{{Short description|Aerospace company}} {{for multi|the record label originally launched as ''Avco Embassy Records''|Avco Records|the film company once owned by Avco as ''Avco Embassy Pictures''|Embassy Pictures|the broadcasting company once owned by Avco as the ''Avco Broadcasting Corporation''|Crosley Broadcasting Corporation|''Avco Program Sales''|Multimedia Entertainment}} {{Use American English|date=January 2026}} {{Use mdy dates|date=January 2026}} {{Infobox company | name = Avco Corporation | logo = Aviation Corporation Logo.png | logo_class = skin-invert | logo_caption = | logo_alt = | type = Subsidiary | traded_as = {{NYSE was|AVC}} until 1984 | industry = {{Unbulleted list|Aerospace industry|Arms industry}} | predecessor = <!-- or: | predecessors = --> | founded = {{Start date and age|1929}} in Wilmington, Delaware | founder = <!-- or: | founders = --> | defunct = <!-- {{End date|YYYY|MM|DD}} --> | fate = | successor = <!-- or: | successors = --> | hq_location_city = Greenwich, Connecticut | hq_location_country = United States | area_served = Worldwide | key_people = | products = | owner = <!-- or: | owners = --> | num_employees = | num_employees_year = <!-- Year of num_employees data (if known) --> | parent = Textron<br/>(1984–present) | website = {{URL|textron.com}} }}
'''Avco Corporation'''<ref name=LDisTexAVCO1990NYT>{{cite news |newspaper=The New York Times |url=https://www.nytimes.com/1990/12/27/business/business-people-paul-revere-insurance-gets-a-new-president.html |title=Paul Revere Insurance Gets a New President |quote=became a part of Textron in 1984, after Textron acquired .. parent, Avco Inc., ... the bulk .. aerospace technology, commercial products and financial services. |date=December 27, 1990 |access-date=January 22, 2023}}</ref> is a subsidiary of Textron, which operates Textron Systems Corporation and Lycoming.<ref>{{cite web|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4933565 |archive-url=https://web.archive.org/web/20121015221208/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4933565 |url-status=dead |archive-date=October 15, 2012 |title=Avco Corporation: Private Company Information - BusinessWeek |publisher=Investing.businessweek.com |access-date=2011-12-18}}</ref>
==History== The '''Aviation Corporation''' was formed on March 2, 1929, to prevent a takeover of CAM-24 airmail service operator Embry-Riddle Company by Clement Melville Keys, who planned on buying Curtiss aircraft rather than Sherman Fairchild's. With capital from Fairchild, George Hann, Lehman Brothers, and W. A. Harriman,<ref>{{cite book|title=Airlines and air mail: the post office and the birth of the commercial aviation industry|author=F. Robert Van der Linden|page=57}}</ref> the holding company began 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 Air Lines. Universal Air Lines name was changed to American Airways, and later merged with Colonial to form American Airlines.<ref>{{cite book|title=Airlines and air mail: the post office and the birth of the commercial aviation industry|author=F. Robert Van der Linden|page=112}}</ref>
The company was required to divest American Airlines in 1934 due to new rules for air mail contracts. The Aviation Corporation ranked 32nd among United States corporations in the value of World War II production contracts.<ref>Peck, Merton J. & Scherer, Frederic M. ''The Weapons Acquisition Process: An Economic Analysis'' (1962) Harvard Business School p.619</ref> Two months after World War II ended the Aviation Corporation branched into the manufacture of farm machinery with its acquisition of the '''New Idea Company''' in October 1945.<ref>“Scope Broadened by Aviation Corp.," ''New York Times,'' October 30, 1945 stating that AVCO “will purchase slightly over 50% of New Idea’s outstanding shares from the four managing officers of the company, Henry Synck and J.A, J.H. and T.H. Oppenheim” and “Mr. Synck will be retained as a consultant and director and each of the Messrs. Oppenheim will remain officers and directors." See also:”New Idea Development,” ''Celina Daily Standard,'' August 27, 1999, page 7A, Sidebar. See also:Brian Wayne Wells, “The New Idea Spreader Company (part 2 of 2 Parts)” ''Belt/Pulley Magazine,'' Vol.11, No.6, November/December 1998, Part 2, [https://web.archive.org/web/20110718023802/http://wellssouth.com/blog/?p=83] (accessed Nov. 8, 2010). AVCO, founded in 1928 as The Aviation Corporation, is now a subsidiary of Textron. In 1950, the last entirely orange wagon with green wheels and the New Idea motto, “Invention, Leadership, Quality,” rolled out of the Coldwater facility. The serial number of the wagon was 11,398 and the lot number was W-108. Wells, “The New Idea Spreader Company … Part 2”</ref> The company later changed its name to '''Avco Manufacturing Corporation''', and then, in 1959, to '''Avco Corporation'''.