Document 7R5N1nOYoyGvKmk1djnqz7brg

FILE NAME Allied Signal Bendix ASB DATE 0000 DOC ASB025 DOCUMENT DESCRIPTION Entry in Moody's Industrial Manual Bendix Aviation Corp 144 MOODYM' O DY'S SMO DY'S INDUSTRIAL INDUSTRIAL INDUSTRIAL INDUSTRIAL MANUAL MANUAL CALAMON CALAMON RHEETS CONSOLI14.D193ATED BA20.L12A0.7N67CE ASSETO Cont .-.. 20... PC COMPARATIVE 14.578,011 9AM 20.120.767 U. Govt securities 2.0... 2... - 1,998,719 34.198.219 379 Notes and accounts receiv net Unbilled shipments etc. . 58.776.478 _- Inventories ooo. enesee CT9,427.240 Advances on contracts -22..- cnn 39,393,631 10,181,810 9,427.240 14.193 8.905.094 8.905.094 34.198.219 10.923.207 er 2.232 BALANCE 1934 SHUVET AR DY 1953 20.120.767 7 2GR176 17.757.629 17.757.629 17.757.629 17.757.629 10.975.395 10.975.395 9.061.844 9.061.844 1549.563 ALA 20.638.299 56.902.375 CT 2.618.412 or 2.068.712 NEC JI 1952 5.145,663 5.145,663 1951 6.913.970 29.139.024 29.139.024 5.527.940 43.348.900 er 9.083.390 1950 8.320.836 7.100.000 21.902.744 12,933.673 21.114.863 er 3.294.300 Total ...--......2- current assets Property plant equip ...0...e & equip ee Res for depreciation & amort taene- Property plant & equip net --- Pension res investme n ----t --------- Investments Deferred we nee ne woe eeee eRee ce ew ewe chargez 00 ce an 148.191,029 148.191,029 87,311,754 47,481,404 47,481,404 49,830,350 eeecaceg 1.600.196 1.057.818 122.876.518 82.215 544 41.558 348 51225122 750 434 TO 118 721 35827.693 35827.693 40.657,198 1.600.196 1.600.196 749 00 _, 566 129.968.857 67.157.084 31.361.417 36.72.62 54.110.500 619.370 28.792.130 2.000.000 4.115.010 281,142 78,845 444 45.575.910 23.064.543 22,511.367 22,511.367 22,511.367 2.000.000 6.122.710 243.479 88.0737.73.1878585..0717678.8.30771.3818 21,373.348 16,382.363 2,000.000 4.122.921 213.688 L.TARTI.PTUEN L.TARTI.PTUEN wo L.TARTI.PTUEN net - ee eennee Notes payable to hanks Renn Accounts payable .....-.0.0 one _ income TUCSO TUCSO Acemats U. S. & Canadian taxes Dividend payable 21... contracts Prov for edidit costs on contracts Total current stabilities Pendon 311 notes due 1967 reSCTVE interest __........ | = | ' ' 107.873.01 200,679,369 200,679,36912.269.853 12.269.853 12.185,674 13.866.974 13.866.974 1.288.414 4,000 no 1,762,238 165.882.012 ecseenee 50 394.594 9.014.732 15.109.511 1.225.156 2 802.647 161.455.614 161.455.614 161.455.614 $ wenn cee 11 412 297 2001 609 16.588 16.588 388 777.877 170.609 107 70.500.000 12.833.489 10.921.061 10.921.061 15.539,979 740.836 2,500.000 131.910.194351.910.945 10,000,000 10.088.892 10.088.892 8544.256 10.950 332 205 558 2.500.000 1$07.873.1070.8703.0101 53.000.000 8.388.792 7.113.555 13.560.103 703.358 2.500.000 41,371.381 32,000,000 32,000,000 37.516.440 37.516.440 10.000.000 necaces 841 780 971 10.000 000 2.250 000 1056.245 1056.245 0.000 000 .250.000 43.588.948 43.588.948 10.000.000 2,000,000 35.468.013 wane ene 2.000.000 890.794,794 890.794,794 890.794,794 _...--. $ 5,067.66F 5,067.66F 5,510,094 9.241.03 9.241.03 705.558 2.500.000 23,624,358 encenane 2.000.000 Minority interest Capital and Surolus 1,158.318 1.000.979 1.019.144 1,024,825 ne nennse MCapital Surplus - stock oo 2.0. one nena anne . 