AVCO
| Subsidiary | |
| Industry | Aerospace and Defense |
| Founded | Wilmington, Delaware (1929) |
| Headquarters | Greenwich, Connecticut, US |
|
Area served
|
Worldwide |
| Products | aircraft engines, munitions, sensors, surveillance systems |
| Parent | Textron |
| Website | www.textron.com |
Avco Corporation is a subsidiary of Textron which operates Textron Systems Corporation and Lycoming.
The Aviation Corporation was formed on March 2, 1929 to prevent a takeover of CAM-24 airmail service operator Embry-Riddle Company by Clement Melville Keys, who planned on buying Curtiss aircraft rather than Sherman Fairchild's. With capital from Fairchild, George Hann, the Lehman Brothers, and W.A. Harriman. the holding company began acquiring small airlines. By the end of 1929, it had acquired interests in over 90 aviation-related companies. In January 1930, the board broke off the airlines into Colonial and Universal Air Lines. Universal Air Lines name was changed to American Airways, and later merged with Colonial to form American Airlines.
The company was required to divest American Airlines in 1934 due to new rules for air mail contracts. The Aviation Corporation ranked 32nd among United States corporations in the value of World War II production 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 in 2000.
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Wikipedia