I find it disturbing that so many SDC members perpetuate the myth that Studebaker went out of business in interactions with the public including local media. Is it by design or ignorance?
Studebaker never went out of business. It simply shut down its money losing automotive division in March of 1966 to focus on more profitable businesses in its portfolio that it acquired over the years like Gravely lawn mowers, Paxton auto accessories, Clarke janitorial floor equipment, and more. Management's obligation was to its shareholders.
In 1966 Studebaker merged with Wagner Electric and eventually became the Studebaker Worthington Corporation, a holding company with with $1 billion in annual revenue based in New York City. Studebaker Worthington was acquired in 1978 by McGraw Edison which finally snuffed out the Studebaker name and corporate entity going back to the original Studebaker brothers.
Studebaker never went out of business. It simply shut down its money losing automotive division in March of 1966 to focus on more profitable businesses in its portfolio that it acquired over the years like Gravely lawn mowers, Paxton auto accessories, Clarke janitorial floor equipment, and more. Management's obligation was to its shareholders.
In 1966 Studebaker merged with Wagner Electric and eventually became the Studebaker Worthington Corporation, a holding company with with $1 billion in annual revenue based in New York City. Studebaker Worthington was acquired in 1978 by McGraw Edison which finally snuffed out the Studebaker name and corporate entity going back to the original Studebaker brothers.
Comment