55,070.888 71.079,034 46.230.000 593 48 760 000 67 8.499 200.679,189 70.584 593 NelPacrutr y ra enee t stst 200.679,189 200.679,189 146.819,878 165 927 072 85.300.079 316 458.514 458.514 550.969163 550.969163 Represented 5.351,480 by 9 par shares in 1956 5.351,480 5.351,480 including 205.826 shares issued shares issued Jan. 1953 including 1952 in Jan. 1.555.754 1.555.754 1956 1.711.7152185218: 1954 inicnlucdliundging 77,787 sshharesares isued issued issued in JJan. an. 70.555 shares issued in Jan. 1953 1141.671 1951 STATISTICAL ARCOND share renee anes Karned per share share Dividends per _._-_- -- 1958 2.74 2.00 1955 SA.26 2.75 1954 39.78 $ 2.00 PTriimcees rcahnagreges earne2. d canna -- mente 1834852-3536 1834852-35183348526-356 114-66 7525-12 Before income taxes After income taxer assets taxer Net tangible weee aan acraccee debt 1,000 1. term debt 1. Net curr assets per 1,000 term debt Net tongibe out put sen Cocon Number of shares paid MAlso % in stockstock @includes $ prior to for split 35.43 17.49 4.942 3,338 24.52 5,351,480 85.TT 34.10 12.721 9.530 68.31 68.31 1,715.218 53.92 27.24 11.638 $ 8.097 568 38 1.633.341 MAfter stock kolit before 79-62 34.250.000 60 013 017 3170,009.107 3170,009.107 766,917 502 31.450.000 14.771,997 3131.310.945 3131.310.945 53033.714 29.097.000 11.257.989 197.923 Not 43.377.471 29.097.000 29.097.000 6,075.438 90.796.794 844.453.480 844.453.480 in Jan. 1957 1199555 5 1.623.541 1953 14.653 rar shares in UUnnc clluu didni g ng 14.653 issued including shares issued 81,6i7n7 and 1950 1,411,116 1953 58.14 2.00 2.00 4554-3584 1952 36.16 82.00 82.00 39-314 39-314 39-314 1931 $5 63 4935-23.20140 1950 88 70 9.00 038-30 30 48 16.18 10.426 6.891 60.60 1.535,754 48.68 23.59 8622 5.303 51.44 1.481.671 1.481.671 49.86 1,411,116 e ~o - 46.19 1,411,116 Includes shares Issued in following Includes $ 150 and % in stock 13316-95 After stock split before 13316-95 January as stock dividends 1956. 205,826 1955 81.677 1954. 77.787 1953 74,083 1952 70.555 pakt prior to for split LONG TERM DEBT from par 100 to no par Dec. 12 1974 on a 1956 150 Loan Term 9,000,0005 Outstanding Dec. 31. 1956 1 notes payable 620,000 annually June , 1961 to 1973. Incl and balance June 1 1974 and 2 23.000.000 37 notes payable 31.580.000 annually June 1. 1961 to 1973. nel and balance June 1. 1974 Proceeds to refund 9.000.000 sion 9.000.000 34 notes due 1967 and for expan- capital Company may not pay cash dividends on Or acquire capital stock in excess of consolt dated net earnings beginning Jan. 1. 1956. plus 10,000,000 Company agrees to maintain consolidated working capital at not less than 200 of consolidated funded debt At Dec. 31. share for share basis no per shares split for April 6. 1938 andfor Nov. 16. 1950 and chanced from no par to 19 par Apr. 10 1956 two additional '0shares lested for each shares 0.50 $ ar for 1 split 1986. 150 71957 reported Not Talso paid stock dividends 1972. 33 % no par share held to offert for split 1948 1952 1954. 1955 and 1956 % Jan. 5 1881-1910 1918-18 11-19910 1973 1926 29 199N 1950 Dividend Record in 100 par shares 7:00 1911-18 1920-21 10.00 25 7.00 00 1914 3 1930 1933 Tan am 125 no var shareq 0.40 1936 2.85 $ 1922- 18.00 . In 1931 gon 1037 1952 RIGHT_One RIGHT_One To Apri VOTING PREEMPTIVE PREEMPTIVE RIGHTvoSteppreovrisdheadrbey New Jersey law LISTED New York Stock Exchange Un- l) - 124 listed trading . Stock Exchange AND 1937 5.00 THANSFER 5.00 on Philadelphia Baltimore DIVIDEND DISBURSING 1958. 18,555.000 of earned surplus was not re- stricted for dividends CAPITAL STOOK 1. par The Babcock & Wilcox Co. capital stock AUTHORIZED shares outstanding Apr. 30 1957 5,886,628 shares par $ changed changed 1938 .2 1938-39 1942 64 1.50 1948 mn 5.00 5.00 No par 1950 1.00 sharesafter 1940. for split 1945-46 1.75 1947 1949-- 100 1950 afterafter fo for r splsplitit 1951-34 2.00 1955 2.50 350 7.00 2.75 REGISTRA Bank REGISTR-ARBank Trust Subscription Rights ord Apr 5 1957 had | 535.149 shares on basis 10 shares held Rights Offering underwritten Co. New YorkYork New York New Stockholders of York York tec right to subscribe to of one share for ecah expired Apr. 22 1957 by Morgan Stanley & CAPITAL STRUCTURE CAPITAL STOCK OutstandingOutstanding Diva per Sh 1932-36 1. Capital stock _,.....