SRC Holdings Corp (SRC) is an American equipment company based in Springfield, Missouri .
58-407: SRC was established in 1983 when 13 employees of International Harvester purchased a part of that company that rebuilt truck engines, with $ 100,000 of their own money and $ 8.9 million in loans, with the goal of saving 119 jobs. By 1988, SRC's debt to equity ratio was down to 1.8 to 1, and the business had a value of $ 43 million. The stock price, $ 0.10 in 1983, had increased to $ 13 per share. By 2015,
116-421: A dealership meeting the new "50 Series" of tractors, which included the 136 hp (101 kW) 5088, the 162 hp (121 kW) 5288 and the 187 hp (139 kW) 5488. IH also released the "30 series", which included the 81 hp (60 kW) 3088, the 90 hp (67 kW) 3288, the 112 hp (84 kW) 3488 Hydro, and the 113 hp (84 kW) 3688. These new tractors proved once again that IH
174-427: A new rear-hitch system. The 50 Series had an unprecedented three-year or 2,500-hour engine and drive-train warranty, which later became an industry standard. Although no new sales records were set, IH sold a respectable number of these tractors during their short production time. IH also released the "60 series 2+2s" and planned on making the "Super 70 series" 2+2s, but only a handful of these exist today. On May 14, 1985,
232-463: A number of smaller competitors. Parlin & Orendorff (P&O Plow) and Chattanooga Plow were purchased in 1919. Other brand names they incorporated include Keystone, D.M. Osborne, Kemp, Meadows, Sterling, Weber, Plano, and Champion . In 1924 IH introduced the Farmall , a smaller general-purpose tractor, to fend off competition from Ford Motor Company 's Fordson tractors. Farmall was a leader in
290-483: A period of time, buying companies and acquiring technology. Its heavy tractor range was an established offering, however IH wanted to offer innovative new construction technology. Significant moves included the purchase of the Frank G Hough company which produced an iconic machine called a PayLoader, and the purchase of French company Yumbo, which produced hydraulic excavators. Between 1956 and 1982 IH developed and sold
348-412: A range of off-road dump trucks , which were known commercially as 'PayHaulers '. International manufactured and sold an extensive range of heavy equipment . In 1974 IH renamed this division the 'Payline' division. The original payloader model was literally a tractor which had forks welded to the front. Frank Hough was the man who invented the concept and Hough's company worked closely with IH until it
406-418: A simple numbering system. The first 2-3 digits was the horsepower rating, and the last number was the number of cylinders, so a 1486 was rated 148 hp and had a 6 cyl. engine, while the 1468 had 146 hp and a v8 engine. In 1964, IH made its four-millionth tractor, an 806. In 1965, IH introduced its first 100 hp (75 kW) two-wheel-drive tractor, the 1206. Another option became available in 1965 for
464-418: A strategy to drastically cut costs and improve profit margins. Unprofitable lines were terminated, and factory production was scaled back, resulting in profits reaching their highest levels in ten years by the end of the year, although cash reserves remained low. This strategy led to growing dissatisfaction among union members. In anticipation of labor disputes, IH braced for a strike. On November 1, 1979, just as
522-511: A tractor chassis, fitted with friction drive (one speed forward, one reverse). Between 1911 and 1914, 862 were built. These tractors had varied success but the trend going into the mid-1910s was toward "small" and "cheap". The company's first important tractors were the 10-20 and 15-30 models. Introduced in 1915, they were primarily used as traction engines to pull plows and for belt work on threshing machines . The 10-20 and 15-30 had similar Mogul and Titan versions. Concurrently, IHC purchased
580-563: A variety of attachment solutions Bucyrus-Erie made a range of cable and hydraulically operated blades which fitted International-Harvester track type tractors. IH purchased the blades range from Bucyrus-Erie in the 1950s and absorbed these into its machinery division. IH also purchased attachments for the tractor range from Isaacson, including logging arches and dozer blades. Carrying on with its expansion IH purchased Isaacson's attachments division in 1952. Cyrus McCormick, Jr. Cyrus Hall McCormick Jr. (May 16, 1859 – June 2, 1936)
