punta Corporation

logo
legal form Corporation
founding 1964
resolution 1984
Reason for dissolution Takeover by the Lear Siegler Corporation
Seat Bangor , later Greenwich
Branch Conglomerate

The Bangor Punta Corporation (until 1967 Bangor Punta Alegre Sugar Corporation ) was an American conglomerate that existed from 1964 to 1984. Subsidiaries of the group included the weapons manufacturer Smith & Wesson , the aircraft manufacturer Piper Aircraft and several boat manufacturers.

history

The economic development of the railway companies in the United States was severely restricted due to regulatory requirements and increasing competition from air and road transport. An expansion of economic activity to other more profitable economic sectors was largely impossible for the railway companies due to antitrust regulations.

The railway company Bangor and Aroostook Railroad therefore founded the Bangor and Aroostook Corporation on December 1, 1960 at the suggestion of Nicolas M. Salgo as a holding company with the railway company as a subsidiary. It took on a pioneering role in this development. Other railway companies such as the Union Pacific Railroad or the Chicago and Northwestern Railroad followed suit . In May 1962 the Goal Credit Corporation (30% owned by Salgo), in May 1963 Bartlett-Snow-Pacific Inc. (sewage systems, heating etc.) and Henry Luhrs Sea-Skiffs Inc. ( fiberglass boats) and in August 1963 Bale Pine Inc. (pins, jewelry) was acquired as a subsidiary.

The Punta Alegre Sugar Corporation went back to the Punta Alegre Sugar Company founded in 1915. The company operated sugar cane plantations in Cuba . When the company was nationalized by the Castro government in 1960 , the company had assets of $ 3.5 million in cash reserves and government bonds and a loss carryforward of $ 54 million. This loss carryforward could be offset against future profits due to tax legislation. The company was thus an ideal merger partner. In the fall of 1963 this loss carryforward was around $ 16.5 million. Nicolas M. Salgo was Chairman and Chief Executive Officer of Punta Alegre Sugar Corporation in the fall of 1963. Under his leadership, on October 1, 1964, the Bangor and Aroostook Corporation and the Punta Alegre Sugar Corporation merged to form the Bangor Punta Alegre Sugar Corporation. Nicolas M. Salgo became Director of Corporate Expansion and Chairman of the Board. The first major acquisition was the purchase of the weapons manufacturer Smith & Wesson from the Wesson family in 1964/65. In 1965 an attempt was made to acquire a Harley-Davidson . In 1966 the boat builders Jensen Marine Corporation (Cal Boats), O'Day Sailboat Company and Luhr Powerboats were taken over. The extent of the various acquisitions soon overwhelmed the company's management. On the initiative of Nicolas Salgo, David W. Wallace joined the company as President in 1967 in order to organize the various business areas. On January 19, 1967, the company's name was changed to Bangor Punta Corporation.

The company used the income of the railway company to finance the acquisitions in the other economic sectors. In addition to excessive management bills, bills for bogus services and the takeover and sale of the stake in the St. Croix Paper Company, there was a massive outflow of assets from the railway company. After the B&A did not generate any more profits due to the economic development and all realizable assets had been deducted, it was sold to the Amoskeag Company on October 1, 1969 . In 1973 Nicolas M. Salgo left the company due to differences regarding the further direction of the group. David W. Wallace then took over the position of President as well as the chairmanship of the Supervisory Board.

In 1969 the company acquired shares in Piper Aircraft . The takeover disputes with competing Chris-Craft Industries dragged on until 1977 and were ended with a fine from Bangor Punta to Chris-Craft in the amount of 36 million dollars. This pending procedure also blocked further investments, so that in the 1970s, individual uneconomical companies or companies that no longer fit into the portfolio were mainly sold.

At the end of 1983, the automotive supplier Lear Siegler acquired around 20% of the shares in Bangor Punta from the German banker Ferdinand Graf von Galen (owner of the Schröder, Münchmeyer, Hengst & Co. ) and announced that it also had the right to the 21% To acquire shares in James E. Stewart. In 1984, Bangor Punta was then completely taken over by the Lear Siegler Corporation.

subsidiary company

The Bangor Punta Corporation took over and sold various companies in the course of its existence. In December 1968 65 companies were controlled.