{{citation needed|date=December 2010}} In 1984, Avco sold its farm machinery division to White Farm Equipment and Avco was purchased by Textron.<ref> [http://www.textronsystems.com/company_info/history.php Textron Systems History] {{webarchive |url=https://web.archive.org/web/20101130051019/http://www.textronsystems.com/company_info/history.php |date=November 30, 2010 }}, 1984 History, "''Textron acquires Avco, including Lycoming, to become Avco Systems Textron''", 2010, accessed 2010-11-27.</ref>
Avco's affiliated company, '''Avco Financial Services''', was spun off to Associates First Capital Corporation in 1998,<ref>{{cite web|url=http://www.prnewswire.co.uk/cgi/news/release?id=22595 |title=The Associates Announces Acquisition Of Avco Financial Services |publisher=Prnewswire.co.uk |access-date=2011-12-18}}</ref> which itself was acquired by Citigroup in 2000.<ref>{{cite web|url=http://www.citigroup.com/citigroup/press/2000/000906a.htm |title=Citi - About Citi |publisher=Citigroup.com |access-date=2011-12-18}}</ref>
=== Early companies bought or merged by Avco===
{{div col}} *Aviation Corporation - formed March 29 1929<ref name=book1>{{cite book|title=Airlines and air mail: the post office and the birth of the commercial|author=F. Robert Van der Linden|page=57}}</ref><ref name=book2>{{cite book|title=Pushing the Envelope: The American Aircraft Industry|author=Donald M. Pattillo}}</ref><ref name=book3>{{cite book|title=Balloons to Jets: A Century of Aeronautics in Illinois, 1855-1955|author=Howard Lee Scamehorn}}</ref> *Southern Air Transport<ref>{{cite book|title=Entrepreneurs, managers, and leaders: what the airline industry can teach us|author1=Anthony J. Mayo |author2=Nitin Nohria |author3=Mark Rennella |page=71}}</ref> *Colonial Air Lines - May 1929<ref name=book1/><ref name=book2/><ref name=book3/> *Colonial Western - May 1929<ref name=book1/><ref name=book2/><ref name=book3/> *Canadian Colonial Airways - May 1929<ref name=book1/><ref name=book2/><ref name=book3/> *Embry-Riddle Aviation Corporation - Summer 1929, Embry-Riddle Flying School closed 1930<ref>{{cite web|title=Embry Riddle Early Years|url=http://www.eraualumni.org/s/867/index.aspx?sid=867&gid=1&pgid=1020|access-date=13 December 2011|archive-url=https://web.archive.org/web/20111004094711/http://www.eraualumni.org/s/867/index.aspx?sid=867&gid=1&pgid=1020|archive-date=4 October 2011|url-status=dead}}</ref> *Interstate Airlines - Summer 1929<ref name=book1/><ref name=book2/><ref name=book3/> *Fairchild Aircraft<ref name=book1/><ref name=book2/><ref name=book3/> *Wien Air Alaska<ref name="Ira">{{cite book |last1=Harkey |first1=Ira |title=Pioneer Bush Pilot |date=1991 |publisher=Bantam Books |isbn=0553289195 |page=290}}</ref> *Kreider-Reisner<ref name=book1/><ref name=book2/><ref name=book3/> *The Superplane Company<ref name=book1/><ref name=book2/><ref name=book3/> *Universal Air Line System Terminal Company<ref name=book1/><ref name=book2/><ref name=book3/> *Midplane Sales and Transit Company<ref name=book1/><ref name=book2/><ref name=book3/> *Northern Airplane Company<ref name=book1/><ref name=book2/><ref name=book3/> *Air Transportation, Inc.<ref name=book1/><ref name=book2/><ref name=book3/> *Robertson Flying School Inc.<ref name=book1/><ref name=book2/><ref name=book3/> *Egyptian Airways Inc.<ref name=book1/><ref name=book2/><ref name=book3/> *Universal Aviation Corporation - bought by Avco in 1930 *Universal Aviation Schools<ref name=book1/><ref name=book2/><ref name=book3/> *Roosevelt Field, New York<ref>{{cite book|title=The American aviation experience: a history|author=Tim Brady|page=147}}</ref> *Curtiss Field<ref name=book1/><ref name=book2/><ref name=book3/> *Southwest Air Fast Express - June 1931<ref>{{cite book|title=Airline deregulation and laissez-faire mythology|author1=Paul Stephen Dempsey |author2=Andrew R. Goetz |page=54}}</ref> {{div col end}}
