MSL Industries
MSL Industries Inc. was an American company in the metal and steel industry. It emerged in 1960 from the Minneapolis and St. Louis Railway company and was incorporated into Cyclops Industries in 1987.
history
The economic situation of the Minneapolis and St. Louis Railway became increasingly difficult in the 1950s, so that the management of Max Swiren decided in 1960 to sell the fixed assets to the Chicago and North Western Railway . Swiren was a former partner in the law firm of C&NW President Ben W. Heineman . As a result, the railway company renamed itself MSL Industries, relocated the company headquarters from Minneapolis to Chicago and began investing in new business areas with the sale of six million dollars and a tax credit of 26 million dollars.
By 1966 the company had acquired 15 companies in the metal and plastic industry, including the screw manufacturer Universal Screw Company, the screw importer Heads & Threads, the manufacturer of small motors and fans (including for copiers) Howard Industries and the pipe manufacturer Miami Industries in Piqua ( Ohio) .
At the end of the 1960s, the sale of the company to another group was considered. The intended sale of the pipe manufacturing divisions, MSL Tubing and Steel Company and the property management division, MSL Realty, to Kaiser Steel Corporation were finally prohibited by the antitrust authorities in 1975. In 1974 the majority of the company was taken over by Alleghany Corporation .
The company subsequently took over Allied Structural Steel and Bibb Steel and Supply Company. The recession in the steel industry in the early 1980s hit this company too. Among other things, the number of employees was reduced from 3000 to 1800 and only a maximum of 40% of the production capacity was used. In 1984 Alleghany planned to sell the company together with its financial services provider IDS to American Express. Ultimately, only IDS was acquired from Amex. As part of the company's development, various companies in the steel industry were acquired or parts of the company were sold.
In 1987 the steel production of MSL Industries merged with the steel production of the Cyclops Corporation acquired by Alleghany to form Cyclops Industries. This company was then subsequently floated on the stock exchange. In 1992 the American steel company Armco took over Cyclops Industries.
president
- 1960–1962: Max Swiren (also Chairman of the Board)
- 1963–1970: Joseph T. Zoline (also Chairman of the Board)
- 1970–1972: Samuel E. Jackson Jr.
- 1972- Wallace M. Scott Jr
- 1981–1987: David C. Stuebe (also CEO)
Individual evidence
- ↑ Msl Buying Van Huffel Line . In: tribunedigital-chicagotribune . ( chicagotribune.com [accessed April 10, 2018]).
- ↑ Psw Industries` debut . In: tribunedigital-chicagotribune . ( chicagotribune.com [accessed April 10, 2018]).
- ↑ Jonathan P. Hicks: COMPANY NEWS; BIG BRITISH RETAILER TO ACQUIRE CYCLOPS . ( nytimes.com [accessed April 10, 2018]).
- ^ Cyclops, Armco division merging . In: tribunedigital-baltimoresun . ( baltimoresun.com [accessed April 10, 2018]).
- ↑ SAMUEL JACKSON, JR. Obituary, Piqua, OH | Jamieson & Yannucci Funeral Home, Piqua, Ohio. Retrieved April 10, 2018 (American English).