Avco Corporation is a subsidiary of

Textron Textron Inc. is an American industrial Conglomerate (company), conglomerate based in Providence, Rhode Island. Textron's subsidiaries include Arctic Cat, Bell Textron, Kautex, Textron Aviation (which itself includes the Beechcraft and Cessna b ...

, which operates Textron Systems Corporation and Lycoming.

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 Lehman Brothers Inc. ( ) was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merril ...

, and W. A. Harriman, the

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

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

American Airlines American Airlines, Inc. is a major airlines of the United States, major airline in the United States headquartered in Fort Worth, Texas, within the Dallas–Fort Worth metroplex, and is the Largest airlines in the world, largest airline in the ...

. The company was required to divest American Airlines in 1934 due to new rules for air mail contracts. The Aviation Corporation ranked 32nd among United States corporations in the value of

World War II World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

production contracts. Two months after World War II ended the Aviation Corporation branched into the manufacture of farm machinery with its acquisition of the New Idea Company in October 1945. The company later changed its name to Avco Manufacturing Corporation, and then, in 1959, to Avco Corporation. In 1984, Avco sold its farm machinery division to White Farm Equipment and Avco was purchased by Textron. Avco's affiliated company, Avco Financial Services, was spun off to Associates First Capital Corporation in 1998, which itself was acquired by

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...

in 2000.

Early companies bought or merged by Avco

*Aviation Corporation - formed March 29 1929 * Southern Air Transport * Colonial Air Lines - May 1929 *Colonial Western - May 1929 * Canadian Colonial Airways - May 1929 * Embry-Riddle Aviation Corporation - Summer 1929, Embry-Riddle Flying School closed 1930 *Interstate Airlines - Summer 1929 * Fairchild Aircraft * Wien Air Alaska * Kreider-Reisner *The Superplane Company *Universal Air Line System Terminal Company *Midplane Sales and Transit Company *Northern Airplane Company *Air Transportation, Inc. *Robertson Flying School Inc. *Egyptian Airways Inc. * Universal Aviation Corporation - bought by Avco in 1930 *Universal Aviation Schools * Roosevelt Field, New York *Curtiss Field * Southwest Air Fast Express - June 1931

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 *1934 AVCO acquired the Airplane Development Corporation from Cord and formed the Aviation Manufacturing Corporation (AMC) *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 *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. *1947 Convair acquired by the

Atlas Corporation The Atlas Corporation is an American investment firm that was formed in 1928. History Atlas corporation was formed in 1928, in a merger of the United Corporation, an investment firm started in 1923 with $40,000, with Atlas Utilities and Investo ...

*1947 AVCO name changed to Avco Manufacturing Corporation *1951 Purchased Bendix Home Appliances,

South Bend, Indiana South Bend is a city in St. Joseph County, Indiana, United States, and its county seat. It lies along the St. Joseph River (Lake Michigan), St. Joseph River near its southernmost bend, from which it derives its name. It is the List of cities in ...

manufacturer of automatic clothes washers, combining Bendix Appliances with Crosley Appliances *1956 Avco sold Bendix Home Appliances to

Philco Philco (an acronym for Philadelphia Battery Company) is an American electronics industry, electronics manufacturer headquartered in Philadelphia. Philco was a pioneer in battery, radio, and television production. In 1961, the company was purchase ...

*1959 Avco Manufacturing Corporation name changed to Avco Corporation *1966 Avco acquired Carte Blanche charge cards from First National City Bank *1967 Avco acquires

Embassy Pictures Embassy Pictures Corporation (also and later known as Avco Embassy Pictures as well as Embassy Films Associates) was an American independent film production and distribution company, which was active from 1942 to 1986. Embassy was responsible ...

*1968 Avco acquires the developer of Rancho Bernardo, San Diego *1971 Avco acquires a stake in the developer of Laguna Niguel, California *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 Whirlpool Corporation is an American multinational corporation, multinational manufacturer and marketer of home appliances headquartered in Benton Charter Township, Michigan, United States. In 2023, the Fortune 500 company had an annual revenue ...

and

Electrolux Electrolux AB () is a Swedish Multinational corporation, multinational home appliance manufacturer, headquartered in Stockholm. It is consistently ranked the world's second largest appliance maker by units sold, after Whirlpool Corporation, Whi ...

*1978 Sold Carte Blanche to

Citibank Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

*1982 Sold Embassy Pictures to

Norman Lear Norman Milton Lear (July 27, 1922December 5, 2023) was an American screenwriter and producer who produced, wrote, created, or developed over 100 shows. Lear created and produced numerous popular 1970s sitcoms, including ''All in the Family'' (1 ...

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

acquires Avco Corporation, renames it Avco Systems Textron *1985 Avco Systems Textron becomes Textron Defense Systems *1995 Textron Systems Corporation is created, consisting of what is now Textron Defense Systems, Textron Marine & Land Systems, and Lycoming

Locations

* Coldwater, Ohio (1945 - 1984) * Stratford Army Engine Plant (1951 - 1976) *

Connersville, Indiana Connersville is a city in Fayette County, Indiana, United States, east by southeast of Indianapolis. The population was 13,324 at the 2020 United States census, 2020 census. The city is the county seat of and the only incorporated town in th ...

(1937 - 1960) AVCO purchases assets of Cord's Auburn Automobile Company in 1937. Manufactures kitchen appliances until sale in 1959 to Design and Manufacturing dishwasher division. Manufactures 500,000 Jeep bodies for Overland and Ford during WWII. 1959 AVCO sells to Sam Reginstrief, 1960 AVCO sells to HH Robertson and moves munitions to

Richmond, Indiana Richmond () is a city in eastern Wayne County, Indiana, United States. Bordering the state of Ohio, it is the county seat of Wayne County. In the 2020 United States census, 2020 census, the city had a population of 35,720. It is the principal c ...

, former Crosley Plant. *

Nashville, Tennessee Nashville, often known as Music City, is the capital and List of municipalities in Tennessee, most populous city in the U.S. state of Tennessee. It is the county seat, seat of Davidson County, Tennessee, Davidson County in Middle Tennessee, locat ...

(1959 - 1985)

References

External links