-...-...-. ended Jan. splitFiinsc1a9l55yyeearas rs11795 459 Sept. 30 As of Amount 18 1957. 35,043.046 A35,l043s.0o46 s% hs in Earned per Sh 1956 5.01 1955 5 66 1956 2.40 stock Range since for Sh 19551955 3.2.31.2.1 spl^> In Call Price 1955 range Price Range 1958 6476-4815 6476-4815 from 1932 aandnd64t-o4-545 Incorporated required DelawareouAtpsrt.an1di1ng1929 stock |: subsidiary HISTORY ras transferred to the plant at Sidney N. a subsidiary Scintille Magneto Co Ine Bendix Stromberg Carburetor Co. organized the Zenith Carburetor Co pr 1.000 wholly owned subsidiary and transferred to the latter the assets good Detroit Corp. quired at that time Also acquired all out- in exchange for Co. all assets of all W. assets of Radio P. Hilliard Co. Parnoddu1c.2t0s0 shares of stock of Jenkins & Adair Inc. Also secured 1.000 sheres of preferred stock and 2.000 shares of common stock of Bendix Radio Corp. for 50 of assets of Radio Research Inc. owners of the romaining 50 received similar treatment Organized and required Scintilla sequired Magnete Co. Inc. all outstanding for 70,000 acquired Corporation comDmelocon cash for 500,000 Corporation shares of and stock shares of 16.000.00016.s0t0o0c.k01060.000.000 , standing stock halfhalf stocokf the Radio Products Co. and stock of Madis Re the outstanding search Co. the balance of the outstand fingstock the of the latter company was required In 1988 acquired majority of stock of & Adair Inc Acquired majority of Jenkins stock of Peco Manufacturing Corp. Also our Interest in Jaerer Watch Co. Inc. stock half in 1942 Changed name of Ben- cinhtaesEnrgeienedesritngaseEtnEsginnegirinngeeErngieiringng Hullard EngineeringW. Works Inc. an inactive sub Co. which then pur- Hilliard who was doing Hilliard Instruments for Hillard Hillard Co. Also organized RadioCorp. and acquired for cash of the common stock atAlrseo rorgaaniczedt Aviation organizedorgaorngianziezedd Bendix changed Aviation Corp.Ltd to Bendix Pacific outstanding Airmotive all organized organized and and 25 stock Pari^ eSelantide Corp of and 15.000 Instrument Co. acquired Obtained Bendix ditional eorumon stock of of stock of Bendis 15.000 shares of adRadio Corp all stock of Bendix Aviation Export Corp. Dissolved the Aircraft Control Corp. and Propellor American Co. Acquired minority stock of Hydraulic Brake remaining Co. Corp. In March 1938 Pacific Airmotive Ltd. in subsidiary of Bendix Aviation Ltd. which Aviation was a subsidiary of Bendix Corp.Corp. Mequired all plane Also Parts & lac stock of AirAlso In March Supplmitistaendisng amictqstuanidrinegd was thethe Bendix Corp. a subsidiary June 1938 diagnived in exchange outstanding acquired for all their operating Bendix Products Corp. Co. essets of Bendix Products Stromberg_Carburetor Stromberg_Carburetor Aviation Products Co Bendix BendixBendix Bendix Marine Export Cord Sclipse Aviation Corp. Eclipse Julien P. & Sons Instrument Co. and Zenitdhivisions which companies became company Machine Co InCca.rbNureewtoJrerC seny of parent In August August 1939 Corp. acquiredremaining Jenkins Jenkins Adair remaining Also Radio eldiary Bendix as Parlic Division subsidiary subsidiary Bendix Radio minority of Ltd. parent c noowmop pearn aopty eraete DY'S INDUSTRIAL MANUAL 145 dred the assets of Pacific Pacific Airmisties Corp. Flight .td and Airplane Parts & Supplies Inc. Oct. exchange for their outstanding stock In 4938. a suboldiary Eclipse Machine Co. was charged dissolved and a new company Eclipsa Machine industrial equipment be Co. Inc. was organized In December a sub- designed frequency sidiary Bendix Aviation Ltd. sold all