Avco Corporation is a subsidiary of

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

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 Sherman Mills Fairchild (April 7, 1896 – March 28, 1971) was an American businessman and investor. He founded over 70 companies, including Fairchild Aircraft (Fairchild Aviation Corporation), Fairchild Industries, and Fairchild Camera and Inst ...

's. With capital from Fairchild, George Hann, the

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

, and

W. A. Harriman William Averell Harriman (November 15, 1891July 26, 1986), better known as Averell Harriman, was an American Democratic politician, businessman, and diplomat. The son of railroad baron E. H. Harriman, he served as Secretary of Commerce u ...

, the

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

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 is a major airlines of the United States, major US-based airline headquartered in Fort Worth, Texas, within the Dallas–Fort Worth metroplex. It is the Largest airlines in the world, largest airline in the world when measured ...

. 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, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...

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 White Farm Equipment is a manufacturer of agricultural machinery, now discontinued except for planters, and owned by AGCO. History In 1960, the White Motor Company entered the agriculture market with the purchase of the Oliver Farm Equipment Co ...

and Avco was purchased by Textron. Avco's affiliated company, Avco Financial Services, was spun off to Associates First Capital 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 corporation headquartered in New York City. The company was formed by the merger of banking ...

in 2000.

Early companies bought or merged by Avco

*Aviation Corporation formed March 29, 1929 *

Southern Air Transport Southern Air Transport (SAT) (1947–1998), based in Miami, Florida, was a cargo airline best known as a front company for the Central Intelligence Agency (CIA) (1960–1973) and for its crucial role in the Iran-Contra scandal in the m ...

*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 – CAM-30 Summer 1929 *Fairchild Aircraft * Wien Air Alaska *

Kreider-Reisner The Kreider-Reisner Aircraft Company was an American flying service and aircraft manufacturer from 1923 to 1929. History The Kreider-Reisner Aircraft Company was formed at Hagerstown, Maryland in 1923 as a sub-contractor. By September 1925 the c ...

*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. (Marion Illinois) * Universal Aviation Corporation – bought by Avco in 1930 *Universal Aviation Schools * Roosevelt Field, New York *Curtiss Field * Southwest Air Fast Express June 1931

Avco 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 The Consolidated Aircraft Corporation was founded in 1923 in aviation, 1923 by Reuben H. Fleet in Buffalo, New York, the result of the Gallaudet Aircraft Company's liquidation and Fleet's purchase of designs from the Dayton-Wright Company as the ...

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 Joseph Oppenheim (March 1, 1859 – November 24, 1901) was an educator who invented the modern widespread manure spreader that made farming less labor-intensive and far more efficient in the early 20th century, and only he is honored for that inve ...

who founded the farm machinery manufacturer in 1899. *1945 AVCO acquired

Crosley Crosley was a small, independent American manufacturer of subcompact cars, bordering on microcars. At first called the Crosley Corporation and later Crosley Motors Incorporated, the Cincinnati, Ohio, firm was active from 1939 to 1952, interr ...

Corporation from

Powel Crosley Jr. Powel Crosley Jr. (September 18, 1886 – March 28, 1961) was an American inventor, industrialist, and entrepreneur. He was also a pioneer in radio broadcasting, and owner of the Cincinnati Reds major league baseball team. In addition, Crosl ...

*1947 Convair acquired by the Atlas Corporation *1947 AVCO name changed to Avco Manufacturing Corporation *1951 Purchased Bendix Home Appliances,

South Bend, Indiana South Bend is a city in and the county seat of St. Joseph County, Indiana, St. Joseph County, Indiana, on the St. Joseph River (Lake Michigan), St. Joseph River near its southernmost bend, from which it derives its name. As of the 2020 United S ...

manufacturer of automatic clothes washers, combining Bendix Appliances with

Crosley Appliances Powel Crosley Jr. (September 18, 1886 – March 28, 1961) was an American inventor, industrialist, and entrepreneur. He was also a pioneer in radio broadcasting, and owner of the Cincinnati Reds major league baseball team. In addition, Crosl ...

*1956 Avco sold Bendix Home Appliances to Philco *1959 Avco Manufacturing Corporation name changed to Avco Corporation *1966 Avco acquired Carte Blanche charge cards from

First National City Bank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

*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 company, production and Film distributor, distribution studio responsible for such fil ...

*1968 Avco acquires the developer of

Rancho Bernardo, San Diego Rancho Bernardo is a master-planned community in the northern hills of the city of San Diego, California. Geography The topography of Rancho Bernardo consists of canyons and rolling hills that have large bedrock outcroppings. The major floral bio ...

*1971 Avco acquires a stake in the developer of

Laguna Niguel, California Laguna Niguel () is a city in Orange County, California, United States. The name Laguna Niguel is derived from the words "Laguna" (Spanish for "lagoon") and "Niguili" (the name of a Native American village once located near Aliso Creek). As of ...

*1975-1977 Crosley Broadcasting stations divested *1976 Sold rights to

to Crosley Corporation, a new distributor who contracted for appliances from companies such as

Whirlpool Corporation The Whirlpool Corporation is an American multinational manufacturer and marketer of home appliances, headquartered in Benton Charter Township, Michigan, United States. The Fortune 500 company has annual revenue of approximately $21 billion, ...

and Electrolux *1978 Sold Carte Blanche to

Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...

*1982 Sold Embassy Pictures to

Norman Lear Norman Milton Lear (born July 27, 1922) is an American producer and screenwriter, who has produced, written, created, or developed over 100 shows. Lear is known for many popular 1970s sitcoms, including the multi-award winning ''All in the Famil ...

and Jerry Perenchio *1984 Avco sold the New Idea line of farm machinery to Allied Corporation, which then purchased the

, forming

White-New Idea White Farm Equipment is a manufacturer of agricultural machinery, now discontinued except for Planter (farm implement), planters, and owned by AGCO. History In 1960, the White Motor Company entered the agriculture market with the purchase of th ...

*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 Coldwater is a village in Mercer County, Ohio, United States. The population was 4,427 at the 2010 census. History Coldwater was founded in 1838 and was originally called Buzzard's Glory for by David Buzzard who operated a general store. Cold ...

(1945–1984) *

Stratford Army Engine Plant The Stratford Army Engine Plant (SAEP) was a Tank-Automotive and Armaments Command, U.S. Army Tank-Automotive and Armaments Command installation and manufacturing facility located in Stratford, Connecticut, where it was sited along the Housatoni ...

(1951–1976) *

Connersville, Indiana Connersville is a city in Fayette County, east central Indiana, United States, east by southeast of Indianapolis. The population was 13,481 at the 2010 census. The city is the county seat of and the largest and only incorporated town in F ...

(1937 - 1960) AVCO purchases assets of Cord's

Auburn Automobile Company Auburn was a brand name of American automobiles produced from 1900 to 1937, most known for the Auburn Speedster models it produced, which were fast, good-looking and expensive. However, after the 1929 Wall Street Crash, and the economic downturn ...

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. Bordering the state of Ohio, it is the county seat of Wayne County and is part of the Dayton, OH Metropolitan Statistical Area In the 2010 census, the city had a population of 36,812. Situa ...

, former Crosley Plant *

Nashville, Tennessee Nashville is the capital city of the U.S. state of Tennessee and the county seat, seat of Davidson County, Tennessee, Davidson County. With a population of 689,447 at the 2020 United States census, 2020 U.S. census, Nashville is the List of muni ...

(1959–1985)

References

External links