Company:Allied Corporation

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Allied Corp.
Formerly
  • Allied Chemical & Dye Corp (1920–1958)
  • Allied Chemical Corp (1958–1981)
TypePublic
IndustryChemicals
FateMerger with The Signal Companies
Predecessor
  • General Chemical Co.
  • The Solvay Process Co.
  • Semet-Solvay Co.
  • The Barrett Co.
  • National Aniline & Chemical Co.
SuccessorAlliedSignal, Honeywell
Founded1920; 106 years ago (1920)
FounderEugene Meyer, William Henry Nichols
Defunct1985 (1985)
HeadquartersMorristown, New Jersey
Area served
Worldwide
ProductsChemicals, plastics, catalysts, Hydrocarbon exploration and production

Allied Corp. was a major American company with operations in the chemical, aerospace, automotive, oil and gas industries. It was initially formed in 1920 as the Allied Chemical and Dye Corporation as an amalgamation of five chemical companies. In 1958, it was renamed Allied Chemical Corporation when it diversified into oil and gas exploration. Allied Chemical then became Allied Corporation in 1981. In 1985, Allied merged with the Signal Companies to become AlliedSignal. AlliedSignal would eventually acquire Honeywell in 1999 and then adopt its name.

Allied Chemical was included in the Dow Jones Industrial Average since 1925.

Predecessors

General Chemical Company

The General Chemical Corporation commenced business on March 1, 1899. The preferred stock of the new company was issued for tangible assets, appraised carefully over a period of nine months. The common stock with some exceptions was issued for good-will and intangible assets and was set equal to ten years worth of earnings of each predecessor company, interpolated from 5.5 years of earnings reports. The appraisal was $14,008,955 of aggregate capital and the total capital invested in the United States in chemical works was estimated to have been $238,000,000 in 1899.[1]

Companies taken over in 1899[2]
Name Hometown
Campbell Chemical Co Chicago, Illinois
W. H. Chappell & Co St. Louis, Missouri
Dundee Chemical Works Dundee, New Jersey
Fairfield Chemical Works Bridgeport, Connecticut
Highlands Chemical Co Highlands Station, New York
James Irwin & Co Pittsburgh, Pennsylvania
Lodi Chemical Co Lodi, New Jersey
Martin Kalbfleisch Chemical Co Bayonne, New Jersey
Buffalo, New York
James L. Morgan & Co Shadyside, New Jersey
Bridgeport, Connecticut
National Chemical Co Cleveland, Ohio
The Nichols Chemical Co Laurel Hill, Long Island, New York
Troy, New York
Syracuse, New York
Passaic Chemical Co Newark, New Jersey
Moro Phillips Chemical Co Philadelphia, Pennsylvania
Nichols Chemical Co of Canada Ltd
General Chemical Co plants (1902)[2]
Name State Location bold=exact
Bayonne Works NJ Constable Hook [ ⚑ ] 40°39′16″N 74°06′03″W / 40.6545°N 74.10076°W / 40.6545; -74.10076[3]
Bridgeport Works CT Worden Ave. Bridgeport [ ⚑ ] 41°09′54″N 73°12′21″W / 41.16507°N 73.20577°W / 41.16507; -73.20577[4]
Dundee Works NJ Lodi & 8th Passaic [ ⚑ ] 40°51′28″N 74°06′40″W / 40.8577°N 74.1111°W / 40.8577; -74.1111[5]
Fairfield Works CT Fairfield
Buffalo Works NY Abbott Rd. & Buffalo River Buffalo
Chicago Works IL 21st and Stewart Ave. Chicago
Calumet Works IL Chicago
Highlands Works NY Highland Station Putnam County
Hudson River Works NJ Shadyside
Laurel Hill Works NY Laurel Hill Long Island
Lodi Works NJ Lodi
National Works OH Cleveland
Passaic Works NJ Brill Ave. Newark [ ⚑ ] 40°44′04″N 74°08′40″W / 40.73455°N 74.1444°W / 40.73455; -74.1444[6]
St. Louis Works MO St. Louis
Syracuse Works NY Marsh Rd. Syracuse [ ⚑ ] 43°04′04″N 76°10′07″W / 43.06778°N 76.16865°W / 43.06778; -76.16865[7]
Troy Works NY Erie Canal Lock No. 4 Troy [ ⚑ ] 42°44′46″N 73°42′27″W / 42.74622°N 73.70753°W / 42.74622; -73.70753[8]
United States Works NJ Camden [ ⚑ ] 39°56′49″N 75°06′28″W / 39.94692°N 75.10768°W / 39.94692; -75.10768[9]
Moro Phillips Works
Standard Chemical Works
Illinois Works IL Chicago Heights

