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

Mark Simonson

September 24, 2012

Sidney closely follows Bendix takeover talks in 1982

(Continued)

The stock-buying offers by Marietta were called lucrative, but Robert Schaeffer, general manager of the Sidney plant, asked employees to oppose the offer. At the same time he said a merger between Bendix and Marietta would result in a stronger company that would “enhance our national defense.” The confrontation between Bendix and Marietta could result in each having ownership of the other, it was thought. Bendix had been purchasing Marietta stock and hoped to place representatives on Marietta’s board of directors before Marietta could begin buying Bendix stock.

The next day, the takeover got even more exciting, as Allied Corp. jumped into the fray. Allied had been in the chemical industry since the early 20th century. By late Friday, Sept. 24, Allied had agreed to buy Bendix for about $1.9 billion and gain a significant stake in Marietta as well. It was Allied’s first involvement in the aerospace industry.

On Saturday, Agee said he had no regrets about the battle of the corporate giants that led to the acquisition of his company.

“There will be no serious dismemberment of the company,” Agee said. Workers in Sidney could sigh in relief with that news.

When Allied took over, Sidney’s operation became the Bendix Connector of Allied Corp. In 1987, Allied sold the company and it became Amphenol Corp. under the LPL Investment Group Inc.

This weekend, national debt reduction also became a local goal in the fall of 1932.

City Historian Mark Simonson’s column appears twice weekly. On Saturdays, his column focuses on the area during the Depression and before. His Monday columns address local history after the Depression. If you have feedback or ideas about the column, write to him at The Daily Star, or email him at simmark@stny.rr.com. His website is www.oneontahistorian.com. His columns can be found at www.thedailystar.com/marksimonson.

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