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The Studebaker-Packard Corporation is the entity created in 1954 by the purchase of the Studebaker Corporation of South Bend, Indiana, by the Packard Motor Car Company of Detroit, Michigan. While Studebaker was the larger of the two companies, Packard's balance sheet and executive team were stronger than that of the South Bend company.
The combined 1966 gross revenues of the two companies had been $672 million, with net income of $24.5 million. [7] Studebaker was acquired by Wagner Electric, which in turn was merged with Worthington Corporation to create Studebaker-Worthington. [8] The merger was completed in November 1967, creating a company with $550 million of assets. [9]
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During Studebaker’s and South Bend’s growth in the late 19th and early 20th centuries, the company recruited workers from overseas, helping to fill the city’s ethnic neighborhoods, Beckman said.
James John Nance (19 February 1900 – 21 July 1984) was an American industrialist who became president of the Studebaker-Packard Corporation.Later, he was chief executive of the Central National Bank of Cleveland, chairman of the executive committee of Montgomery Ward and chairman of the board of trustees of the Cleveland State University and a major property investor.
In July 1954, Packard acquired Studebaker to form Studebaker-Packard Corporation. [36] However further talks of a merger between AMC and Studebaker-Packard were cut short when Mason died on October 8, 1954. A week after his death, Mason's successor, George W. Romney, announced "There are no mergers under way either directly or indirectly". [37]
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Returning to Studebaker in 1953, Hoffman was chairman of the corporation during the turbulent period leading up to and during the 1954 merger with the Packard Motor Car Company. When Studebaker-Packard found itself nearing insolvency in 1956, the company entered into an Eisenhower Administration -brokered management agreement with Curtiss-Wright .