Posted by rrlund on February 21, 2013 at 07:49:03 from (207.241.137.116):
In Reply to: Re: More 72 Ollie pics posted by Texasmark1 on February 21, 2013 at 07:37:01:
Long story. They were doing well in the mid 50s. White Motors was in hurting and needed a loan. Oliver loaned them money. They didn't pay it back. Then in 59 or 60,two brothers by the name of Mailman,what we would call corporate raiders today,bought enough stock to have controlling interest in Oliver. They almost immediately sold it to White,so for all intent and purposes,White bought Oliver with Olivers own money. Then White bought Moline and Cockshutt. They didn't put a lot of money in to research and development over the next decade and a half,just milked them for a cash cow to prop up their ailing truck business. They finally merged all three companies in to one,the White Farm Equipment Company,in order to save money. The last straw came when White Consolidated Industries tried to buy them. They assumed it was a done deal and went in and stripped everything out in a plan to modernize. Then the Justice Department said the deal violated anti trust laws because WCI already owned too much of Allis Chalmers. So the company was stripped of management with empty factories and it was down hill from there.
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