How James E. Stewart fits into the Bangor Punta story
On December 6, 1983, Lear Siegler announced that it had purchased a 21% stake in Bangor Punta from James Stewart (1922-2006), a Bangor director and CEO of Lone Star Industries. Lear makes jet planes and Bangor makes Piper aircraft.
At the announcement of the block trade, "a Lear Siegler spokesman said that the company was interested in Bangor Punta mostly because of its Piper Aircraft unit which makes light airplanes." Lear Siegler's CEO said that his company "hopes to obtain representation on Bangor Punta's board and 'exercise some influence over the company’s future course.'" Lear also said that it had no present intention of fully acquiring the company but that it might purchase more shares.
Several months later, Lear Siegler did tender for the remaining shares in Bangor. Throughout this period Bangor continued to pay the same quarterly dividends of twenty cents per share. After the acquisition, Lear Siegler quickly integrated Bangor Punta's operations with its own by closing several plants and consolidating manufacturing operations in Florida.
A highly diversified firm, Bangor Punta Corporation, explains that the role of its corporate headquarters is “to act as a central bank supplying operating units with working capital and capital funds” (1966 Annual Report)..
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