==Timeline== {{inline citations|section|date=February 2023}} <ref>[http://www.fundinguniverse.com/company-histories/Textron-Lycoming-Turbine-Engine-Company-History.html Textron Lycoming Turbine Engine], a Company History of AVCO and Lycoming/Textron</ref><ref>[http://www.library.hbs.edu/hc/lehman/chrono.html?company=avco_financial_services_inc Avco Financial Services, Inc.] from the Lehman Brothers Collection – Twentieth Century Business Archives</ref><ref>[http://www.centennialofflight.gov/essay/Aerospace/Consolidated_Vultee/Aero33.htm Consolidated Vultee Aircraft Corporation] {{webarchive |url=https://web.archive.org/web/20110606012521/http://www.centennialofflight.gov/essay/Aerospace/Consolidated_Vultee/Aero33.htm |date=June 6, 2011 }}, U.S. Centennial of Flight Commission</ref><ref>[http://www.centennialofflight.gov/essay/Aerospace/generaldynamics/Aero35.htm General Dynamics Corporation] {{webarchive|url=https://web.archive.org/web/20081112045623/http://www.centennialofflight.gov/essay/Aerospace/generaldynamics/Aero35.htm |date=2008-11-12 }}, U.S. Centennial of Flight Commission</ref><ref>[http://www.coachbuilt.com/bui/c/central/central.htm Central Manufacturing Co. of Connersville, Indiana], a history of Cord, AVCO, and others</ref>
*1929 '''Aviation Corporation''' (AVCO) holding company formed by multiple participants *1932 '''Airplane Development Corporation''' formed as a subsidiary of the Cord Corporation by Gerard F. "Jerry" Vultee<ref>{{cite magazine |title=Westward Ho... |magazine=Aviation |date=February 1936 |publisher=McGraw-Hill Publishing Company |volume=35 |issue=2 |page=17 |url=https://archive.org/details/Aviation_Week_1936-02-01/page/n8 |accessdate=26 June 2021}}</ref> *1934 AVCO acquired the Airplane Development Corporation from Cord and formed the '''Aviation Manufacturing Corporation''' (AMC)<ref>{{cite magazine |title=Aviation Corporation to Build |magazine=Aviation |date=February 1935 |publisher=McGraw-Hill Publishing Company |volume=34 |issue=2 |page=66 |url=https://archive.org/details/Aviation_Week_1935-02-01/page/n17 |accessdate=26 June 2021}}</ref>{{Failed verification|date=June 2021}} *1936 AMC liquidated to form the '''Vultee Aircraft Division''', an autonomous subsidiary of AVCO *1939 Vultee Aircraft Division of AVCO reorganized as an independent company known as '''Vultee Aircraft, Inc.''' *1940 Barkley-Grow Aircraft acquired by AVCO<ref>{{cite news |title=Aviation Corporation Acquires Plane Firm |work=Nashville Tennessean |agency=AP |date=3 June 1940 |page=3}}</ref> *1941 Consolidated Aircraft Corporation sold to AVCO *1943 '''Consolidated-Vultee''', known as Convair, formed by the merger of Consolidated Aircraft and Vultee Aircraft; still controlled by AVCO *1945 AVCO acquired the '''New Idea Company''' from the heirs of Joseph Oppenheim, who founded the farm machinery manufacturer in 1899 *1945 AVCO acquired Crosley Corporation from Powel Crosley Jr.<ref>{{cite web|url=https://blog.retroplanet.com/cars-radios-appliances-powel-crosley-jr-changed-industries/|title=Cars, Radios & Appliances: How Powel Crosley Jr. Changed Industries|date=18 July 2014|website=Retro Planet}}</ref> *1947 Convair acquired by the Atlas Corporation *1947 AVCO name changed to '''Avco Manufacturing Corporation''' *1951 Purchased Bendix Home Appliances, South Bend, Indiana manufacturer of automatic clothes washers, combining Bendix Appliances with Crosley Appliances<ref>{{cite web|url=https://www.nytimes.com/1986/05/12/obituaries/judson-s-sayre.html|title=Judson S. Sayre|date=12 May 1986|via=NYTimes.com}}</ref> *1956 Avco sold Bendix Home Appliances to Philco<ref>{{cite web|url=https://www.nytimes.com/1956/11/14/archives/bendix-sale-by-avco-to-philco-affirmed.html|title=Bendix Sale by Avco to Philco Affirmed|date=14 November 1956|via=NYTimes.com}}</ref> *1959 Avco Manufacturing Corporation name changed to '''Avco Corporation''' *1966 Avco acquired Carte Blanche charge cards from First National City Bank<ref name ="carte blanche">{{cite news |title=Justice Won't Fight Carte Blanche Buy |url=https://news.google.com/newspapers?nid=1129&dat=19780403&id=TkwNAAAAIBAJ&sjid=PG0DAAAAIBAJ&pg=3486,243369 |access-date=14 April 2014 |agency=Associated Press |newspaper=Pittsburgh Post-Gazette |via=Google News Archive |date=3 April 1978 |page=21 |author=<!