638-511: Is owned by CNH . The European division exists today as McCormick Tractors and is owned by ARGO SpA of Italy. International became solely a truck and engine manufacturer and brand and reorganized as Navistar International in 1986. Throughout its existence International Harvester was headquartered in Chicago, Illinois . In 2020 Volkswagen agreed to fully purchase the remaining shares of Navistar. The roots of International Harvester run to
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#1732794465370696-503: The Burlington Northern Railroad , was appointed as IH's new chairman and CEO. Under Menk's guidance, IH went through a twenty-month reorganization process, and he hired a new management team. Menk also ensured that IH made necessary cutbacks, and it involved the sale of the company's Payline division of construction equipment to Dresser Industries . Further assets were sold to Tenneco, Inc., in 1984. Following
754-507: The Farmall and Cub Cadet tractors, International was also known for the Scout and Travelall vehicle nameplates. In the 1980s all divisions were sold off except for International Trucks, which changed its parent company name to Navistar International (NYSE: NAV). Given its monumental importance to the building of rural communities the brand continues to have a massive cult following. The International Harvester legacy non-profits host some of
812-621: The Hinsdale, Illinois , Testing Farm, IH entertained over 12,000 dealers from over 25 countries. The series included the first-of-its-kind six-cylinder 460 and 560 tractors. Unfortunately just a year later, these models were recalled due to final drive component failures. They had not been updated since 1939 and would fail rapidly under the stress of the more powerful 60-series engines. Some customers lost faith in IH and migrated to John Deere's New Generation of Power tractors introduced in 1960. Throughout
870-663: The Jekyll Island Club (aka The Millionaires Club) on Jekyll Island, Georgia . McCormick's daughter, Elizabeth, died at the age of twelve; in 1908, her parents established the Elizabeth McCormick Memorial Fund, which supported child health and welfare efforts in Chicago and nationwide for many years. Physician and public health advocate Caroline Hedger worked for the fund from 1920 to 1942. On June 2, 1936, McCormick died in Chicago and
928-826: The joint venture , IH lost their up-front investment in the engine plant and ended up selling British truck manufacturer Seddon Atkinson (which had belonged to IH since 1974) to Enasa in 1983. IH over the years used a number of brand names to market their tractor and harvesting products: Along with its prominent tractor division, IH also sold several different types of farm-related equipment, such as balers , cultivators , combines (self-propelled and pull behind), stationary engines , wagons , combine heads, corn shellers , cotton pickers , manure spreaders , hay rakes, crop dusters , disk harrows , elevators, feed grinders, hammer mills, hay conditioners, milking machines, planters, mills, discs, plows, baler twine, and other miscellaneous equipment. IH built up its earthmoving division over
986-414: The "Farmall" name from its tractors, ending a name that had begun with the first Farmall "Regular" in 1924. The 230 hp (170 kW) 4568 V-8 4WD was introduced in 1975. In 1976, the entire tractor line got a new paint scheme and decal pattern; instead of the side panels being all white with chrome and black decals, they were now all red with a black-striped sticker. This was done to clear inventory for
1044-605: The "custom" cab was dropped and the "deluxe" cab was now painted red instead of white. Due to horsepower confusions, the 966 and 1066 Hydro models were restriped; the Hydro 100 and the 666 Hydro became the Hydro 70. On February 1, 1974, at 9:00 am, the five-millionth tractor came off the assembly line at the Farmall Plant in Illinois; IH was the first tractor manufacturer to reach that number. Also in 1973, IH officially dropped
1102-626: The 1830s, when Virginia inventor Cyrus Hall McCormick perfected his version of a horse-drawn reaper , which he field-demonstrated in 1831 and for which he received a patent in 1834. Together with his brother Leander J. McCormick , he moved to Chicago in 1847 to be closer to the Midwestern grain fields and founded the McCormick Harvesting Machine Company. The reaper sold well, partially as a result of savvy and innovative business practices. Their products came onto
