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Newcor history
Newcor company history timeline
The company was a welding machine maker for more than 30 years, listed on the American Stock Exchange, and created growth internally, with the exception of the 1946 acquisition of the Smalley-General Company.
In 1967 National Electric Welding purchased a Canadian firm, Volta Welders, Ltd.
On February 14, 1969, the reorganized corporation was named Newcor.
In 1972 it ventured overseas, establishing Newcor, N.V., in Belgium.
In 1978 the company founded Newcor Ohio, but closed the unit after just two years.
In 1985 Newcor continued its strategy of growth through acquisitions by acquiring a 51 percent interest in Arbotech Systems, followed by an 81 percent stake in Rochester Gear, Inc., for which it paid $2 million.
The company's stake in Arbotech was sold in 1988.
Early in 1990, however, management announced that it had ended all talks and that it now planned to focus on what it called internal strategies to strengthen the company.
Far more important to the fortunes of Newcor than any belt-tightening measures were the 1990 Clean Air Act amendments passed in the United States, which created tougher emission and fuel-efficiency standards for vehicles.
1990: United States Clean Air amendments trigger company growth.
In October 1996, he sold the Machine Tool operation, and several months later divested Newcor of its Eonic division.
During the first six months of 1998 Newcor stock averaged $9.06, and on July 13 dipped to $7.81.
Then early in 1998 Newcor signed an agreement to purchase Turn-Matic Inc., maker of such automotive parts and components as oil-filter adapters, main-bearing caps, and intake and exhaust manifolds.
In late September 1999, Hale was forced to admit that the company would not be able to meet expectations for the year.
2000: Poor health forces Hale to step down.
By February 2001 the Newcor board finally compromised with Segal and Exx, which now owned 17.5 percent of the company's stock.
In turn, Exx agreed to forgo any proxy contest through December 31, 2004.
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Newcor competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Prestolite Electric LLC | - | $690.0M | 2,500 | - |
| Superwinch | 1970 | $930,000 | 7 | - |
| Meritor | 1909 | $3.8B | 8,200 | - |
| Valeo Electrical Systems, Inc. | 1993 | $1.2B | 2,133 | - |
| Hayes Lemmerz International | - | $480,000 | 10 | - |
| Brose North America, Inc. | 1977 | $1.6B | 8,000 | 25 |
| AEES | 1955 | $110.0M | 123 | - |
| Bosal Usa | - | $900,000 | 10 | - |
| NIDEC ELESYS AMERICAS | 2002 | $12.0M | 300 | - |
| Diesel Technology Inc | - | - | - | - |
Newcor history FAQs
Zippia gives an in-depth look into the details of Newcor, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Newcor. The employee data is based on information from people who have self-reported their past or current employments at Newcor. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Newcor. The data presented on this page does not represent the view of Newcor and its employees or that of Zippia.
Newcor may also be known as or be related to NEWCOR INC, Newcor, Newcor Inc and Newcor, Inc.