The Standard Coosa-Thatcher Company was a textile corporation founded in Piedmont, Alabama in 1891. It was publicly traded beginning in 1922.[1] The firm is important because of its endurance for nearly a century and its expansion throughout the southeast United States and into the western United States.
History of textile business edit
Standard Coosa-Thatcher Company made a significant addition to its Chattanooga, Tennessee mill in 1925.[2] It operated thirteen plants in California, North Carolina, Alabama, Tennessee, and Georgia. In 1981 the enterprise generated $175.5 million in sales and net income of $1.5 million or $2.82 per share.
Owners of the concern agreed to be acquired by a group of company executives, with additional funding from Wolsey & Company, a New York City investment firm, in April 1982.[1] They resolved to reject a bid from Chicago, Illinois investor Clyde W. Engle, who offered $60 per share. Stockholders continued to debate whether to accept the $53 per share offered by Standard Coosa-Thatcher officials in July 1982[3]
See also edit
- Sauquiot Spinning Company
References edit
- ^ a b Standard-Coosa To Be Acquired, New York Times, April 15, 1982, pg. D5.
- ^ Chattanooga, New York Times, October 4, 1925, pg. 28.
- ^ Standard Coosa Asks Holders to Turn Down Engle Group's Offer, Wall Street Journal, July 13, 1982, pg. 41.