The Barrett Company

Incorporated as the American Coal Products Co. and before May 1, 1903 acquired 90% of the stock of United Coke & Gas Co. (a producer of byproduct coke ovens[10] ) and 80% of Barrett Manufacturing Co. of West Virginia (a producer of various coal products).[11] On January 1, 1909, sold its coke oven interests (which included the United Otto and Otto Hoffman coke oven patents) to the Oberschlesische Kokswerke & Chemische Fabriken AG of Berlin, which formed the German-American Coke & Gas Co. in which American Coal Products Co. had some interest.[12] Renamed to (The) Barrett Co. on January 25, 1916.[13]

Earnings[14]
Year Profit Dividends
1907 $1,520,262
1908 940,409
1909 1,285,173
1910 1,393,903
1911 1,062,330 $740,463

History

During World War I, Imperial Germany controlled much of the world's chemical production. This resulted in critical shortages of certain dyes, drugs and especially ammonia, a vital compound used to make fertilizers and explosives.

Allied Chemical and Dye Corporation

Schoellkopf, Hartford & Hanna Co. works in Buffalo, New York, formerly the Schoellkopf Aniline and Chemical Works, c. 1908

In 1920, publisher Eugene Meyer and noted chemist William Henry Nichols founded Allied Chemical and Dye Corporation in order to address this shortcoming in American industrial production. Allied was an amalgamation of five existing companies with a total capitalization of $175,000,000,[15] including Barrett Chemical Company (est. 1858), The General Chemical Company (est. 1899), National Aniline & Chemical Company (est. 1917), Semet-Solvay Company (est. 1895), and the Solvay Process Company (est. 1881).[15] All manufacturing was consolidated in Buffalo, and much attention was given to improving the processes hastily introduced during World War I.[15] Allied's first venture into new markets was the construction of a synthetic ammonia plant near Hopewell, Virginia in 1928. This would soon become the world's largest producer of ammonia.[16]

Pursuant to a plan adopted September 9, 1920, stockholders of the companies to be consolidated were invited to deposit their stock for exchange. By December 2, 1920, well above 90% were deposited, the exchange offer expired December 15 and on December 17, 1920 the new company was incorporated in the state of New York.[17]

Distribution of shares[17]
Company Incorp Deposited Ratio New Stock issued
Preferred Stock (par value)
General Chemical Co. $15,438,000 $100 $15,438,000
The Barrett Co. 7,113,900 116.66 8,299,100
National Aniline & Chemical Co., Inc 13,588,800 100 13,588,800
Total $37,326,400
Common Stock (shares)
General Chemical Co. February 15, 1899 (NY) 194,566 2.66863 519,225
The Solvay Process Co. September 28, 1881 (NY) 210,832 3.22415 679,755
Semet-Solvay Co. [lower-alpha 1]January 31, 1916 (NY) 102,977 2.73010 281,138
The Barrett Co. February 7, 1903 (NJ) 153,502 2.34088 359,330
National Aniline & Chemical Co., Inc May 26, 1917 (NY) 288,283 1.05454 304,007
Total 2,143,455

Stock certificates began trading on the New York Stock Exchange in September. Barrett (since 1916[19]), National Aniline (since 1919[20]) and General Chemical (since 1902[2]) were listed on the NYSE at the time of merger, the two Solvay companies were not.

