Coltec Industries
| Coltec Industries
|
|
|---|---|
 |
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| legal form | Corporation |
| founding | 1902 |
| resolution | 1998 |
| Reason for dissolution | Merger with BF Goodrich |
| Seat | New York City (until 1996) Charlotte (North Carolina) , United States 
|
| Branch | Conglomerate |
Coltec Industries was an American group that existed until 1998 in the field of engine production, specialty chemicals and aerospace. The company's history goes back to the Pennsylvania Coal and Coke Company, founded in 1902 . In 1998 the company merged with BF Goodrich.
history
The Pennsylvania Coal and Coke Company was founded in 1902. The company was owned 50% by Webster Coal and Coke and 25% each by Mitchell & Associates and Berwind-White Coal Mining Company. As a result of the economic crisis in 1907 , the company ran into difficulties and was reorganized by Thomas Hamer Watkins in 1911 and renamed the Pennsylvania Coal and Coke Corporation. The company was Cambria County's largest coal company in 1912, with 30 coal mines, 1,000 coke ovens, and 3,000 employees. The structural crisis in the coal and steel industry in the American Northeast after the Second World War was not without consequences for the company. It had to cope with drastic cuts in coal mining. In 1950 the company still owned three coal mines with $ 4 million in fixed assets and lost $ 100,000 on annual sales of $ 6 million.
The Jewish-American entrepreneur Leopold D. Silberstein was interested in this company in order to use it as a basis for further acquisitions. He organized the acquisition of nearly 50% of the shares for the price of $ 750,000. At the shareholders' meeting on April 3, 1951, he was able to set up a new management team under his leadership. As a result, coal mining was given up, but investments and company takeovers were made in other areas of the economy. In 1953 the railway crane manufacturer Industrial Brownhoist Corporation was acquired by Alleghany Corporation for $ 2.9 million. The direct merger of the two companies was prevented by members of the Board of Directors who were not provided by Silberstein. After this resistance was overcome in 1954, the two companies merged to form Penn-Texas Corporation .
1955, the arms manufacturer Colt's Manufacturing Company was bought and it was the takeover of Chandler Evans (inter alia with the subsidiary Pratt & Whitney (Machine Tools) Company and the remnants of the Niles-Bement-Pond group). The company then took part in the takeover battle for Fairbanks, Morse and Company in 1956/1957 and got into a takeover battle in which Leopold Silberstein lost the chairmanship of the company to Alphons Landa in June 1958 . In November 1958 the takeover finally succeeded and the two companies subsequently merged to form Fairbanks-Whitney . At the same time, Industrial Brownhoist Corporation had to be sold in December 1957 to finance the loans for the Fairbanks-Morse takeover battle.
On March 18, 1968, the name was changed to Colt Industries after the well-known subsidiary Colt Inc. After this ailing arms manufacturer was sold in 1990, the group was renamed Coltec Industries . The company now concentrated primarily on the supply areas in the aerospace, automotive and specialty chemicals sectors. In 1992, the Pratt & Whitney Company, Inc. (now Pratt & Whitney Measurement Systems, Inc.) was sold to Moore Products Co. in 1993, the following companies / brands belonged to the group. In the aerospace / government sector: Menasco , Chandler Evans , Walbar , Delavan , Lewis Engineering and Fairbanks Morse; in the automotive supplier sector: Holley, Coltec Automotive, Farnam and Stemco; and in the industrial supplier and specialty chemicals sector: Garlock , France Compressor , Delavan-Delta , Ortman , Haber, Sterling, FMD Electronics and Quincy Compressor . Later AMI Industries, Cefilac and Helicoflex were among the group brands.
In 1996, the company's headquarters were relocated from New York City to Charlotte, North Carolina .
In 1999 Coltec Industries merged with BF Goodrich . Coltec's takeover value was $ 1.77 billion. The areas of engine construction and seals (Fairbanks Morse, Compressor Products International, Garlock, GGB, Stemco, Quincy Compressor) were outsourced in 2002 from BF Goodrich to the newly founded company EnPro Industries .
Individual evidence
- ↑ History of Coal in Cambria County ( Memento of the original from January 16, 2012 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ A b Diana B. Henriques: The White Sharks of Wall Street . Thomas Mellon Evans and the Original Corporate Raiders. Simon and Schuster, 2001, ISBN 978-0-7432-0267-1 .
- ↑ Bay Journal: History of Industrial Works, Bay City, MI
- ↑ The Milwaukee Sentinel - Nov. 8, 1958, p. 31
- ↑ Time Magazine: Monday, Dec. Sep. 09, 1957: CORPORATIONS: Vicious Circle
- ↑ LA Times: December 16, 1998: Crane Makes $ 2-Billion Bid for Coltec Industries
