The Daily Star, Oneonta, NY - otsego county news, delaware county news, oneonta news, oneonta sports

Columns

September 24, 2012

Sidney closely follows Bendix takeover talks in 1982

Nerves were a little on edge in Sidney during the month of September 1982. Workers at Bendix Corp., today’s Amphenol, were closely following a corporate takeover contest between Martin Marietta Corp. and United Technologies, bidding for Bendix. What this meant to their jobs was foremost on workers’ minds.

This contest, of sorts, had begun Aug. 25. At that time, Bendix announced it would try to acquire Martin Marietta, a manufacturer of aerospace products, for $1.5 billion. Marietta then countered with a $1.5 billion offer of their own for Bendix, whose major business was automotive products. The Sidney plant manufactured electrical connections for hydraulic fluid transmission in aircraft at the time.

United Technologies joined in the takeover bid as an ally of Marietta on Tuesday, Sept. 7. All companies remained generally quiet during the bidding. At the Bendix headquarters in Southfield, Mich., Chairman William M. Agee urged Bendix employees to retain their company stock rather than sell it to Marietta at a profit.

On Tuesday morning, Sept. 14, employees in Sidney got a chance to see what their company managers were doing about a likely takeover by one of the companies. Employees viewed videotaped messages, including one from Chairman Agee, discussing an upcoming meeting of Bendix shareholders the next week. The tapes were shown on video screens around the plant, including one in the employee cafeteria.

That next Monday, Sept. 20, was billed as “Bendix Unity Day,” as the nearly 500,000 employees at more than 100 plants across the nation, including Sidney, participated in rallies for their company.

As The Daily Star described the Sidney event, “It had the appearance of an election picnic, complete with bumper stickers, Styrofoam hats and balloons. Perhaps, to a certain extent, it was.”

Sidney’s 2,000 employees heard speeches from company administrators and noted community figures, in an attempt to influence employee shareholders to hang on to their shares of Bendix stock.

Text Only
Big Chuck D'Imperio
Cary Brunswick

Chuck Pinkey
Guest Column

Lisa Miller

Mark Simonson

Rick Brockway

Sam Pollak
William Masters
  • Schreibman tops Chris Gibson on women's issues

    As the time to vote draws near, we need to remember how money can run politics more than we can. Raising funds is a prominent (if not the dominant) task of getting elected. Raising issues is also crucial, but those efforts are subject to distortion and fear-mongering.

    September 18, 2012

  • Republicans feelentitled to allthey can garner

    An entitlement is a legal benefit available from the government to individuals who are within a defined category of recipients, such as needing insurance for unemployment or health services.

    September 4, 2012

  • Romney focuses on self; Obama emphasizes unity

    Mitt Romney criticizes President Obama for saying a person's success is rooted in his community, and is not all his alone. Romney belittles this with his belief in individual initiative. He is better at the put-down than the push-up.

    August 21, 2012

  • Romney shows little regard for common man

    The Republicans in Congress have voted over and over, 33 times, redundantly and uselessly, to rescind what they call Obamacare.

    August 7, 2012

  • Scouts' gay ban creates problem where none exists

    The Boy Scouts of America's "emphatic reaffirmation" of its vow to exclude any and all homosexuals from its hallowed ranks is ill-considered and pathetic, especially in view of its having reviewed the matter for two years.

    July 24, 2012

Additional Content
Join the Debate
Helium
Additional Resources
CNHI News Service
Poll

Is Israel justified to conduct its military campaign against the Hamas in Gaza?

Yes
No
Undecided/no opinion
     View Results