thzation holdings in Bendix Instrument Co. and Pacific Scientific Corp. In 1938. company received out acquired standing stock of Metropolitan Marine Service radio in exchange f^...r advances previously DmaudreIinnc.g radio lima bequired minority interests in recording Pioneer Instrument Co. Inc.Inc. taking over busi- equipment ness for operation as a division and minority interests in Bendix Radio Corp. Took over recorders to operate as divisions the business of Scintilla Magneto Co. Inc. Marshall Asbestos Corp. parts dissolved Chas Cory Corp. dissolved craft Metropolian Marine Service Co. Inc. ( Electric solved Eclipse Textile Devices Inc. dis- pape solved Also dissolved Rendix Research Corp. Bendix Aviation Export Corp. Corp. Products Hillard Co. Inc. Jenklu & Adair W. P. Radio BUSINESS & PRODUCTS Company and subsidiartes produce a wide Hire of aviation automotive marine radio and products many of which are to be incorporated in the finished products of other manufacturers The organi- thzation has developed many products and has also products by purchasing other companies It owns hundreds of patents and has many patent applications pending For fiscal year 1956 aviation products rep resented 63 automotive products % and industrial consumer and miscellaneous mili- tary products 19 Defense production sales 1956 and 1955 697 1954 277 1953 76 1952 78.6 1951 65 1950 35 97 filled orders at Sept. 30 1956 3544.000 000 1955 480,000,000 Operating divisions of company subsidi aries and affiliated companies follow COMPANY South Bend Ind navigation and engine instruments for aircraft and electronic automatic pilota Aircaft ignition systems Scintilla super- magnetos radio shielding harnesses Aviation radio transmitters and receivers high strument automatic radio compasses ultra- and microwave equipment In- landing systems aircraft inter phone systems ground direction Ander equip- ment radio range transmitters measur- ing Instruments control boxes Gibson Girl emergency transmitter Frier meteorological instruments Raysonde receiving and ters barographs etc. Wind transrittters remote barome direction and indicators and recorders Magnesium castings for engines and air- Marine underwater log systems supersonic equipment Compass and electronic equip- ment marine autosyn units Magnesyn com nagses Bendix Cory safety interlocks etc. BBeennddiixx Products Products Co. and New Jersey Instrument Co Hamilton Hamilton Hamilton O. Md Inc. Bendix Towson cates the phonograph automobile In Oct. 1940 company disposed of its Inc. Teterboro N. J. 5 stock interest in Bendix Home Appliances Inc. Pioneer Davenport In Radios phonograph and television re celvers for radio re- ceiver VHF radio communication systems Radio On Dec. which it had acquired in 1937 Scintilla Y. In 1941 took over to operate as a division Montrose Div South Montrose Pa Bendix Corp. Eclipse Machine- Elmira N. Y. Zenith Carburetor 31 1944 company acquired assets of Aviation Ltd. wholly Frie Instrument Md x Bendix 1r9u4b5- 6 sidiary which was dissolved on Jan. Marshall N. Y. Pacific Div No Hollywood Cu ee In Sept. 1948 company disposed of its en- Red Bank Eatontown N. J. tire stock interest in Peco Manufacturing Skinner Oak Mich for ratiroads and other mobile applications aviation radio transmitters and receivers au- tomatic radio direction finders ultra VHF frequency and microwave equipment instru ment landing equipment VHF aviation com- munications and navigation equipment VHF directional range phone systems egrqouundipment aircraft x G. C. A. ground controlled approach a 4 vo . t : We ss Corp. acquired In 1947 company Skinner Purifiers Inc. now operated as a division In 1950 Beacce