73-614: Textron Inc. is an American industrial conglomerate based in Providence, Rhode Island . Textron's subsidiaries include Arctic Cat , Bell Textron , Textron Aviation (which itself includes the Beechcraft and Cessna brands), and Lycoming Engines . It was founded by Royal Little in 1923 as the Special Yarns Company . In 2020, Textron employed over 33,000 people in 25 countries. The company ranked 265th on
146-759: A brand and retain its existing headquarters and operations in Slovenia and Italy. Textron will invest in the division to hasten future aircraft development and production. Pipistrel's founder and CEO, Ivo Boscarol, will stay on as a minority shareholder and also as the Chairman Emeritus . The purchase was completed in April 2022, for a price of US$ 235M. Textron Systems is an aerospace and defense development and manufacturing firm headquartered in Providence, Rhode Island. The company reported 2012 annual sales in
219-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
292-541: A 7 ft (2.1 m) section of one Cessna 400 's wing skin from the spar while the aircraft was being flown by an FAA test pilot. The aircraft was landed safely. The FAA also discovered 82 other aircraft parts that had been incorrectly made and not detected by the company's quality assurance. The investigation resulted in an emergency Airworthiness Directive that affected 13 Cessna 400s. Since March 2012, Cessna has been pursuing building business jets in China as part of
365-459: A Manhattan federal court against the former head of a now-defunct London-based company, Xcalibur Aerospace Ltd., for making a fraudulent bid to buy Textron for $ 13.8 billion. The Department of Justice and the SEC claimed that Xcalibur Aerospace was never in a position to complete a tender offer for Textron and lacked the finances to do so. On May 28, 2024, Textron publicly announced the completion of
438-523: A conglomerate almost as big as itself. Later on, James Hardymon took over as CEO. This $ 1.4 billion acquisition included the parent of Paul Revere Insurance Company (through 1996, when they sold it). James Hardymon brought in Lewis B. Campbell , who became CEO in 1998. Starting in 2000, Campbell led a company-wide restructuring program. The share price fell to as low as $ 13/share in March ;2003 after
511-486: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
584-549: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
657-463: A joint venture with Aviation Industry Corporation of China (AVIC). The company stated that it intends to eventually build all aircraft models in China, saying "The agreements together pave the way for a range of business jets, utility single-engine turboprops and single-engine piston aircraft to be manufactured and certified in China." In late April 2012, the company added 150 workers in Wichita as
730-641: A leading manufacturer of propellers for light aircraft. McCauley became the world's leading producer of general aviation aircraft propellers, largely through their installation on Cessna airplanes. In 1960, Cessna affiliated itself with Reims Aviation of Reims , France. In 1963, Cessna produced its 50,000th airplane, a Cessna 172. Cessna's first business jet, the Cessna Citation I , performed its maiden flight on September 15, 1969. Cessna produced its 100,000th single-engine airplane in 1975. In 1985, Cessna ceased to be an independent company. It
803-506: A leading manufacturer of aircraft radios. During these years, Cessna expanded the ARC product line, and rebranded ARC radios as "Cessna" radios, making them the "factory option" for avionics in new Cessnas. However, during this time, ARC radios suffered a severe decline in quality and popularity. Cessna kept ARC as a subsidiary until 1983, selling it to avionics-maker Sperry . In 1960, Cessna acquired McCauley Industrial Corporation , of Ohio,
SECTION 10
#1732780129669876-489: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Cessna Cessna ( / ˈ s ɛ s n ə / )
949-490: A result of anticipated increased demand for aircraft production. Overall, they have cut more than 6000 jobs in the Wichita plant since 2009. In March 2014, Cessna ceased operations as a company and instead became a brand of Textron Aviation . During the 1950s and 1960s, Cessna's marketing department followed the lead of Detroit automakers and came up with many unique marketing terms in an effort to differentiate its product line from their competitors. Other manufacturers and
1022-639: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1095-521: Is a designer and manufacturer of light transportation vehicles for golf courses, planned communities, campuses, and other uses. Products include electric and internal combustion golf carts, low speed vehicles and other multipurpose utility vehicles under the E-Z-Go, Cushman and Bad Boy Buggy brands. Greenlee Textron is an industrial and electrical tool company headquartered in Rockford, Illinois . It
