For the record label originally launched as Avco Embassy Records, see Avco Records. For the film company once owned by Avco as Avco Embassy Pictures, see Embassy Pictures. For the broadcasting company once owned by Avco as the Avco Broadcasting Corporation, see Crosley Broadcasting Corporation. For Avco Program Sales, see Multimedia Entertainment.
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.[5] 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.[6] The company later changed its name to Avco Manufacturing Corporation, and then, in 1959, to Avco Corporation.[citation needed] In 1984, Avco sold its farm machinery division to White Farm Equipment and Avco was purchased by Textron.[7]
Avco's affiliated company, Avco Financial Services, was spun off to Associates First Capital Corporation in 1998,[8] which itself was acquired by Citigroup in 2000.[9]
Early companies bought or merged by Avco
Aviation Corporation - formed March 29 1929[10][11][12]
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.
M2 (railcar) (part of this series was built by Avco)
References
^"Paul Revere Insurance Gets a New President". The New York Times. December 27, 1990. Retrieved January 22, 2023. became a part of Textron in 1984, after Textron acquired .. parent, Avco Inc., ... the bulk .. aerospace technology, commercial products and financial services.
^“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, [1] (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”
^Textron Systems HistoryArchived November 30, 2010, at the Wayback Machine, 1984 History, "Textron acquires Avco, including Lycoming, to become Avco Systems Textron", 2010, accessed 2010-11-27.
^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)”