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The stockholders of Studebaker and Worthington approved the merger despite rumors that the Federal Trade Commission considered the merger would be "substantially anti-competitive". The combined 1966 gross revenues of the two companies had been $672 million, with net income of $24.5 million. [ 7 ]
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.
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 ...
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.
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 ...
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 ...
Derald H. Ruttenberg (17 February 1916 – 19 September 2004) was a lawyer who became a deal maker, organizing large industrial mergers. He arranged the merger of Studebaker and Worthington Corporation, and for some time ran the combined Studebaker-Worthington.
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.