Celtic –
American Engineering Co. was 79 years old before it disappeared in
early 1947 to become a subsidiary of Hayes Manufacturing Co., of Grand
Rapids, MI. There are some reflections on the Internet of its history
as a supplier to shipbuilders.
A Danish book dealer, Arnold Busck has a book listed for sale on the
company that indicates that it was created sometime before 1913 as a
consolidation of Williamson Brothers Co. of Philadelphia and American
Ship Windlass Co., of Providence, RI:
Arnold Busck, antique book dealer
http://www.antikvar.dk/busck/
"American Engineering Company"
http://www.antikvar.dk/busck/42in.html
One of the brass capstan covers from American Engineering for a World
War II era ship is also shown for sale here at Antiques of the Sea,
"WWII Militaria":
http://pages.antiquesofthesea.net/3617/InventoryPage/448867/1.html
In 1943 a group of investors purchased the company, though the name
was not changed, according to the Dec. 29, 1943 New York Times. The
investors included Eli I. Kleinman, Jennis M. Doroshaw, and Hohann S.
Ackerman – who would figure later in stock dealings with American
Engineering.
On Feb. 20, 1945, the company made two acquisitions. The NY Times
article titled "Engineering Concern Broadens Its Field" says that
Cochrane Corp., of Philadelphia, Faraday Electric, of Adrian, MI were
both purchased and created a combined company with annual sales of $18
million. Cochrane was a manufacturer of industrial and power plant
equipment, founded in 1863. Faraday was founded in 1867 and produced
automatic stokers, hydraulic pumps and marine equipment.
Just a week later it was announced that the company would be making
its first public stock (and bond) offering. However, the offer for
285,000 shares and $3 million in 5% bonds had to be cancelled after a
Securities and Exchange Commission (SEC) examination said that the
prospectus "contained omissions or misstatements of material facts."
The offering was cancelled in August, 1945. It appears from news
reports that the company was losing money at the time.
Six months later, Hayes Manufacturing,, of Grand Rapids, MI, offered
to buy the company in a stock swap involving 215,000 shares (for
432,000 shares of American Engineering stock) – but once again the
business deal ran afoul of the SEC. The deal was eventually reduced
to 185,000 shares when it was completed in August, 1946. Messrs.
Kleinman, Doroshaw, and Ackerman were the shareholders who were bought
out when the deal closed, with the transaction worth about $2.2
million or $12 per Hayes share.
Hayes left American Engineering's management in place following the
acquisition.
There's no indication of a specific English connection for the firm,
though any company in the business of supplying engines and windlasses
at the turn of the century would likely have had many British
shipbuilders among its customers.
Google search strategy:
"American Engineering" + Philadelphia
"American Ship Windlass"
NY Times microfilm search
Best regards,
Omnivorous-GA |
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