1160-467: The 1955 lineup was the 300 Utility. In 1957 power was increased in some models and the 230 Utility was introduced. IH would sell 38,000 TD-18 series tractors between 1938 and 1958. The TD-18 would be replaced by an upgraded TD-18A in 1949 and 181/182 variants in 1955. In 1958 the TD-20 crawler was introduced. In July 1958, IH launched a major campaign to introduce a new line of tractors, the 60 series. At
1218-405: The 1960s, IH introduced new tractors and new sales techniques. As producing tractors was the lifeblood of the company, IH would have to remain competitive in this field. They both succeeded and failed at this goal but farming was about to change. In 1963, IH introduced the 73 hp (54 kW) 706 and 95 hp (71 kW) 806 tractors. Until the 88 series, all numbered series tractors followed
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#17327944653701276-402: The 706, 806, and the new 1206: a factory-installed cab (made by Stopler Allen Co.), often called the "ice cream box" due to its shape. It could be equipped with a fan and heater. By 1967, over 100,000 models 706, 806, and 1206 were built. The 276 was also built at this time, becoming popular for smaller farms with tighter lanes and fields due to its lighter weight. In 1967 was the introduction of
1334-563: The International Harvester Company. The most important motivation for the merger was elimination of competition in order to increase profits. Banker J. P. Morgan provided the financing. The architect of the merger was George W. Perkins , one of the Morgan executives who Cyrus McCormick described as the "most brilliant negotiator he had ever known." The new company was valued at $ 150 million. In 1919, IH bought
1392-767: The International Harvester name to Tenneco. Navistar International Corporation continues to manufacture medium- and heavy-duty trucks, school buses, and engines under the International brand name. The International Harvester Agricultural Division may have been second to the Truck Division but it was the best-known subsidiary. One of its early products was the Traction Engine, a frame manufactured by Morton Traction Truck Company (later bought by IHC) featuring an IHC engine. From 1902 to
1450-594: The McCormick-Deering "standard series" (W-4, W-6, and W-9). For 1941 the MD model was introduced as the first row crop diesel-powered tractor; over a decade later, IH's largest competitor, John Deere, introduced a diesel option on their row crop models. The letter series tractors were updated to the "super" series in 1953 (with the exception of the A, which had become a "super" in 1947, and the B and BN, which were discontinued in 1948). Many of these tractors (especially
1508-812: The Outcome , detailing the business and management techniques practiced and promoted by the company. The Great Game of Business has had 25 printings, has sold over 350,000 copies in 14 languages, and has been cited in over 100 business books. Stack has written a third book in 2020 with Darren Dahl, Change the Game: Saving the American Dream by Closing the Gap Between the Haves and the Have-Nots . The 2019 Txemi Cantera International Social Economy Prize
1566-567: The Parlin and Orendorff factory in Canton, Illinois , a leader in plow manufacturing, renaming it Canton Works. International Harvester was one of the main clients of Product Miniature Company. In 1926, IH's Farmall Works built a new plant in Rock Island, Illinois . By 1930, the 100,000th Farmall was produced. IH next set their sights on introducing a true 'general-purpose' tractor to satisfy
1624-481: The US with 114 hp (85 kW). In 1971, IH introduced the 66 series line. The new models included the 85 hp (63 kW) 766, the 101 hp (75 kW) 966, the 125 hp (93 kW) 1066 turbo, the 145 hp (108 kW) 1466 Turbo, and the 145 hp (108 kW) 1468 V-8. The 130 hp (97 kW) 4166 4WD was also introduced. The 966 and 1066 were available with Hydro or gearshift transmissions and
1682-412: The bigger and more powerful 56 series tractors as replacements for the popular "06" series. These new models included the 65 hp (48 kW) 656, 76 hp (57 kW) 756, the 101 hp (75 kW) 856, and the 116 hp (87 kW) 1256. The "ice cream box" cab was still an option. In 1969 IH introduced the 1456 Turbo at 131 hp (98 kW). Also that year, the 91 hp (68 kW) 826
1740-450: The choice of two-post roll over protection structures (ROPs) or two different cabs, the "custom" and the "deluxe". Both could be equipped with air conditioning, heat, and AM-FM radios. In 1972, the 666 replaced the long-running 656, the 150 hp (110 kW) 1568 V-8 replaced the 1468, and the 160 hp (120 kW) 1566 and the 163 hp (122 kW) 4366 4WD were introduced. Also later that year, four-post ROPs replaced two-post;