1168-560: Is a government contractor based in Newport News , Virginia . On March 6, 2017, Textron acquired Arctic Cat for US$ 247M. Arctic Cat is a manufacturer of snowmobiles, all-terrain vehicles, and side-by-sides . Textron operates Arctic Cat as a subsidiary of Textron Specialized Vehicles. Bell Textron is an American helicopter and rotorcraft manufacturer headquartered in Fort Worth, Texas . Acquired by Textron in 1960, E-Z-GO
1241-412: Is a supplier to the automotive industry . The company produces plastic fuel systems , selective catalytic reduction systems, windshield and headlamp washer systems, and other products. In August 2019, Textron Inc. was looking to spin off or sell this division to focus on higher-margin parts of their business. Textron AirLand, LLC is a joint venture between Textron Inc. and AirLand Enterprises, LLC that
1314-547: Is an American brand of general aviation aircraft owned by Textron Aviation since 2014, headquartered in Wichita, Kansas . Originally, it was a brand of the Cessna Aircraft Company , an American general aviation aircraft manufacturing corporation also headquartered in Wichita. The company produced small, piston-powered aircraft, as well as business jets . For much of the mid-to-late 20th century, Cessna
1387-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
1460-629: Is currently developing the Textron AirLand Scorpion aircraft as a private venture. Textron Aviation is a new venture formed in March 2014 from Beechcraft and Cessna, retaining the Beechcraft, Cessna and Hawker aircraft type names as brands. In March 2022 Textron agreed to buy Slovenian aircraft builder Pipistrel and form a new division for electric aircraft development, called Textron eAviation . Pipistrel will continue as
1533-571: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
SECTION 20
#17327801296691606-753: The Bell 525 Relentless , Bell V-280 Valor tiltrotor, Cessna Citation Longitude , Cessna Citation Hemisphere , Beechcraft Denali single-engine turboprop, the Cessna SkyCourier twin cargo hauler and the Textron Scorpion close support jet after the certification of the Bell 505 Jet Ranger X . In March 2022, Textron agreed to acquire Pipistrel , an electrically powered aircraft manufacturer based in Italy and Slovenia. On April 5, 2022, U.S. authorities announced criminal as well as civil charges in
1679-652: The Cessna Mustang , did not see any layoffs, but one third of the workforce at the former Columbia Aircraft facility in Bend was laid off. This included 165 of the 460 employees who built the Cessna 350 and 400 . The remaining 500 jobs were eliminated at the main Cessna Wichita plant. In January 2009, the company laid off an additional 2,000 employees, bringing the total to 4,600. The job cuts included 120 at
1752-561: The Federal Aviation Administration (FAA) proposed a US$ 2.4 million fine against the company for its failure to follow quality assurance requirements while producing fiberglass components at its plant in Chihuahua, Mexico . Excess humidity meant that the parts did not cure correctly and quality assurance did not detect the problems. The failure to follow procedures resulted in the delamination in flight of
1825-542: The Royal Canadian Air Force placed an order for 180 T-50s. Cessna returned to commercial production in 1946, after the revocation of wartime production restrictions (L-48), with the release of the Model 120 and Model 140 . The approach was to introduce a new line of all-metal aircraft that used production tools, dies and jigs, rather than the hand-built tube-and-fabric construction process used before
1898-652: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
1971-579: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
2044-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
2117-627: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
2190-576: The 2021 Fortune 500 of the largest United States corporations by revenue. Textron started as a textile company in 1923, when 27-year-old Royal Little founded the Special Yarns Corporation in Boston, Massachusetts . The company manufactured synthetic yarns , a niche product at the time. By the start of World War II , the company was known as Atlantic Rayon Corporation and manufactured parachutes . As war production wound down,
2263-499: The 400th Cessna Citation Latitude business jet at its manufacturing facility in Wichita , Kansas. Scheduled for delivery later this year, the significant achievement was marked by a celebratory event held by employees at the company's Wichita headquarters. Able Aerospace Services is an international business and $ 70 million aerospace enterprise that is performing more than 2,800 proprietary FAA -approved repairs on aircraft and components. Airborne Tactical Advantage Company (ATAC)
