The Luhrs Marine Group (Henry Luhrs Sea Skiff Company) is purchased by the Punta Alegre Sugar Company for $1.5 Million in stock.
On October 13, 1964, Bangor Punta Corp. acquired 98.3% of the outstanding stock of Bangor & Aroostook Railroad Co. by purchasing all of the assets of the Railroad's holding company, the Bangor & Aroostook Corporation (the holding company). By virtue of this acquisition, Bangor Punta controlled and directed the operation of the Railroad until October 2, 1969 when it sold its entire stock interest in the Railroad to Amoskeag Company for $5,000,000.
Bangor Punta - as the Corporation, is created from the merger of Old Bangor and Aroostook Railroad in Maine with the Punta Alegre Sugar Company
Bangor Punta purchases Smith & Wesson from the Wesson family. The purchase was finalized in 1965
Bangor Punta Corporation attempts hostile takeover of Harley Davidson hoping to make them their crowning achievement. Harley Davidson went looking for another buyer in Outboard Marine Corporation of Waukegan, Illinois. Harley Davidson eventually was sold to AMF in 1969.
Jensen Marine was acquired by Bangor Punta for $6,660,000 in cash and stock.
Purchased O'Day Sailboat Company for $986,600 in stock
Purchased Luhrs Powerboats from Henry Luhrs Sea Skiff Company.
The environmental engineering firm called Metcalf & Eddy or M&E's sixty years as a partnership ended when Bangor Punta investment group bought out the partners.
Acquired Producers Cotton Oil Company in December 1967 through a public tender offer.
Purchased Starcraft for $17,692,300 in cash and stock from Harold Schrock of Star Tank and Boat Company.
Appeared on Fortune 500 List ranked as # 491 with Revenues of $132.1 million; Profits of $5.5 million; Assets of $101.6 Million; Stockholders' Equity of $37.1 million. Employees numbered 4,100.
In November, Bangor Punta annouced that its Smith & Wesson division had developed a caseless cartridge for sports and military small arms. Smith & Wesson said the cartridge consists of a projectile molded directly to a plug of solid propellant charge and primer, which is fired electrically. The cartridge case and other conventional ammunition elements are completely eliminated, the firm said.
Purchased Duo Marine from Vic Porter
Cal Boats was originally the Jensen Marine Corporation - the founder, Jack Jensen, a genuine pioneer in fiberglass boatbuilding, sold his company to Bangor Punta Corporation.
Additional common stock of Starcraft Corporation was acquired in March 1968, increasing Bangor Punta's ownership interest to 96%.
On July 30, 1968, Waukesha Motor Company was acquired and merged.
Merged Starcraft in a wholly-owned subsidiary on September 30, 1968
Appeared on Fortune 500 List ranked as # 428 with Revenues of $160.1 million; Profits of $5.6 million; Assets of $144.4 Million; Stockholders' Equity of $47.1 million. Employees numbered 6,500.
In September, Bangor Punta Agreed to acquire the assets and business of Venture Motor Coaches of Banning, California. Venture manufactures motor homes.
Bangor Punta acquired Waukesha Motor Company that built inboard marine engines from converted Ford V8s.
Purchased the Stephenson Corporation and subsequently became a part of Smith & Wesson Public Security Group.
Appeared on Fortune 500 List ranked as # 326 with Revenues of $256.5 million; Profits of $8.2 million; Assets of $302.0 Million; Stockholders' Equity of $113.5 million. Employees numbered 10,250.
In October, Bangor Punta purchased Yankee Motor Corporation of Schenectady, New York, a distributor of the Ossa line of lightweight motorcycles.
In December, Bangor Punta sold its Bangor Aroostook Railroad shares to Amoskeag for $5 million in cash. It will result in a $13 million non-recurring book loss with no tax benefit with part of the purchase price subject to capital gains taxes.
Bangor Punta purchased a controlling interest in Piper Aircraft resulting in nearly a decade of litigation ending with a Supreme Court decision. ChrisCraft owned 43 percent of Piper and Bangor Punta, owned 52 percent, but Bangor Punta has been enjoined against voting 14 per cent of the total Piper stock.
The Bangor Punta era, lasted approximately twenty years -- from 1964 to 1984.
History will likely remember the company for its tenacity in pursuing acquisitions; their high-profile corporate executives; and, two United States Supreme Court cases that the company was involved in during its short life span.
Bangor Punta Nostalgic History
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