Products Corp. and Realdix Corp. were formed and company purchased for cash all their outstanding capital stock for 10,000 and 100.000 respectively stock Hamilton In 1951 stock for 238.590 238.590 In 1952 outstanding company acquired all Hamilton & Rossville Hydraulle Co. acquired assets of Electric wholly- Pilot Corp Seattle and established a owned subsidiary Bendix do Brazil Ltda at Sao Paulo Brazil to handle sales and field Brazil engineering in London In 1953 acquired 34 of ordinary stock of Elliott Bros Ltd. maker of indi- cating measuring and recording instruments computers and process control devices with research facilities at Borehamwood and England plants at Rochester and Lewisham In 1955. Eclipse of Canada wholly subsidiary purchased 70 of outstanding stock of Aviation Electric Ltd. of Montreal shares In Dec. 1956 common issued approximately 230,000 in acquisition of Sheffield Corp. O manufacturer of machine tools precision instruments and electronic devices now operated as a wholly subsidiary SUBSIDIARIES " Is both a holding and an operating com- 1956 - pany As of Sept. 30 control in the following owned 100 voting Name place of and business incorporation Beacee Products Corp. Del Hydraulic Hamilton & Rossville Co. Ohio Kansas City Div Kansas City Utica Div UticaN. Research Laboratories Division Lakeshore Div Joseph Mich Bendix International New York West Coast Sales & Burbank Cal Bendix Computer Division Angeles Cal SUBSIDIARIES Cincinnati Cincinnati York Divison Pa Hydraulic Brake Detroit Eclipse of Can Ltd. Windsor Sheffield AFFILIATAAEFFDFFIILLIIAATTEDED CDOaMPyAtNoTnES COMPANTES AFFILIATED Bendix Anonyme Clichy France Ont Paris Westinghouse Bendix do Brasil Ltda Brazil Rendix Automotive ElyriaO. 51 owned Air Brake Electric Avlation owned Ltd. - Montreal Canada ns A. Etablissements Ducellier Tecnico Pty Australia A. Air Equipment Ltd. Elliott Bros. London England Computing Devices of Canada Ottawa Some of the more important products raj tow tow Automotive Hydraulic mechanical and air and automotive braking and control systems tanks half tracks and brakes VacVuacuumum bproakweesr for cars trucks amphibian vehicles Electronle controlled fuel injection system Stromberg and Zenith carburetors for passenger cars commercial vehicles and in dustrial engines radar PRINCIPAL PLANTS & PROPERTIES 30 7.857,000 30 1956 Plants at area of 7.857,000 had combined floor . Bend New York N Y South Bend 7.857,000 Elmira N. Y. O. Sidney N. Windscr Ont Detroit Mich Hamilton Hamilton O. Towson M6 Davenport Iowa Eatontown N. So Montrose Pa Kansas City Mo. Hollywood TroyN. Y. No. Teterboro Calif Ni Utica Y. St. Joseph Mich Cincinnati O. York Pa Royal Oak Mich Dayton Dayton O. An affiliated company % owned MANAGEMENT OfficersFerguson President Marcus Pres & Group Exec Charles R. P Lansing Pres & Group Exec Nicholls W. H. Houghton Pres & Treasurer Pain er Pres & Group Exec M. Heldt Pres Ind Relations E. Stoll Pres and Group Exec G. Pres Comm Aircraft SalesRaale E. K. Pres Group Exec Foster A. Fontaine Pres Engineering F. L. Polk Pres & Group Exec Charles Charles Hummel Comptroller HA . Gosiner Secretary Directors H. B. Baker New York JohnJohn D. Biggers Toledo M. P. Ferguson Ferguson Detroit Hydraulic Brake Co. brakes brakes Realdix Corp Del automotive Bendix joijntosints constant Bendix starter drives velocity universa Clarence Francis New York W. H. Houghton Detroit Ernest Kanzler Detroit Bendix Instrument Co. Cal Ltd Inactive Erline of Canada Ltd brakes starters and hydraulic accessories Supplies Aircraft Hydraulic Supplies Inactive Ltd. Aviation Electric Canada 70) Corp. Bendix Chemical Inactive Bendix . Products Corp. Inactive