Textron - Misplaced Pages Continue
2336-683: The Bend, Oregon, facility reducing the plant that built the Cessna 350 and 400 to fewer than half the number of workers that it had when Cessna bought it. Other cuts included 200 at the Independence, Kansas, plant that builds the single-engined Cessnas and the Mustang, reducing that facility to 1,300 workers. On April 29, 2009, the company suspended the Citation Columbus program and closed the Bend, Oregon, facility. The Columbus program
2409-458: The Columbus program. In early June 2009, Cessna laid off an additional 700 salaried employees, bringing the total number of lay-offs to 7,600, which was more than half the company's workers at the time. The company closed its three Columbus, Georgia , manufacturing facilities between June 2010 and December 2011. The closures included the new 100,000-square-foot (9,300 m ) facility that
2482-545: The Textron Systems segment as $ 1.7 billion. Its operating units are: Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / ) is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has a parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on
2555-603: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
2628-430: The United States. In the end, the Cessna 162 was not a commercial success and only a small number were delivered before production was cancelled. The company's business suffered notably during the late-2000s recession , laying off more than half its workforce between January 2009 and September 2010. On November 4, 2008, Cessna's parent company, Textron , indicated that Citation production would be reduced from
2701-454: The aviation press widely ridiculed and spoofed many of the marketing terms, but Cessna built and sold more aircraft than any other manufacturer during the boom years of the 1960s and 1970s. Generally, the names of Cessna models do not follow a theme, but there is usually logic to the numbering: the 100 series are the light singles, the 200s are the heftier, the 300s are light to medium twins, the 400s have "wide oval" cabin-class accommodation and
2774-688: The brand has also been well known for its Citation family of low-wing business jets which vary in size. Clyde Cessna , a farmer in Rago, Kansas , built his own aircraft and flew it in June 1911. He was the first person to do so between the Mississippi River and the Rocky Mountains . Cessna started his wood-and-fabric aircraft ventures in Enid, Oklahoma , testing many of his early planes on
2847-421: The company from Cessna in 1934. They reopened it and began the process of building it into what would become a global success. The Cessna C-37 was introduced in 1937 as Cessna's first seaplane when equipped with Edo floats. In 1940, Cessna received their largest order to date, when they signed a contract with the U.S. Army for 33 specially equipped Cessna T-50s , their first twin engine plane. Later in 1940,
2920-963: The company lost 75% of its value in the first ten years of Campbell's leadership, he managed to take home over $ 120 million in compensation. His salary in 2008 was $ 25 million, making him the highest-paid executive of a conglomerate. Campbell managed to sell over $ 40 million in Textron stock in April and May 2008, at prices over $ 60 per share. Scott C. Donnelly became CEO in December 2009. Textron acquired Mechtronix in Montreal, Quebec and OPINICUS in Tampa, Florida , in 2013. Donnelly combined these flight simulation companies, along with Textron's AAI Logistics & Technical Services, to form TRU Simulation & Training in 2014. On December 26, 2013, Textron agreed to purchase Beechcraft , including
2993-511: The company started making civilian products as well and was renamed Textron : "Tex" for "textiles" and "tron" from synthetics such as "Lustron". The company was listed on the NYSE in 1947. Royal Little began the process of turning Textron into a conglomerate in 1953, with the purchase of Burkart Manufacturing Company (upholstery filling for the automotive industry) in September 1953, followed by
Textron - Misplaced Pages Continue
3066-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
3139-406: The discontinued Hawker jet line, for $ 1.4 billion. The sale closed in March 2014. The company formed a new company called Textron Aviation to market the products of Beechcraft, Cessna and Hawker as individual brands . From 2013 to 2016, R&D investments were 4.3%, 4.0%, 4.6%, and 4.2% of its revenues ($ 13.78 billion in 2016) and totaled more than $ 2.2 billion as it developed seven aircraft:
