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Lancaster Colony history
Lancaster Colony company history timeline
In 1963, the manufacturing information on boxes was changed to read “Indiana Glass, a subsidiary of the Lancaster Colony Corporation.”
Variations on Gerlach's corporate theme came in 1966, when the string of Lancaster Colony subsidiaries was expanded by two.
Both settled comfortably into their designated market slots, as did August Barr, acquired in 1969.
In 1969, the company earned nearly sixty-four million dollars.
Lancaster Colony went public in 1969.
In 1970 the company finalized a &Dollar;4.6 million purchase of the T. Marzetti Company, a Columbus-based salad dressings manufacturer.
The two moves added 26 percent to sales by 1972.
Candle-Lite Inc., costing 87,550 adjusted shares, was added to Lancaster Colony's holdings in 1972, while Christian & Company came aboard the following year.
After Teresa Marzetti's death in 1972, the restaurant was closed forever, but her passion for quality still lives in Marzetti's many salad dressings and other specialty food products.
Slowed only slightly by a 9-week strike at Barr, Inc. in addition to higher prices for raw materials at the Marzetti subsidiary, the net earnings for 1973 reached &Dollar;130.7 million.
One effort doomed to failure was a 1977 attempt to buttress glass-manufacturing operations through the &Dollar;45 million purchase of the Columbus-based Federal Glass Division of the Federal Paper Board Company.
Lancaster Colony concluded that it could not pay the same wage and still make a profit, and, on this sour note, the deal was finally scrapped in 1979.
In 1983 New York-based Pfeiffer salad dressing operations, previously a subsidiary of Hunt-Wesson Foods, joined the Lancaster Colony lineup.
These losses prompted a major restructuring in 1986, to allow for the closing of several facilities, and the consolidation of Housewares and Candles into a single unit under a single team.
By the end of 1986 the company had purchased LRV Corporation of Elkhart Indiana, in exchange for 700,000 shares of stock.
Although Newell had evidently lost hope for a takeover by March 1991, reducing its stake to less than five percent, Gerlach did not drop the idea of shifting incorporation.
The move was approved, and Lancaster Colony was incorporated in Ohio on January 2, 1992.
By 1994, profits had reached 722 million dollars.
The Lancaster Colony Corporation's specialty foods division, which includes, the T. Marzetti Company, accounted for fifty-one percent of the corporation's profit in 2002.
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Lancaster Colony may also be known as or be related to LANCASTER COLONY CORP, Lancaster Colony, Lancaster Colony Corp. and Lancaster Colony Corporation.