1798-484: The company announced a $ 1.8 million bonus for McCardell, the United Auto Workers called a strike the following day. The protracted strike eventually cost the company almost $ 600 million, equivalent to $ 2.5 billion in 2023. By 1981, IH's finances were at their lowest point ever, and investors had lost faith in the company and its management. In 1982, Louis W. Menk , who was a former president and CEO of
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1856-592: The competition. The diversification of the agricultural tractor range into genuine construction equipment whetted appetites for further expansion. In 1937 IH engaged designer Raymond Loewy to revamp its product line and logo. In 1938 the first such model was the TD-65 heavy tractor, later renamed the TD-18. For model year 1939, Raymond Loewy created the styling for the Farmall "letter series" (A, B, BN, C, H , and M) and
1914-695: The corporation produced torpedoes and their components, artillery systems and their parts, artillery shells and some civilian products for the military like bulldozers and truck engines. In 1946 IH acquired a defense plant in Louisville, Kentucky , which was adapted for production of the Farmall A, B, and the new 340 tractors. It acquired the Metropolitan Body Company of Bridgeport, Connecticut, in 1948. The commercially successful Metro line of forward control vans and trucks were produced here from 1938 until 1964. In 1970, Pacific Trucks
1972-560: The early 1920s, the McCormick and Deering dealerships kept their original branding with Mogul tractors sold by McCormick and Titan tractors at Deering due to the still-present competitiveness of the former rivals. IH produced a range of large gasoline-powered farm tractors under the Mogul and Titan brands. Sold by McCormick dealers, the Type C Mogul was little more than a stationary engine on
2030-541: The emerging row-crop tractor segment. Following the introduction of Farmall, several similarly styled "F Series" models were introduced while the original design continued to be produced as the "Regular." In 1932, IH produced their first diesel engine for the McCormick-Deering TD-40 crawler . This engine would start on gasoline and then switch to diesel. Other diesel engines of this era were difficult to start in cold weather and using gasoline allowed
2088-534: The engine to thoroughly warm up first. In 1935, it was used in the WD-40, becoming the first diesel tractor on wheels in North America (the world's first diesel tractor was Germany's Benz-Sendling BS 6 in 1922). The market for industrial tractors grew in the 1930s. The TD-40, the first of IH's heavy-equipment crawlers, was suited for a wide range of environments. As demand for construction equipment grew, so did
2146-458: The first generation of over 30 years of Axial-Flow combines. In 1979 IH introduced two tractors, the 3388 and 3588, known as the 2+2 4WD line. These were built by taking two 1086 rear ends and hooking them together with a transfer case. A year later, the 3788 was introduced. Although these tractors performed well in the field, they never sold well. As the 1980s began, IH faced a stable economy, yet an unknown fate. In September 1981, IH announced at
2204-588: The forthcoming Pro Ag Line. In September 1976, IH released their 86 series Pro Ag Line. The models included the 80 hp (60 kW) 786, the 90 hp (67 kW) 886, the 101 hp (75 kW) 986, the 104 hp (78 kW) 186 Hydro, the 135 hp (101 kW) 1086, the 146 hp (109 kW) 1486 and the 161 hp (120 kW) 1586. These tractors had a new cab dubbed the Control Center that came standard with air conditioning, heat, and several radio-CB options. The driver sat well ahead of
2262-499: The largest agriculture related events in the United States. Following years of financial and economic decline, International began selling its separate equipment divisions, starting with the sale of the construction division to Dresser Industries in 1982. In November 1984 IH finalized a deal with Tenneco to sell the farm equipment division to Tenneco's subsidiary Case Corporation , and the brand continues as Case IH , which
2320-501: The largest, the H, M, and W models) are still in operation on farms today. Especially desirable are the diesel-powered MD, WD-6, and WD-9's. The letter and standard series of tractors was produced until 1954 and was a defining product in IH history. In 1947, the smallest tractor in the Farmall line was introduced, the Cub . With a 60-cu. in., four-cylinder engine and a 69-inch wheelbase, the Cub
