Avco

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Avco Corporation
TypeSubsidiary
IndustryAerospace and Defense
FoundedWilmington, Delaware (1929 (1929))
HeadquartersGreenwich, Connecticut, US
Area servedWorldwide
Productsaircraft engines, munitions, sensors, surveillance systems
ParentTextron
Websitewww.textron.com
 
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Avco Corporation
TypeSubsidiary
IndustryAerospace and Defense
FoundedWilmington, Delaware (1929 (1929))
HeadquartersGreenwich, Connecticut, US
Area servedWorldwide
Productsaircraft engines, munitions, sensors, surveillance systems
ParentTextron
Websitewww.textron.com

Avco Corporation is a subsidiary of Textron which operates Textron Systems Corporation and Lycoming.[1]

Contents

Brief history

Investors Sherman Fairchild provided capital to prevent a takover of CAM-24 operator Embry-Riddle Company by Clement Melville Keys who planned on buying Curtiss aircraft rather than Fairchild's. With capital from Fairchild, George Hann, the Lehman Brothers, and W.A. Harriman, the Aviation Corporation was formed on March 2, 1929[2] a holding company tasked with acquiring small airlines. By the end of 1929 it had acquired interests in over 90 aviation-related companies. In January 1930, the board broke off the airlines into Colonial, and Universal Airlines. Universal Airlines name was dropped in favor of American Airways, the predecessor of American Airlines.[3]

The company was required to divest American Airlines in 1934 due to new rules for air mail contracts. The Aviation Corporation later changed its name to Avco Manufacturing Corporation, and then, in 1959, to Avco Corporation.[citation needed] In 1984 Avco was purchased by Textron.[4]

Avco's affiliated company, Avco Financial Services, was spun off to Associates First Capital in 1998,[5] which itself was acquired by Citigroup in 2000.[6]

Early companies bought or merged by Avco[7][8][9]

AVCO timeline[14][15][16][17][18]

Locations

See also

References

  1. ^ "Avco Corporation: Private Company Information - BusinessWeek". Investing.businessweek.com. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4933565. Retrieved 2011-12-18.
  2. ^ F. Robert Van der Lindenas. Airlines and air mail: the post office and the birth of the commercial. p. 57.
  3. ^ F. Robert Van der Linden. Airlines and air mail: the post office and the birth of the commercial. p. 112.
  4. ^ Textron Systems History, 1984 History, "Textron acquires Avco, including Lycoming, to become Avco Systems Textron", 2010, accessed 2010-11-27.
  5. ^ "The Associates Announces Acquisition Of Avco Financial Services". Prnewswire.co.uk. http://www.prnewswire.co.uk/cgi/news/release?id=22595. Retrieved 2011-12-18.
  6. ^ "Citi - About Citi". Citigroup.com. http://www.citigroup.com/citigroup/press/2000/000906a.htm. Retrieved 2011-12-18.
  7. ^ F. Robert Van der Linden. Airlines and air mail: the post office and the birth of the commercial. p. 57.
  8. ^ Donald M. Pattillo. Pushing the Envelope: The American Aircraft Industry.
  9. ^ Howard Lee Scamehorn. Balloons to Jets: A Century of Aeronautics in Illinois, 1855-1955.
  10. ^ Anthony J. Mayo, Nitin Nohria, Mark Rennella. Entrepreneurs, managers, and leaders: what the airline industry can teach us. p. 71.
  11. ^ "Embry Riddle Early Years". http://www.eraualumni.org/s/867/index.aspx?sid=867&gid=1&pgid=1020. Retrieved 13 December 2011.
  12. ^ Tim Brady. The American aviation experience: a history. p. 147.
  13. ^ Paul Stephen Dempsey, Andrew R. Goetz. Airline deregulation and laissez-faire mythology. p. 54.
  14. ^ Textron Lycoming Turbine Engine, a Company History of AVCO and Lycoming/Textron
  15. ^ Avco Financial Services, Inc. from the Lehman Brothers Collection – Twentieth Century Business Archives
  16. ^ Consolidated Vultee Aircraft Corporation, U.S. Centennial of Flight Commission
  17. ^ General Dynamics Corporation, U.S. Centennial of Flight Commission
  18. ^ Central Manufacturing Co. of Connersville, Indiana, a history of Cord, AVCO, and others
  19. ^ "Stratford's troubled Army Engine Plant property back on market - Connecticut Post". Ctpost.com. 2011-08-19. http://www.ctpost.com/local/article/Stratford-s-troubled-Army-Engine-Plant-property-2115099.php. Retrieved 2011-12-18.
  20. ^ "History : Triumph Aerostructures - Vought Aircraft Division". http://www.triumphgroup.com/companies/triumph-aerostructures-vought-aircraft-division/about-us/history. Retrieved 2012-07-04.

External links