Brief History
Investors Sherman Fairchild provided capital to prevent a takover of CAM-24 operator Embry-Riddle Company by Clement Melville Keys who planned on buying Curtiss aircraft rather than Fairchild's. With capital from Fairchild, George Hann, the Lehman Brothers, and W.A. Harriman, the Aviation Corporation was formed on March 2, 1929 a holding company tasked with 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 Airlines. Universal Airlines name was dropped in favor of American Airways, the predecessor of American Airlines.
The company was required to divest American Airlines in 1934 due to new rules for air mail 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.
Read more about this topic: Avco
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