186:, was appointed president and chief executive officer. Randolph Guthrie of Studebaker was chairman of the new company. 1967 sales were over $ 650 million. In January 1969 the board of directors replaced Nunlist with Derald H. Ruttenberg as president and chief executive officer. Ruttenberg determined to weed out all poorly performing units. He treated the company as an investment fund, and pushed the operating subsidiaries to maximize returns to shareholders, reportedly demanding returns as high as 25% - 30%.
174:
Studebaker was acquired by Wagner
Electric, which in turn was merged with Worthington Corporation to create Studebaker-Worthington. The merger was completed in November 1967, creating a company with $ 550 million of assets. 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 and power generation plant.
219:, a British company engaged in pump manufacture, had been looking to buy Worthington as far back as 1938. In December 1968 they made an offer for the Newark-based Worthington Simpson pump manufacturer. After complex negotiations, Weir acquired 50% of Worthington Simpson in 1969. A new company was established named Worthington-Weir for American pump manufacture.
170:, who took the risk of buying Studebaker despite the liabilities that came with it, including dealer warranties and union agreements. He saw that Onan generators and STP engine additives were healthy businesses. The large tax loss was also valuable. Worthington was expected to continue to earn steady profits, but could use the tax loss to avoid paying taxes.
205:. MLW-Worthington continued to build diesel locomotives, mainly for the Canadian market, using Alco designs. Sales at STP had exceeded $ 43 million in 1968. Early in 1969 Studebaker-Worthington floated STP as a public corporation, listed on the American Stock Exchange. Worthington had acquired the air conditioning manufacturer Climatrol Air Coils Ltd. of
141:
Business results for 1966 had total sales of $ 172 million, excluding automobile sales. Automobile sales for 1965 had been slightly less than $ 45 million. Net income for 1966 was $ 16.4 million, much more than the previous year. The company was now profitable, and also had tax loss carry-forwards
173:
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.
238:
backed down and issued a license after receiving a formal note from the
Canadian government that pointed out the U.S. had promised "to be as accommodating as possible with respect to such cases to avoid a jurisdictional conflict between the laws and policies of the two governments."
138:. In 1965 auto sales were slightly less than $ 45 million. On 4 March 1966 Studebaker announced the termination of auto production after less than 9,000 1966 models had been produced. Management said the decision was due to "heavy and irreversible losses" in the automobile division.
129:
Founded in 1852, Studebaker began as a wagon manufacturer which eventually entered the automobile business in the early 1900s. However, since the early 1950s sales had been steadily declining resulting in a lack of funds to develop new models. In
December 1963
209:, in 1966. Climatrol was earning $ 50–$ 60 million annually, but needed large investments to grow to the size needed to compete with the giant manufacturers in the field. Instead, it was sold to
142:
that made it an attractive target for a takeover. Studebaker further improved its position by selling off some unprofitable businesses. The most profitable of the divisions that remained were
134:, chairman of Studebaker, announced that the company was closing down its automobile factory in South Bend Indiana, where it had made cars for 50 years, but would continue to make cars in
143:
898:
288:
acquired
Worthington-Simpson. In 1992 it became part of Ingersoll Dresser Pumps. As of 2006 the Newark-based pump manufacturer was called Flowserve Pumps.
825:
761:
Chelsea to Cairo-- 'Taylor-made' Water
Through Eleven Reigns and in Six Continents: A History of John Taylor & Sons and Their Predecessors
201:
purchased the diesel engine business in
February 1970. Studebaker-Worthington retained a 52% stake in MLW-Worthington of Canada, formerly the
213:
in
November 1970. Fedders was mainly interested in the brand, product designs and sales force, and shut down the manufacturing facilities.
