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The merger was completed in November 1967, creating a company with $550 million of assets. [9] The combined company included the profitable divisions from Studebaker, brake and electrical automobile component manufacturing from Wagner Electric, and diverse operations from Worthington that included manufacture of construction equipment, valves ...
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 ...
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.
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]
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.
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.
Company leaders wanted a day to sell their stocks. Employees didn't want to believe it. But The Tribune broke story of automaker's looming departure.