3212-550: The economic downturn following the collapse of Internet companies and the terrorist attacks on the World Trade Center . Diminished demand for helicopters and airplanes led to layoffs at Cessna and Bell Textron . In 2007, the Wall Street Journal reported that Campbell had received $ 494,700 in compensation in the form of his use of a corporate jet to travel between his home and office, which made him
3285-483: The economic slowdown has created a difficult business environment, we are encouraged by brisk activity from new and existing propeller fleet operators placing almost 200 orders for 2009 production aircraft," Pelton stated. Beginning in January 2009, a total of 665 jobs were cut at Cessna's Wichita and Bend, Oregon plants. The Cessna factory at Independence, Kansas , which builds the Cessna piston-engined aircraft and
3358-412: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
3431-771: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
3504-719: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
3577-474: The most expensive CEO in the country in terms of use of jet travel. Some shareholders have questioned whether it is a good use of shareholder dollars to pay for the personal lifestyle choice of the CEO to live in one state and work in another. Shares in Textron plummeted to as low as $ 10.09 per share in the aftermath of the 2008 economic downturn , driving its market capitalization down to just $ 3.17 billion. While
3650-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
3723-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
SECTION 50
#17327801296693796-472: The original 2009 target of 535 "due to continued softening in the global economic environment" and that this would result in an undetermined number of lay-offs at Cessna. On November 8, 2008, at the Aircraft Owners and Pilots Association (AOPA) Expo, CEO Jack Pelton indicated that sales of Cessna aircraft to individual buyers had fallen, but piston and turboprop sales to businesses had not. "While
3869-731: The parent company. Conglomerates are often large and multinational corporations that have a global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
3942-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
4015-487: The purchase of Dalmo-Victor (airborne Radar Antennae) and MB Manufacturing Company in early 1954. The push for diversification would see Textron purchase various other manufacturing companies. In 1960, the company also bought Bell Aerospace and E-Z-Go. The textile division was sold to Deering Milliken in 1963. Later CEOs included G. William Miller (1968–1977), Joseph Collinson (1977–1979) and Robert P. Straetz (1979–1986). In 1984, Textron took on more debt and bought Avco ,
4088-443: The recent quality problems with Chinese production of other consumer products, China's human rights record, exporting of jobs and China's less than friendly political relationship with the United States. The customer backlash surprised Cessna and resulted in a company public relations campaign. In early 2009, the company attracted further criticism for continuing plans to build the 162 in China while laying off large numbers of workers in
4161-972: The recovery to be long and slow. In September 2010, a further 700 employees were laid off, bringing the total to 8,000 jobs lost. CEO Jack Pelton indicated this round of layoffs was due to a "stalled [and] lackluster economy" and noted that while the number of orders cancelled for jets had been decreasing, new orders had not met expectations. Pelton added, "our strategy is to defend and protect our current markets while investing in products and services to secure our future, but we can do this only if we succeed in restructuring our processes and reducing our costs." On May 2, 2011, CEO Jack J. Pelton retired. The new CEO, Scott A. Ernest, started on May 31, 2011. Ernest joined Textron after 29 years at General Electric , where he had most recently served as vice president and general manager, global supply chain for GE Aviation . Ernest previously worked for Textron CEO Scott Donnelly when both worked at General Electric. In September 2011,
4234-572: The salt flats. When bankers in Enid refused to lend him more money to build his planes, he moved to Wichita . Cessna Aircraft was formed when Clyde Cessna and Victor Roos became partners in the Cessna-Roos Aircraft Company in 1927. Roos resigned just one month into the partnership, selling back his interest to Cessna. Shortly afterward, Roos's name was dropped from the company name. The Cessna DC-6 earned certification on