739:
234:
protested strongly against interference by the U.S. government in exports by a
Canadian company. In the end the U.S. government under
193:
Products
Division, a railway locomotive manufacturer, became a victim of Ruttenberg's drive for profit. The locomotive factory in
642:
From Steam to Diesel: Managerial Customs and Organizational Capabilities in the Twentieth-Century American Locomotive Industry
878:
796:
769:
704:
677:
650:
623:
596:
806:
222:
In 1973, Studebaker-Worthington reached sales of $ 1 billion. In 1974, MLW-Worthington arranged to sell 25 locomotives to
227:
848:
833:
267:
Robert Guthrie was also a partner of the law firm of Nixon, Guthrie, Mudge and Mitchell. His partner,
202:
44:
198:
114:
54:
759:
106:
786:
667:
640:
586:
242:
McGraw-Edison purchased Studebaker-Worthington in 1978. McGraw-Edison was in turn acquired by
868:
694:
613:
194:
8:
131:
285:
155:
874:
792:
765:
700:
673:
646:
619:
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243:
206:
167:
135:
272:
183:
810:
151:
147:
110:
49:
788:
That Infernal Little Cuban Republic: The United States and the Cuban Revolution
231:
892:
396:
394:
268:
118:
84:
444:
442:
105:
was a diversified American manufacturer created in 1967 through a merger of
391:
166:
The 1967 merger that created the company was arranged by the entrepreneur
478:
439:
235:
246:
in 1985. Coopers Industries was acquired by Eaton Corporation in 2012.
216:
39:
226:
for $ 15 million. Studebaker-Worthington required a permit under the
406:
316:
210:
721:
847:
400:
612:
Caloren, Fred; Chossudovsky, Michel; Gingrich, Paul (1978).
611:
484:
448:
223:
190:
429:
427:
425:
423:
421:
849:"Studebaker, Worthington Vote Merger Despite Antitrust"
824:
738:
722:"Cummins Onan Engines and Generators - The Early Years"
550:
454:
418:
412:
366:
364:
362:
360:
335:
333:
331:
322:
271:, was to become President of the USA. Another partner,
562:
514:
696:
Canada-Cuba Relations: The Other Good Neighbor Policy
526:
381:
379:
357:
345:
328:
306:
304:
502:
466:
538:
490:
376:
301:
890:
150:, Schaefer Chemical Compounds (later to become
588:More Than They Promised: The Studebaker Story
16:American diversified manufacturer (1967–1979)
899:Manufacturing companies of the United States
485:Caloren, Chossudovsky & Gingrich 1978
449:Caloren, Chossudovsky & Gingrich 1978
784:
719:
638:
556:
460:
433:
805:
757:
584:
568:
520:
472:
891:
665:
532:
370:
351:
339:
230:, which was denied. The government of
117:. The company was in turn acquired by
615:Is the Canadian Economy Closing Down?
866:
692:
544:
508:
496:
385:
310:
182:The former chairman of Worthington,
401:Studebaker, Worthington Vote Merger
13:
14:
910:
791:. Univ of North Carolina Press.
669:Studebaker: The Complete History
699:. University Press of Florida.
639:Churella, Albert (1998-08-03).
278:
758:Roberts, Gwilym (2006-01-01).
645:. Princeton University Press.
261:
1:
826:"Studebaker History Timeline"
785:Schoultz, Lars (2011-02-01).
591:. Stanford University Press.
249:
867:Weir, William (2008-02-01).
672:. MotorBooks International.
161:
7:
585:Bonsall, Thomas E. (2000).
413:Studebaker History Timeline
323:Production Shift Seen: 1963
275:, became Attorney General.
10:
915:
228:Trading with the Enemy Act
197:, was closed in 1969, and
177:
124:
870:History of the Weir Group
203:Montreal Locomotive Works
90:
79:
71:
63:
45:Packard Motor Car Company
32:
24:
720:Perrault, Bruce (2014).
666:Foster, Patrick (2008).
618:. Black Rose Books Ltd.
740:"Production Shift Seen"
199:White Motor Corporation
115:Worthington Corporation
55:Worthington Corporation
693:Kirk, John M. (1997).
107:Studebaker Corporation
103:Studebaker-Worthington
40:Studebaker Corporation
20:Studebaker-Worthington
830:StudebakerHistory.com
809:. STP. Archived from
726:Precise Engine Repair
195:Schenectady, New York
144:Clarke Floor Machines
853:The Montreal Gazette
132:Randolph H. Guthrie
21:
855:. 16 November 1967
764:. Thomas Telford.
286:Dresser Industries
19:
880:978-1-86197-886-8
873:. Profile Books.