--Staff writer(s); no by-line.-->}}</ref> *1967 Avco acquired Embassy Pictures *1968 Avco acquired the developer of Rancho Bernardo, San Diego<ref>{{Cite web| title = History - Rancho Bernardo Historical Society| access-date = 2016-10-14| url = http://www.rbhistoricalsociety.org/history}}</ref> *1971 Avco acquires a stake in the developer of Laguna Niguel, California<ref>{{Cite news| issn = 0362-4331| last = Hammer| first = Alexander R.| title = AVCO UNIT TO GET SHARE OF LAGUNA; $19-Million Transaction Set by the Two Concerns| work = The New York Times| access-date = 2016-10-14| date = 1969-10-14| url = https://www.nytimes.com/1969/10/14/archives/avco-unit-to-get-share-of-laguna-19million-transaction-set-by-the.html}}</ref> *1975-1977 Crosley Broadcasting stations divested *1976 Sold rights to Crosley Appliances to '''Crosley Corporation''', a new distributor who contracted for appliances from companies such as Whirlpool Corporation and Electrolux *1978 Sold Carte Blanche to Citibank<ref name ="carte blanche"/> *1982 Sold Embassy Pictures to Norman Lear and Jerry Perenchio *1984 Avco sold the '''New Idea''' line of farm machinery to Allied Corporation, which then purchased the White Farm Equipment, forming White-New Idea *1984 Textron acquired Avco Corporation, renamed it Avco Systems Textron *1985 Avco Systems Textron became Textron Defense Systems *1995 Textron Systems Corporation created, consisting of what is now Textron Defense Systems, Textron Marine & Land Systems, and Lycoming
==Locations== * Coldwater, Ohio (1945 - 1984)<ref>PR Newswire, December 8, 1999. “1999 AGCO To Close Its Coldwater, Ohio Facility Lockney, Texas Plant to Cease Production by Second Quarter The Free Library(December, 8), http://www.thefreelibrary.com/AGCO To Close Its Coldwater, Ohio Facility Lockney, Texas Plant to...-a058077591(accessed November 21, 2010)”</ref> * Stratford Army Engine Plant (1951 - 1976)<ref>{{cite web|url=http://www.ctpost.com/local/article/Stratford-s-troubled-Army-Engine-Plant-property-2115099.php |title=Stratford's troubled Army Engine Plant property back on market - Connecticut Post |publisher=Ctpost.com |date=2011-08-19 |access-date=2011-12-18}}</ref> *Connersville, Indiana (1937 - 1960) AVCO purchases assets of Cord's Auburn Automobile Company in 1937. Manufactures kitchen appliances until sale in 1959 to Design and Manufacturing dishwasher division. Manufactures 500,000 Jeep bodies for Overland and Ford during WWII. 1959 AVCO sells to Sam Reginstrief, 1960 AVCO sells to HH Robertson and moves munitions to Richmond, Indiana, former Crosley Plant. * Nashville, Tennessee (1959 - 1985)<ref>{{cite web |url=http://www.triumphgroup.com/companies/triumph-aerostructures-vought-aircraft-division/about-us/history |title=History : Triumph Aerostructures - Vought Aircraft Division |access-date=2012-07-04 |archive-url=https://web.archive.org/web/20110114082715/http://www.triumphgroup.com/companies/triumph-aerostructures-vought-aircraft-division/about-us/history |archive-date=2011-01-14 |url-status = dead}}</ref>
==See also== * Avco World Trophy * AVCOAT 5026-39 * Crosley Broadcasting Corporation (later Avco Broadcasting Corporation) * M2 (railcar) (part of this series was built by Avco)
==References== {{Reflist|33em}}
==External links== {{Commons category}}
* [https://web.archive.org/web/20080513063020/http://www.textron.com/textron_businesses/index.jsp Textron website] * [http://archive.org/details/aviationcorporationannualreports The Aviation Corporation Annual Reports: 1929, 1933–1939, 1941–1946 – Internet Archive]
{{Textron}} {{Embry–Riddle Aeronautical University}}
Category:Aircraft engine manufacturers of the United States Category:Manufacturing companies based in Connecticut Category:Companies based in Greenwich, Connecticut Category:Textron Category:Manufacturing companies established in 1929 Category:American companies established in 1929 Category:1929 establishments in Delaware Category:1984 mergers and acquisitions Category:Conglomerate companies of the United States Category: Companies formerly listed on the New York Stock Exchange