4307-715: The same day as the stock market crash of 1929 , October 29, 1929. In 1932, the Cessna Aircraft Company closed due to the Great Depression . However, the Cessna CR-3 custom racer made its first flight in 1933. The plane won the 1933 American Air Race in Chicago and later set a new world speed record for engines smaller than 500 cubic inches by averaging 237 mph (381 km/h). Cessna's nephews, brothers Dwane and Dwight Wallace, bought
4380-554: The then-new Cessna 162 would be built in China by Shenyang Aircraft Corporation , which is a subsidiary of the China Aviation Industry Corporation I (AVIC I), a Chinese government-owned consortium of aircraft manufacturers. Cessna reported that the decision was made to save money and also that the company had no more plant capacity in the United States at the time. Cessna received much negative feedback for this decision, with complaints centering on
4453-419: The three distinct brands produced by Textron Aviation. Throughout its history, and especially in the years following World War II, Cessna became best known for producing small, high-wing , piston aircraft. Its most popular and iconic aircraft is the Cessna 172 , delivered since 1956 (with a break from 1986 to 1996), with more sold than any other aircraft in history. Since the first model was delivered in 1972,
SECTION 60
#17327801296694526-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
4599-765: The war. The Model 140 was named by the US Flight Instructors Association as the "Outstanding Plane of the Year" in 1948. Cessna's first helicopter, the Cessna CH-1 , received FAA type certification in 1955. Cessna introduced the Cessna 172 in 1956. It became the most produced airplane in history. During the post-World War II era, Cessna was known as one of the "Big Three" in general aviation aircraft manufacturing, along with Piper and Beechcraft . In 1959, Cessna acquired Aircraft Radio Corporation (ARC), of Boonton, New Jersey,
4672-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
4745-668: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
4818-481: Was acquired by Textron in 1986. Greenlee produces various wire and cable installation tools that are used in a variety of fields. On April 18, 2018, Textron announced that it would sell its Greenlee brand to Emerson Electric . Textron purchased Jacobsen Manufacturing in June 1978 and continued to produce Jacobsen garden tractors into the 1990s. Today, Jacobsen sells various products used for turf care: maintenance equipment, vehicles, and other products. Kautex Textron
4891-492: Was finally cancelled in early July 2009. The company reported, "Upon additional analysis of the business jet market related to this product offering, we decided to formally cancel further development of the Citation Columbus". With the 350 and 400 production moving to Kansas, the company indicated that it would lay off 1,600 more workers, including the remaining 150 employees at the Bend plant and up to 700 workers from
4964-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
5037-460: Was founded in 1862 by brothers Robert and Ralph Greenlee to manufacture their invention, a drill surrounded by four chisel blades, used in making the pockets for a mortise and tenon joint for the furniture industry in Rockford. This device is still used in cabinetmaking. The brothers later diversified into a variety of hand woodworking tools as well as machinery for making wooden barrels. The company
5110-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
5183-413: Was one of the highest-volume and most diverse producers of general aviation aircraft in the world. It was founded in 1927 by Clyde Cessna and Victor Roos and was purchased by General Dynamics in 1985, then by Textron, Inc. in 1992. In March 2014, when Textron purchased the Beechcraft and Hawker Aircraft corporations, Cessna ceased operations as a subsidiary company, and joined the others as one of
5256-679: Was opened in August 2008 at a cost of US$ 25M, plus the McCauley Propeller Systems plant. These closures resulted in total job losses of 600 in Georgia. Some of the work was relocated to Cessna's Independence, Kansas, or Mexican facilities. Cessna's parent company, Textron, posted a loss of US$ 8M in the first quarter of 2010, largely driven by continuing low sales at Cessna, which were down 44%. Half of Cessna's workforce remained laid-off and CEO Jack Pelton stated that he expected
5329-681: Was purchased by General Dynamics Corporation and became a wholly owned subsidiary. Production of the Cessna Caravan began. General Dynamics in turn sold Cessna to Textron in 1992. Late in 2007, Cessna purchased the bankrupt Columbia Aircraft company for US$ 26.4M and would continue production of the Columbia 350 and 400 as the Cessna 350 and Cessna 400 at the Columbia factory in Bend, Oregon . However, production of both aircraft had ended by 2018. On November 27, 2007, Cessna announced
#668331