798:978-0-8078-8860-5
771:978-0-7277-3411-2
746:. 9 December 1963
706:978-0-8130-1520-0
679:978-1-61673-018-5
652:978-1-4008-2268-3
625:978-0-919618-81-7
598:978-0-8047-3586-5
244:Cooper Industries
207:Oakville, Ontario
168:Derald Ruttenberg
136:Hamilton, Ontario
100:
99:
906:
884:
863:
861:
860:
844:
842:
841:
832:. Archived from
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273:John N. Mitchell
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184:Frank J. Nunlist
22:
18:
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279:
266:
262:
252:
180:
164:
152:STP Corporation
148:Gravely Tractor
127:
111:Wagner Electric
96:
59:
50:Wagner Electric
17:
12:
11:
5:
912:
902:
901:
886:
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845:
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736:
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690:
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663:
651:
636:
624:
609:
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581:
574:
573:
571:, p. 396.
561:
559:, p. 274.
549:
537:
535:, p. 188.
525:
523:, p. 159.
513:
511:, p. 111.
501:
489:
477:
465:
463:, p. 273.
453:
438:
436:, p. 144.
417:
405:
390:
375:
373:, p. 187.
356:
354:, p. 175.
344:
342:, p. 185.
327:
315:
299:
291:
290:
277:
259:
258:
251:
248:
232:Pierre Trudeau
179:
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126:
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36:
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15:
9:
6:
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3:
2:
911:
900:
897:
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882:
876:
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865:
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850:
846:
836:on 2013-10-21
835:
831:
827:
823:
813:on 2013-10-23
812:
808:
807:"STP History"
804:
800:
794:
790:
789:
783:
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744:Reading Eagle
741:
737:
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589:
583:
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558:
557:Schoultz 2011
553:
547:, p. 99.
546:
541:
534:
529:
522:
517:
510:
505:
499:, p. 84.
498:
493:
487:, p. 52.
486:
481:
474:
469:
462:
461:Schoultz 2011
457:
451:, p. 51.
450:
445:
443:
435:
434:Churella 1998
430:
428:
426:
424:
422:
414:
409:
402:
397:
395:
388:, p. 85.
387:
382:
380:
372:
367:
365:
363:
361:
353:
348:
341:
336:
334:
332:
324:
319:
313:, p. 86.
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287:
281:
274:
270:
269:Richard Nixon
264:
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119:McGraw-Edison
116:
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108:
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95:United States
93:
89:
86:
85:McGraw-Edison
82:
78:
74:
70:
66:
62:
56:
53:
51:
48:
46:
43:
41:
38:
37:
35:
31:
28:Manufacturing
27:
23:
869:
857:. Retrieved
852:
838:. Retrieved
834:the original
829:
815:. Retrieved
811:the original
787:
775:. Retrieved
760:
748:. Retrieved
743:
729:. Retrieved
725:
710:. Retrieved
695:
683:. Retrieved
668:
656:. Retrieved
641:
629:. Retrieved
614:
602:. Retrieved
587:
577:
576:
569:Bonsall 2000
564:
552:
540:
528:
521:Roberts 2006
516:
504:
492:
480:
468:
456:
408:
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318:
295:
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280:
263:
254:
253:
241:
221:
215:
188:
181:
172:
165:
140:
128:
102:
101:
91:Headquarters
83:Acquired by
33:Predecessors
533:Foster 2008
473:STP History
371:Foster 2008
352:Foster 2008
340:Foster 2008
236:Gerald Ford
859:2013-10-22
840:2013-10-21
817:2013-10-22
777:2013-10-22
750:2013-10-22
731:2014-07-26
712:2013-10-22
685:2013-10-22
658:2013-10-22
631:2013-10-22
604:2013-10-22
250:References
217:Weir Group
545:Kirk 1997
509:Weir 2008
497:Weir 2008
386:Weir 2008
311:Weir 2008
296:Citations
162:Formation
121:in 1979.
893:Category
284:In 1985
25:Industry
578:Sources
211:Fedders
178:History
125:Origins
72:Defunct
64:Founded
877:
795:
768:
703:
676:
649:
622:
595:
154:) and
255:Notes
875:ISBN
793:ISBN
766:ISBN
701:ISBN
674:ISBN
647:ISBN
620:ISBN
593:ISBN
224:Cuba
191:Alco
189:The
156:Onan
113:and
80:Fate
75:1979
67:1967
895::
851:.
828:.
742:.
724:.
441:^
420:^
393:^
378:^
359:^
330:^
303:^
158:.
146:,
109:,
883:.
862:.
843:.
820:.
801:.
780:.
753:.
734:.
715:.
688:.
661:.
634:.
607:.
475:.
415:.
403:.
325:.
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