  • Bangor and Aroostook Railroad (December 1960–1 October 1969): with its subsidiaries Van Buren Bridge Company , Bangor Investment Company sold to the Amoskeag Company
  • Goal Credit Corporation (May 1962-July 1966): Credit company in which Nicolas Salgo owned around 30% of the shares
  • Bartlett-Snow- Pacific Inc. (1963–1969): industrial process technology, heating systems; Waste and wastewater technology, sold to Combustion Engineering (now Arvos Group)
  • BSP Corporation (1968–1969): Wastewater technology emerged from Bartlett-Snow-Pacific Inc. merged into Envirotech (today Baker Hughes )
  • The Luhrs Company / The Ulrichsen Company (1963–1981): fiberglass and wooden boats and yachts, emerged from the takeover of Henry Luhrs Sea Skiffs Inc., naming rights sold back to the Luhrs family in 1981
  • Bale Pin Co. (1963–1970): maker of lapel pins
  • Bangor Punta Operations Inc .: parent company of the acquired companies
  • Bangor Punta Management Service Co .: Management company for the group's own companies
  • CGF Topeka Grain Elevator: (1961-) Operation of a grain store
  • Pacific Metals Co. (1962-1965): Metal Trading Company
  • Crown Fabrics (1963) Machines for processing synthetic fibers
  • Smith & Wesson (1964–1984): Arms manufacturer
  • FECO Engineering (industrial furnaces and heating systems)
  • Barker Manufacturing (conveyor technology)
  • Jetstream Systems (mechanical engineering)
  • Kenney Company (jewelry)
  • Clawgers Associates (print)
  • O'Day Company (fiberglass sailboats)
  • Jensen Marine (fiberglass sailboats)
  • Seagoing Boats (steel and fiberglass houseboats)
  • Rent-A-Cruise of America (rental of houseboats)
  • Knitbrook Mills (manufacture of knitted jerseys )
  • Featherweight Corporation (1970-1972): Alouette-Snowmobile
  • Metcalf & Eddy (1967–1971): Engineering office for water and wastewater technology
  • Producers Cotton Oil Company (1967–1984): Agricultural company in California
  • Rockwood (-1984): manufacturer of mobile homes (now Forest River Inc.)
  • Starcraft (1967–1984): motor and sailing boats, camping equipment, agricultural equipment; the subsidiaries in the agricultural sector are sold in 1975
  • Waukesha Motor Company (1968–1974): Motor manufacturer with the subsidiary O. & M. Manufacturing
  • Venture Motor Coaches (1968-): RVs
  • Yankee Motor Corporation (1969): import of motorcycles from the Spanish brand Ossa
  • Piper Aircraft (1969–1984): Manufacturer of small aircraft
  • Forjas Taurus International Firearms (1970–1977): Arms manufacturer
  • Pameco Aire, Inc. (-1974): Sales of air conditioning and refrigeration systems
    • Westbrook Distributing, Inc. (1972–1974)
  • Enesco Inc .: Consulting firm of Nicolas M. Salgo
  • Bangor Punta International Capital (finance company)
  • Bangor Punta Overseas SA (acquisition of foreign investments)

Corporate management

Chairman of the board

President

Company headquarters

  • The company was initially based in Bangor in the building of the Bangor and Aroostook Railroad. The Bangor Punta later moved to Greenwich, Connecticut .

Web links

Individual evidence

  1. ^ Kiplinger Washington Editors Inc: Kiplinger's Personal Finance . Kiplinger Washington Editors, Inc., April 1968, p. 27 ( google.de [accessed on September 28, 2017]).
  2. ↑ Michael F. Sheehan: Corporate Control and the Decapitalization of Subsidiary Corporations: The Looting of the Bangor and Aroostook Railroad . In: Journal of Economic Issues . tape 22 , no. 3 , 1988, pp. 729-745 , JSTOR : 4226034 .
  3. ^ Robert J. Cole: Bangor Punta and Piper - Finally Cleared for Takeoff . In: The New York Times . October 24, 1977, ISSN  0362-4331 ( nytimes.com [accessed October 4, 2017]).
  4. ↑ Siegler, BANGOR TO MERGE . In: The New York Times . December 13, 1983, ISSN  0362-4331 ( nytimes.com [accessed October 5, 2017]).
  5. ↑ Lear Siegler - Bangor Punta merger . In: UPI . ( upi.com [accessed October 5, 2017]).
  6. ↑ Thomas J. Lueck, Special to the New York Times: ENVIROTECH'S SUDDEN STUMBLE . In: The New York Times . May 5, 1981, ISSN  0362-4331 ( nytimes.com [accessed October 4, 2017]).