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American Can Company

From Alfawiki
American Can Company
Company typePrivate
NYSE: CAN (until 1987)
IndustryCan Manufacturing
Founded1901
Defunct1987
FateReorganized as Primerica
SuccessorPrimerica
HeadquartersGreenwich, Connecticut, U.S.
ProductsTin Cans

The American Can Company was a prominent manufacturer specializing in tin cans and held a major position within the United States packaging sector. As a member of the Tin Can Trust, it dominated a large portion of the market for tin containers and related packaging products. During World War II, it was ranked 97th among U.S. firms in terms of military production contracts, highlighting its critical role during the conflict. At its height, the company employed approximately 800 individuals and was included in the Dow Jones Industrial Average from 1959 until 1991.

In 1987, the firm underwent restructuring and emerged as Primerica, transitioning its core business from manufacturing to financial services. Primerica subsequently merged with Sanford I. Weill's Commercial Credit Company, laying the groundwork for what evolved into Citigroup, signifying a major shift towards international financial markets.

Originally headquartered in Manhattan's Pershing Square Building, American Can relocated its main operations in 1970 to a sprawling 150-acre site in Greenwich, Connecticut. The company discontinued manufacturing activities there in the early 1980s as part of its strategic withdrawal from production.

History

Founded in 1901, the American Can Company expanded rapidly through acquisitions.

In 1904, it took over the Norton Can Company based in Toronto, followed by acquiring the Charles W. Shonk Company in 1906. Further growth came with the purchase of Sanitary Can Company in Niagara Falls and Acme Can Works in Montreal during 1908, establishing American Can as Canada's foremost tin can manufacturer for many years.

The company merged with Dixie Cup in 1957 and later introduced Fresh'n toilet paper in the early 1970s to enter the consumer goods market.

In 1982, James River Corporation bought American Can’s paper division; these assets are now incorporated into Georgia-Pacific, which operates under Koch Industries.

Nelson Peltz’s Triangle Industries acquired National Can Company for $460 million in 1985 and broadened its retail portfolio by adding Dunham's Sports along with Musicland and Fingerhut. The following year, Triangle purchased American Can’s packaging division for $570 million.

The rebranding to Primerica occurred in 1987, signaling a deliberate move away from traditional packaging manufacturing.

In 1988, French metal conglomerate Pechiney S.A. acquired Triangle Industries; at that point, American National Can stood as the largest can manufacturer in the United States. Later on, Rexam acquired American National Can's metal can operations in 2000.

American Can originated from Phoenix Can’s consolidation efforts that merged competitors to create a leading packaging company.

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