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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.
A new company was established named Worthington-Weir for American pump manufacture. [15] [b] In 1973, Studebaker-Worthington reached sales of $1 billion. [17] In 1974, MLW-Worthington arranged to sell 25 locomotives to Cuba for $15 million. Studebaker-Worthington required a permit under the Trading with the Enemy Act, which was denied.
Packard merged with Studebaker in 1953 and formed the Studebaker-Packard Corporation. This merger was intended to be temporary while an eventual consolidation with American Motors Company (AMC) was planned. Disagreements among the firms' executives thwarted these plans, so Studebaker-Packard remained a separate company.
While its higher-end products offered advanced features such as automatic transmission as standard equipment, its overall body designs were considered dated. Four years after the 1954 merger with Studebaker, production under the Packard marque ceased as the company was unable to keep up with the advances and sales of the Big Three. [12] [13]
After an unsuccessful 1954 merger with Packard (the Studebaker-Packard Corporation) and failure to solve chronic postwar cashflow problems, the 'Studebaker Corporation' name was restored in 1962, but the South Bend plant ceased automobile production on December 20, 1963, [8] and the last Studebaker automobile rolled off the Hamilton, Ontario ...
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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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.