Avco Corporation is a subsidiary of Textron which operates Textron Systems Corporation and Lycoming.
The Aviation Corporation was formed on March 2, 1929 to prevent a takeover of CAM-24 airmail service operator Embry-Riddle Company by Clement Melville Keys, who planned on buying Curtiss aircraft rather than Sherman Fairchild's. With capital from Fairchild, George Hann, the Lehman Brothers, and W.A. Harriman. the holding company began acquiring small airlines. By the end of 1929, it had acquired interests in over 90 aviation-related companies. In January 1930, the board broke off the airlines into Colonial and Universal Air Lines. Universal Air Lines name was changed to American Airways, and later merged with Colonial to form American Airlines.
The company was required to divest American Airlines in 1934 due to new rules for air mail contracts. The Aviation Corporation ranked 32nd among United States corporations in the value of World War II production contracts. The Aviation Corporation later changed its name to Avco Manufacturing Corporation, and then, in 1959, to Avco Corporation. In 1984 Avco was purchased by Textron.
Avco's affiliated company, Avco Financial Services, was spun off to Associates First Capital in 1998, which itself was acquired by Citigroup in 2000.
Aviation Corporation formed March 29, 1929
Southern Air Transport (Texas Air Transport, Texas Flying Service, St. Tammany-Gulf Coast Airway)
Colonial Air Lines – May 1929
Colonial Western – May 1929
Canadian Colonial Airways May 1929
Embry-Riddle Aviation Corporation – Summer 1929, Embry-Riddle Flying School closed 1930
Interstate Airlines – CAM-30 Summer 1929
Fairchild Aircraft
Kreider-Reisner
The Superplane Company
Universal Air Line System Terminal Company
Midplane Sales and Transit Company
Northern Airplane Company
Air Transportation, Inc.
Robertson Flying School Inc.
Egyptian Airways Inc. (Marion Illinois)
Universal Aviation Corporation – bought by Avco in 1930 (Central Airlines - 1928,Paul R. Braniff Inc., Northern Air Lines (merger), Robertson Aircraft Corporation- (UAC merged in Nov 1928), Universal Air Lines (merger), Continental Air Lines – (CAM-16)
Universal Aviation Schools
Roosevelt Field, New York
Curtiss Field
Southwest Air Fast Express June 1931
1929 Aviation Corporation (AVCO) holding company formed by multiple participants
1932 Airplane Development Corporation formed by Gerard F. "Jerry" Vultee; Errett Lobban Cord soon takes it over
1934 AVCO acquired the Airplane Development Corporation from Cord and formed the Aviation Manufacturing Corporation (AMC)
1936 AMC liquidated to form the Vultee Aircraft Division, an autonomous subsidiary of AVCO
1939 Vultee Aircraft Division of AVCO reorganized as an independent company known as Vultee Aircraft, Inc.
1941 Consolidated Aircraft Corporation sold to AVCO
1943 Consolidated-Vultee, known as Convair, formed by the merger of Consolidated Aircraft and Vultee Aircraft; still controlled by AVCO
1947 Convair acquired by the Atlas Corporation
1947 AVCO name changed to Avco Manufacturing Corporation
1959 Avco Manufacturing Corporation name changed to Avco Corporation
1968 Avco acquires the developer of Rancho Bernardo, San Diego
1971 Avco acquires a stake in the developer of Laguna Niguel, California
1984 Textron acquires Avco Corporation, renames it Avco Systems Textron
1985 Avco Systems Textron becomes Textron Defense Systems
1995 Textron Systems Corporation is created, consisting of what is now Textron Defense Systems, Textron Marine & Land Systems, and Lycoming
Stratford Army Engine Plant (1951–1976)
Nashville, Tennessee (1959-1985)
