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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.
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 this Feb. 18, 1952, file photo, a Studebaker Champion drives through a sign celebrating the centennial of the Studebaker Corp. and the start of its next 100 years. On the driver's side panel ...
As a young reporter for The Tribune, Colwell broke the story Dec. 9, 1963, that the Studebaker Corp. would cease auto production in South Bend.
Studebaker was acquired by Wagner Electric, which in turn was merged with Worthington Corporation to create Studebaker-Worthington. [26] The merger was completed in November 1967, creating a company with $550 million of assets. [27] The former chairman of Worthington, Frank J. Nunlist, was appointed president and chief executive officer. [25]
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By 1963, Studebaker's automobile division was struggling. Guthrie was elected chairman of the board. At the August 8, 1963 board meeting he recommended that the board start planning on the assumption that Studebaker was going to stop manufacturing cars. [4] Studebaker merged with Worthington Corporation on November 27, 1967.