Acquired By Dresser, Then Bucyrus
The Marion Power Shovel Company was refinanced by management in the late 1960s with only the signature guarantee of the primary stockholder, billionaire Henry Hillman, of Pittsburgh, PA and PNC Bank fame. In 1976 Dresser Industries, Inc. purchased Marion Power Shovel for approximately US$250 million. The company grew from 1,500 employees in 1974 to over 3,200 employees by 1978 under the direction of Putt McDowell during the massive growth in coal mining demand of the late 1970s.
By 1992, Dresser Industries had decided to exit the production of industrial and mining equipment. The affected assets, including the Marion division, became part of Indresco, a holding company created by Dresser in 1992 and then spun-off to Dresser shareholders. On November 1, 1995, Indresco changed its name to Global Industral Technologies, Inc.
On January 23, 1997 Global Industrial Technologies announced that it was divesting certain assets, including the Marion division. Global Industrial Technologies sold the Marion Power Shovel Company, which had revenues of US$114.4 million in FY 1996, for US$40.1 million to Bucyrus International, Inc. on July 23, 1997. Following the acquisition, Bucyrus International closed Marion Power Shovel Company's Marion, Ohio facility.
Historical corporate files and archives for Marion Power Shovel were split between Bowling Green, Ohio's Historical Construction Equipment Association and the Marion County Historical Society in Marion, Ohio.
Read more about this topic: Marion Power Shovel Company
Famous quotes containing the word acquired:
“Lloyd: That bitter cynicism of yours is something you’ve acquired since you left Radcliffe.
Karen: That cynicism you refer to I acquired the day I discovered I was different from little boys.”
—Joseph L. Mankiewicz (1909–1993)