Western Pacific Industries
| Western Pacific Industries
|
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|---|---|
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| legal form | Incorporation |
| founding | 1970 |
| resolution | 1987 |
| Seat | San Francisco New York City |
The Western Pacific Industries Inc. was an American holding company . The most important subsidiaries were the Western Pacific Railroad and later Veeder-Root .
history
Due to the strong regulation in the railway sector, as well as fears of the nationalization of railway companies, many railway companies began to change their corporate structure from the end of the 1960s. The establishment of a holding company opened up the possibility of expanding into other economic sectors without being subject to the regulations for railway companies. The Western Pacific Railroad also took this path after Howard A. Newman, a new Chairman of the Board and Alfred E. Perlman, a new President, led the company from 1970 onwards . Western Pacific Industries Inc. was founded on December 21, 1970. The shares of the railway company were converted into shares of the holding company. In December 1971 shares in the holding company were issued to finance further acquisitions .
In the autumn of 1974, Western Pacific Industries acquired a total of 44.5% of the company Veeder Industries Inc. This group consisted of the valve manufacturer Veeder-Root and the mechanical engineering companies Holo-Krome, Iseli and AL Hyde Company. On June 15, 1976, the stake in Veeder was expanded to 100%.
On February 16, 1978, it was decided to sell the railway company as part of a management buy-out. This came into effect on April 4, 1979 with the takeover of the fixed assets as well as the entire contracts of the railway company by Newrail Company Inc. At the same time, Newrail changed its name to Western Pacific Railroad. The former Western Pacific Railroad became the OldWest Co. The assets of the subsidiaries Standard Realty and Development Company and Western Pacific Transport Company were also transferred to the new company.
Western Pacific Industries' stakes in the electronics company Hazeltine Corporation and in the Houghton Mifflin publishing house could not be successfully implemented.
In December 1979, the company paid a special dividend of $ 60 million and announced that it would forego further acquisitions.
In the fall of 1983, Western Pacific Industries tried to acquire the textile company Cone Mills Corporation . The takeover attempt was however rejected.
In October 1986 the takeover offer of the Danaher group was accepted.
Seat
From 1971 to 1979 the company had its headquarters in San Francisco (526 Mission Street) together with the headquarters of the railway company. There was also an office in New York (400 Park Avenue), which was first used by Howard Newman and later became the company's headquarters.
Corporate management
- Chairman of the Board, Chief Executive Officer (from 1977)
- 1971-1987: Howard A. Newman
- president
- 1971-1976: Howard A. Newman
- 1977–: William C. Scott
Web links
Individual evidence
- ↑ Herbert Koshetz: Motorola Ready to Acquire Hunt . In: The New York Times . October 25, 1974, ISSN 0362-4331 ( nytimes.com [accessed January 31, 2018]).
- ^ Don Strack: Western Pacific in Utah. Retrieved February 1, 2018 (American English).
- ↑ $ 23 Extra Payout At Western Pacific . In: The New York Times . November 8, 1979, ISSN 0362-4331 ( nytimes.com [accessed January 31, 2018]).
- ^ Sandra Salmans: Cone Mills Planning to Go Private . In: The New York Times . November 30, 1983, ISSN 0362-4331 ( nytimes.com [accessed February 1, 2018]).
- ^ Western Pacific Purchased By DC's Danaher Corp. In: Washington Post . October 7, 1986, ISSN 0190-8286 ( washingtonpost.com [accessed February 1, 2018]).