Avco
Encyclopedia
Avco Corporation is a subsidiary of Textron
Textron
Textron is a conglomerate that includes Bell Helicopter, E-Z-GO, Cessna Aircraft Company, and Greenlee, among others. It was founded by Royal Little in 1923 as the Special Yarns Company, and is headquartered at the Textron Tower in Providence, Rhode Island, United States.With total revenues of...

 which operates Textron Systems Corporation
Textron Systems
Textron Systems is an aerospace and defense development and manufacturing firm headquartered in Wilmington, Mass., U.S.A. The company is a business unit of Textron Inc., which reported 2009 annual sales in the Textron Systems segment as $1.9 billion....

 and Lycoming
Lycoming Engines
Lycoming Engines is a U.S. aircraft engine company, known primarily for its general aviation engines. For most of its history Lycoming has been part of the AVCO group as AVCO Lycoming. In 1987 AVCO was purchased by Textron to become Textron Lycoming...

.

Brief history

The Embry-Riddle Company created the Aviation Corporation in 1928 as a holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

 tasked with acquiring small airlines. By the end of 1929 it had acquired interests in over 90 aviation-related companies, and in the ensuing years it developed these into American Airways, the predecessor of American Airlines
American Airlines
American Airlines, Inc. is the world's fourth-largest airline in passenger miles transported and operating revenues. American Airlines is a subsidiary of the AMR Corporation and is headquartered in Fort Worth, Texas adjacent to its largest hub at Dallas/Fort Worth International Airport...

.

The company was required to divest American Airlines in 1934 due to new rules for air mail contracts. The Aviation Corporation later changed its name to Avco Manufacturing Corporation, and then, in 1959, to Avco Corporation. In 1984 Avco was purchased by Textron.

Avco's affiliated company, Avco Financial Services, was spun off to Associates First Capital in 1998 , which itself was acquired by Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...

 in 2000.

AVCO timeline

  • 1929 Aviation Corporation (AVCO) holding company formed by multiple participants
  • 1932 Airplane Development Corporation formed by Gerard F. "Jerry" Vultee; Errett Lobban Cord
    Errett Lobban Cord
    Errett Lobban "E. L." Cord was a leader in United States transport during the early and middle 20th century.Cord founded the Cord Corporation in 1929 as a holding company for over 150 companies he controlled, mostly in the field of transportation...

     soon takes it over
  • 1934 AVCO acquired the Airplane Development Corporation from Cord and formed the Aviation Manufacturing Corporation (AMC)
  • 1936 AMC liquidated to form the Vultee Aircraft Division, an autonomous subsidiary of AVCO
  • 1939 Vultee Aircraft Division of AVCO reorganized as an independent company known as Vultee Aircraft, Inc.
  • 1941 Consolidated Aircraft Corporation sold to AVCO
  • 1943 Consolidated-Vultee, known as Convair
    Convair
    Convair was an American aircraft manufacturing company which later expanded into rockets and spacecraft. The company was formed in 1943 by the merger of Vultee Aircraft and Consolidated Aircraft, and went on to produce a number of pioneering aircraft, such as the Convair B-36 bomber, and the F-102...

    , formed by the merger of Consolidated Aircraft and Vultee Aircraft; still controlled by AVCO
  • 1947 Convair acquired by the Atlas Corporation
    Atlas Corporation
    The Atlas Corporation, was formed in 1928, from a merger of the United Corporation, an investment firm started in 1923 with $40,000, with Atlas Utilities and Investors Ltd. The corporation specialized in capital formation and management. In 1929, Atlas was a $12,000,000 investment trust...

  • 1947 AVCO name changed to Avco Manufacturing Corporation
  • 1959 Avco Manufacturing Corporation name changed to Avco Corporation
  • 1984 Textron
    Textron
    Textron is a conglomerate that includes Bell Helicopter, E-Z-GO, Cessna Aircraft Company, and Greenlee, among others. It was founded by Royal Little in 1923 as the Special Yarns Company, and is headquartered at the Textron Tower in Providence, Rhode Island, United States.With total revenues of...

     acquires Avco Corporation, renames it Avco Systems Textron
  • 1985 Avco Systems Textron becomes Textron Defense Systems
  • 1995 Textron Systems Corporation is created, consisting of what is now Textron Defense Systems, Textron Marine & Land Systems, and Lycoming

See also

  • Crosley Broadcasting Corporation
    Crosley Broadcasting Corporation
    The Crosley Broadcasting Corporation was a radio and television broadcaster founded by radio manufacturing pioneer Powel Crosley, Jr.. The company was an early operator of radio stations in the United States. Based in Cincinnati, Ohio, Crosley's flagship station was WLW...

     (later Avco Broadcasting Corporation)
  • Avco World Trophy
    Avco World Trophy
    The Avco World Trophy, also known as the Avco Cup, was the championship trophy of the original World Hockey Association . The trophy's naming rights were sold to the former Avco Corporation , a defense contractor who bought the rights to advertise their consumer finance division...

  • AVCOAT 5026-39
    AVCOAT 5026-39
    AVCOAT 5026-39 is a NASA code for a specific ablative heat shield created by Avco .It is an epoxy novolac resin with special additives in a fiberglass honeycomb matrix...

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