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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 ]
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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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.
Companies fill the initial void. In fact, it took just a couple of years for the city’s unemployment rate to recover. It had risen from 2.1% in November 1963 to 9% in early 1964.
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 ...
Studebaker Building (Columbia University) Studebaker Building (Midtown Manhattan) Studebaker Building (St. Petersburg, Florida) Studebaker Canada; Studebaker National Museum; 1913 Studebaker strike; Studebaker-Garford; Studebaker-Packard Corporation
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.