Avco
| Company type | Subsidiary |
|---|---|
| Industry | Aerospace, Defense, Manufacturing |
| Predecessor | Aviation Corporation (Aviation Corporation) |
| Founded | March 2, 1929 |
| Fate | Acquired by Textron in 1984 |
| Successor | Textron Systems Corporation (as part of Textron) |
| Headquarters | (Not specified) , United States |
Area served | Worldwide |
Key people | (Not specified) |
| Products | Aerospace systems, defense products, agricultural machinery (historically) |
| Parent | Textron |
Avco Corporation functions as a subsidiary under Textron, managing prominent divisions including Textron Systems Corporation and Lycoming.
History
Established on March 2, 1929, initially as the Aviation Corporation, the company was created to thwart a takeover attempt of the CAM-24 airmail operator Embry-Riddle Company. Financial backing came from notable investors such as Sherman Fairchild, George Hann, Lehman Brothers, and W. Averell Harriman. Within its inaugural year, Avco aggressively expanded by acquiring more than 90 aviation-related enterprises. In 1930, it unified its airline operations under Colonial Air Transport and Universal Air Lines, which eventually combined to form American Airlines.
Following the 1934 regulatory mandate requiring airlines to divest certain holdings, Avco redirected its business strategy. During World War II, it secured the 32nd position among U.S. firms in terms of defense production contracts, bolstering its role in aerospace and military sectors. After the war, Avco diversified by acquiring the New Idea Company in 1945, marking its entrance into agricultural machinery manufacturing.
The company transitioned from Avco Manufacturing Corporation to the name Avco Corporation in 1959. In 1984, it sold its farm equipment division to White Farm Equipment and was subsequently acquired by Textron, becoming part of a larger industrial conglomerate.
Avco Financial Services, a related entity, was separated in 1998 and sold to Associates First Capital Corporation, which was later acquired by Citigroup in 2000.
This progression underscores Avco's capacity to adapt across aerospace, defense, commercial manufacturing, and financial services sectors, supporting its ongoing growth and influence within Textron's corporate framework.
Early companies acquired or merged by Avco
- Aviation Corporation - established March 29, 1929
- Southern Air Transport
- Colonial Air Lines - May 1929
- Colonial Western - May 1929
- Canadian Colonial Airways - May 1929
- Embry-Riddle Aviation Corporation - Summer 1929, closed 1930
- Interstate Airlines - Summer 1929
- Fairchild Aircraft
- Wien Air Alaska
- Kreider-Reisner
- The Superplane Company
- Universal Air Line System Terminal Company
- Midplane Sales and Transit Company
- Northern Airplane Company
- Air Transportation, Inc.
- Robertson Flying School Inc.
- Egyptian Airways Inc.
- Universal Aviation Corporation - purchased by Avco in 1930
- Universal Aviation Schools
- Roosevelt Field, New York
- Curtiss Field
- Southwest Air Fast Express - June 1931
Timeline
- 1929 Formation of Aviation Corporation (AVCO) as a holding entity by several stakeholders
- 1932 Establishment of Airplane Development Corporation as a subsidiary of Cord Corporation, initiated by Gerard F. "Jerry" Vultee
- 1934 Acquisition of Airplane Development Corporation by AVCO, leading to the creation of Aviation Manufacturing Corporation (AMC)
- 1936 Dissolution of AMC to create the independent Vultee Aircraft Division within AVCO
- 1939 Reorganization of Vultee Aircraft Division into the standalone company Vultee Aircraft, Inc.
- 1940 Purchase of Barkley-Grow Aircraft
- 1941 Acquisition of Consolidated Aircraft Corporation
- 1943 Merger of Consolidated Aircraft and Vultee Aircraft to form Consolidated-Vultee (Convair), remaining under AVCO’s ownership
- 1945 Acquisition of agricultural machinery manufacturer New Idea Company, originally founded by Joseph Oppenheim
- 1945 Purchase of Crosley Corporation from Powel Crosley Jr.
- 1947 Convair taken over by the Atlas Corporation; AVCO rebranded as Avco Manufacturing Corporation
- 1951 Acquisition of Bendix Home Appliances, which was integrated with Crosley Appliances
- 1956 Divestiture of Bendix Home Appliances to Philco
- 1959 Corporate name changed to Avco Corporation
- 1966 Acquisition of Carte Blanche charge card business from First National City Bank
- 1967 Purchase of Embassy Pictures
- Late 1960s to early 1970s Engagement in real estate projects such as Rancho Bernardo and Laguna Niguel in California
- Mid-1970s Sale of Crosley Broadcasting stations and transfer of Crosley Appliances distribution rights to a new distributor partnering with Whirlpool and Electrolux
- 1978 Carte Blanche sold to Citibank
- 1982 Embassy Pictures divested to Norman Lear and Jerry Perenchio
- 1984 New Idea farm equipment division sold to Allied Corporation, which combined it with White Farm Equipment forming White-New Idea
- 1984 Acquisition by Textron, with a subsequent renaming to Avco Systems Textron
- 1985 Avco Systems Textron transitioned into Textron Defense Systems
- 1995 Formation of Textron Systems Corporation by merging Textron Defense Systems, Marine & Land Systems, and Lycoming
This chronology outlines Avco’s key acquisitions, sales, and restructurings that influenced its evolution across aerospace, defense, consumer goods, and property development sectors.
Locations
- Coldwater, Ohio (1945–1984)
- Stratford Army Engine Plant (1951–1976)
- Connersville, Indiana (1937–1960) – In 1937, AVCO acquired assets from Cord’s Auburn Automobile Company, producing kitchen appliances and manufacturing approximately 500,000 Jeep bodies for Overland and Ford during World War II. The appliance segment was sold in 1959, while munitions production was relocated to Richmond, Indiana in 1960.
- Nashville, Tennessee (1959–1985)
See also
- Avco World Trophy
- AVCOAT 5026-39
- Crosley Broadcasting Corporation (later known as Avco Broadcasting Corporation)
- M2 (railcar) (partially constructed by Avco)