2378-515: The last IH tractor rolled off the factory line, a 5488 FWA. In the late 1970s, IH entered a deal with Spain's Enasa to build diesel engines there as Internacional de Motores . After a downturn in the market coupled to problems with Spain's entry into the European Economic Community threatened the profitability of this project, International Harvester withdrew in 1982. In return for being allowed to escape all conditions of
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2436-710: The market just as the development of railroads offered wide distribution to distant territories. He developed a vast support network to demonstrate field operations. McCormick died in 1884 and his company passed to his son, Cyrus McCormick, Jr. , whose antipathy toward organized labor helped spark the Haymarket affair , the origin of May Day as a labor holiday. In 1902, the McCormick Harvesting Machine Company and Deering Harvester Company , along with three smaller agricultural equipment firms (Milwaukee Harvesting Machine Co., Plano Manufacturing Co., and Warder, Bushnell, and Glessner —manufacturers of Champion brand) merged to create
2494-421: The market. One of IH's suppliers, a company named Heil Earthmovers, manufactured a range of scrapers called 'Heiliners.' Rather than spend money on R&D and enter the market at a later date, in 1953 IH bought Heil's road machinery division, incorporating a range of motor and towed scrapers. IH International had a supply agreement for its heavy tractor attachments with a company called Bucyrus-Erie . Amongst
2552-527: The merger, tractor production at Farmall Works ceased in 1985. Production of the new Case IH tractors moved to J.I. Case in Racine, Wisconsin. Production of IH Axial-Flow combines continued at the East Moline, Illinois, factory. The Memphis Works plant was closed. The truck and engine divisions remained and in 1986, Harvester changed the corporate name to Navistar International Corporation , having sold
2610-412: The needs of the average American family farmer. The resulting 'letter' series of Raymond Loewy -designed Farmall tractors in 1939 proved a huge success. IH dominated the market through the 1950s despite stiff competition from Ford , Allis Chalmers , Massey Ferguson and John Deere . IH ranked 33rd among United States corporations in the value of World War II production contracts. Different plants of
2668-426: The new series. A computer monitoring system (Sentry) was developed, and IH became the first manufacturer to add a computer to a farm tractor. Other innovations included a "Z" shift pattern, an 18-speed synchronized transmission, a forward air-flow cooling system which sucked air from above the hood and blew it out the front grille, "Power Priority" three-pump hydraulic system, color-coded hydraulic lines and controls, and
2726-462: The protection of 300 armed Pinkertons. On May 3, 1886, a clash occurred between striking workers and scabs. The police fired into the crowd of unarmed workers, wounding many and killing two. It was in response to this incident, that the Haymarket meeting of May 4, 1886 was called. McCormick was later president of the merged International Harvester Company starting in 1902. He was also a member of
2784-399: The rear axle, and the fuel tank was mounted behind the cab over the rear axle. This improved balance and ride. Also in 1976, the 62 hp (46 kW) 686 along with the "86" series four-wheel-drives were introduced, including the 4186, 4386, 4586, and 4786. In 1977, International Harvester introduced the first Axial-Flow rotary combine. This machine, produced at East Moline, Illinois , was
2842-493: The stock was worth over $ 199 per share. SRC founded and invested in more than 60 separate companies that do everything from consulting to packaging to building high-performance engines. Including current joint-ventures SRC's sales are over $ 600M, with more than 2,000 employees, and has three million square feet (280,000 m) of manufacturing and warehousing space. President and CEO Jack Stack has written two books (with Bo Burlingham): The Great Game of Business and A Stake in