Kllesrath Corp. New inactive power Bendix hydraulic steering hydraulic hydraulle clutch controls throttleBendix Ecocnltirposlse Bendix control automotive devices brake linings Fuel Alters Cleaners for automotive parta Bicycle coaster brakes Industrial air hose couplings R. P. Lansing Teterboro Charles Marcus New Mich C. S. Harding Mott Flint E. R. PalmerMarni L. F. Polk Dayton O. J. York Geo E. Stoll South Bend Ind Counsel Hughes Hubbard Blair & New York Reed Delco Aviation Cord Delaware Zullen P. & Sons Inc. Inactive Friez Eclipse Aviation Corp. Eclipse 4: do Brazil Brazil field engineering heffield The in Corp. Brazil Brazil and inactive Brazil devices 3 1956 electronic sequired In Dec. ) InternationalDivision Bendix handles com- the com- Ris pany's products throughout world i of the United States and Canada exception exception E. U3,ay Readquarters Pres Readquarters located at 205 42nd St. New York addition i corporation has three foreign Sa mubsidiaries affillate f. mubsidiaries located in France an in England Elliott Brothers London LtdLt.d. and in Australia Tecnico Pty Aviation Aircraft infection carburetofrosr large and small engines small flost large carburetors fuel systemsfor jet and tur- Host carburators engines electric primers power con- trols jet trols fuel pressure controls direct in- jection enginessystems latnadnikng tall struts Master Aircraft wheels disc gears brake nose and tail and tube brakes mala nose and struts cylinders Power control valvesTall nerobatic harness knuckles Pilat seats for Aviation engine starting equipment booster colla relays switches Generators auxiliary power supply units carbon pile voltage regulators inverters motor generators Altars cutouts and relays As of Sept. 30 1956 owned AFFILIATES dynamocotmproesrsorss control Jumps compresors elimination less the following fol owing of incorporation incorporation than 100 % and business | Engine superchbaorxgeerss valves Name Westinghouse of | and controla % by Westinghouse owned | units by Automotive Bendix Aviation Coro Co. Engine Engine accessory duction units elimnation equipment air propeller controlcontrol equipmentequipment electrie motor gear reretracting mechanisms Delaware Ltd Westinghouse controlBrake Australia 40 equipment retracting | Pty -manufactured vartons cylinders Hydraulic shell secumuner secummuner aviation under license from Bendix devices Hydraulic equipment and Saers pressure regulators cylinders pumps sta qual Auditors Haskins & Sells Annual Meeting Last Wednesday in February at South Bend No. of Stockholders Sept. 30 1956 29,862 No. of Employees Sept. 30 1956 47,456 ExMeicchutive Offices Fisher Bldg Detroit 1 York Offices 30 Rockefeller Plaza New Management Profit Sharing Under plan as amended , amount to be set aside each year amount shall not be excess of 12 of net earnings above a % return on capital used in busi- paid ness and not in excess of dividenda in year Revised plan also allows awards for any year to be in cash or partly in as paid stock the committee determine Under the Under the may net earnings have to equal 1.68 a credited share would to any amount could be before 19B36onus distributidoins1t2ri8b,u1t9io6n 509,933509,933 39.30139.301 ; 1925 none none 1.116.643 1942 1,007,11,0267,31673 9.5831940 1,067,538 1944 1.116.643 1,117,0001,6 117,02 0015 9481199551 1.249,90 1,280,040 1,498.840 211,750 1.249,900 1,9610,9,605,577551.249,900 1952. 1,23.425 1952. 1,280,204,0 094,71,12080,0401953 31.68 1951 - CONVERTIBLE * SECURITIES on All convertible bonds and stocks included in the Manual are listed in the Special Features Users of the Manual should find it Section convenient source of reference blue paper _