2900-416: The wartime Curtiss-Wright Aircraft factory in Louisville, Kentucky ). Selling for $ 545 in 1947, the Cub proved extremely popular and its design continued largely unchanged mechanically until 1979. For 1955 in IH tractors, the numbered "hundred series" was offered. Although given slightly different styling and few new features, they were still updates to the models introduced in 1939. The only new tractor in
2958-444: Was aimed at small farms which had previously relied on horse-drawn equipment. Like the various John Deere L/LA/LI models , one of the "mechanization-resistant" markets it hoped to penetrate was the small one-mule family farms of the rural American Deep South , but the Cub also sold to owners of larger farms needing a second tractor. Production of the Cub commenced at the newly acquired and updated Farmall Works-Louisville plant (formerly
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#17327944653703016-709: Was an American businessman. He was president of the McCormick Harvesting Machine Company from 1884 to 1902. His tenure was marked by bitter conflict with the union, culminating in the murder of two striking workers on May 3, 1886– the event which precipitated the Haymarket affair . McCormick was the eldest child of inventor Cyrus Hall McCormick Sr. and philanthropist Nancy Fowler . He was born in Washington, D.C. , on May 16, 1859. McCormick married Harriet Bradley Hammond on March 5, 1889. They had three children – Cyrus Hall McCormick III
3074-678: Was awarded by ASLE to SRC and its President, Jack Stack. International Harvester The International Harvester Company (often abbreviated IH or International ) was an American manufacturer of agricultural and construction equipment, automobiles, commercial trucks, lawn and garden products, household equipment, and more. It was formed from the 1902 merger of McCormick Harvesting Machine Company and Deering Harvester Company and three smaller manufacturers: Milwaukee; Plano; and Warder, Bushnell, and Glessner (manufacturers of Champion brand). Its brands included McCormick, Deering, and later McCormick-Deering, as well as International. Along with
3132-520: Was born September 22, 1890; Elizabeth McCormick was born July 12, 1892; and Gordon McCormick was born June 21, 1894. He was president of the McCormick Harvesting Machine Company from 1884 to 1902. In 1885, striking workers forced McCormick to restore a 15 percent wage cut. From then on, McCormick was set on breaking the union. He replaced iron molders, skilled workers who had led the 1885 walkout, with new machinery. In February 1886, he locked out workers, replacing them with non-union labor (“scabs”), under
3190-401: Was innovative. Designed and styled by IH industrial designer Gregg Montgomery (Montgomery Design International), the new stylish design of the 50 and 30 series changed the look of tractors from that time forward. IH spent over $ 29 million to develop this new series, and the result was the last great lineup of tractors from International Harvester. Many technology-related innovations were used in
3248-433: Was introduced with the option of gearshift or hydrostatic transmissions . The "ice cream box" cab was dropped and replaced with a new "custom" cab made by Exel Industries which could be equipped with factory air-conditioning, heat, and an AM radio. Another milestone was the 1970 introduction of the 1026 Hydro, basically a hydrostatic version of the 1256 and at that time the most powerful hydrostatic transmission tractor made in
3306-411: Was purchased in 1952. The terminology came to mean any type of front loader machine, and loaders were manufactured in a number of varieties, included wheeled and track loaders, rear wheel loaders or an articulated steering design. In the early 1950s contractors worldwide began using motor scrapers as a means of shifting dirt. IH had a hole in its product range; it did not offer a motor scraper product to
3364-752: Was purchased. In 1974, the five-millionth IHC tractor, a 1066, was produced at the Rock Island Farmall plant. Throughout the 1960s and 1970s, despite good sales, IH's profit margins remained slim. The continual addition of unrelated business lines created a somewhat unwieldy corporate organization. Overly conservative management and a rigid policy of in-house promotion tended to stifle new management strategies and technical innovation. IH faced strong competition and increased production costs, primarily due to labor and government-imposed environmental and safety regulations. In 1977, International Harvester named Archie McCardell as its new CEO, who embarked on
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