Allied Chemical Common Stock Price Range[lower-alpha 2]
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1920 ​62 3⁄8 High ​62 3⁄8 ​59 5⁄8 ​59 3⁄8 ​53 1⁄2
​43 1⁄4 Low ​57 1⁄2 56 46 ​43 1⁄4


National Aniline and Chemical Works had been formed in 1917 by the merger of Schoellkopf Aniline and Chemical, Beckers Aniline and Chemical of Brooklyn, and the Benzol Products Company. Included also were certain facilities of Semet-Solvay, the Barrett Company, and the General Chemical company that made coal tar intermediates.[15] The executives were Jacob F. Schoellkopf Jr., C. P. Hugo Schoellkopf, I. F. Stone, and Dr. William G. Beckers.[15]

Henry Francis Atherton joined as Secretary of the National Aniline and Chemical Company in the 1920s and served as president of Allied Chemical and Dye Corporation from 1934 to 1946. He was also chairman of the board from 1935, until his death in 1949.[22]

The company was renamed to Allied Chemical Corporation on April 28, 1958.[23]

Allied Chemical Corporation

Morristown factory space
Allied Chemical flatware, creamer, coffee cup

After World War II, Allied began manufacturing other products, including Nylon 6, refrigerants and plastic dinnerware. The company name was simplified to reflect thithumbsAllied Chemical flatware, creamer, coffee cup diversification, becoming Allied Chemical Corporation in 1958. It also moved its headquarters to Morristown, New Jersey.

In 1962, Allied bought Union Texas Natural Gas. Allied initially regarded Union as a vertical integration supplier of raw materials for its chemical products. However, CEO John T. Connor, secretary of commerce under president Lyndon Johnson, sold many of Allied's unprofitable businesses in the 1970s and invested more heavily in oil and gas exploration. By 1979, Union Texas was generating 80% of Allied's revenue.

Between 1978 and 1979, Allied funded The MacNeil/Lehrer Report on public television.

Allied Corp.

As the company sought to further diversify its operations, it was renamed Allied Corporation in 1981.

Its next acquisition, in 1983, was Bendix Corporation, an aerospace and automotive firm. By 1984, Bendix was generating 50% of Allied's income, while oil and gas generated 38%.[16]

Between 1964 and 1984, the reporting marks used to identify Allied Chemical's rolling stock on the North American railroad network was NLX.[24]

At one point in 1985, Allied funded Nova on PBS.

AlliedSignal

In 1985, Allied merged with the Signal Companies to become AlliedSignal. The company would eventually acquire Honeywell in 1999, and adopt its name.

See also

  • British Dyestuffs Corporation
  • IG Farben
  • United Alkali Company

Notes

  1. ↑ The Semet-Solvay Co. of Pennsylvania was incorporated in 1895 with a capital of $75,000. In 1916 the $4,000,000 stock was exchanged 2-for-1 for $8,000,000 of the new company.[18]
  2. ↑ 1920[21]

References

  1. ↑ "I. Origin and Formation". The General Chemical Company after 20 Years. 1919. https://archive.org/details/generalchemicalc00generich/generalchemicalc00generich/page/14/mode/2up. 
  2. ↑ 2.0 2.1 2.2 "The General Chemical Company - Application to the New York Stock Exchange". Commercial and Financial Chronicle 74 (1926): p. 1094. May 24, 1902. https://archive.org/details/sim_commercial-and-financial-chronicle_1902-05-24_74_1926/page/1094/mode/1up?q=%22General%20Chemical%22. 
  3. ↑ Index, Plate 63 (1912)
  4. ↑ Index, Plate 54 (1913)
  5. ↑ Index, Plate 2 (1884)
    Index, Plate 2 (1886)
    Index, Plate 2 (1889)
    Index, Plate 21 (1894)
    Index, Plate 8 (1899)
    Index, Plate 46 (1910)
    Index, Plate 19 (1935)
    Index, Plate 19 (1951)
  6. ↑ Index, Plate 85 (1908)
  7. ↑ Sanborn Map 1911 Volume 3, Plate 319
  8. ↑ Index, Plate 75 (1903)
  9. ↑ Index, Plate 16, 33 (1906)
  10. ↑
    Coke plants of United Coke & Gas Co. (Dec 1901)
    Owner Town Built Ovens Coke for Gas for
    Cambria Steel Co Johnstown 1895-1898 160 Blast furnace Fuel
    Pitts. Gas & Coke Co Glassport 1896 120 Blast furnace, domestic Fuel
    New England Gas & Coke Co Everett 1898 400 Domestic, Locomotive Illum.
    Dominion Iron & Steel Co Sydney 1900 400 Blast Furnace Fuel
    Hamilton Otto Coke Co Hamilton 1900 50 Foundry, Domestic Illum.
    Lackawanna Iron & Steel Co Lebanon 1901 232 Blast furnace Fuel
    Buffalo 1901 564 Blast Furnace Fuel
    South Jersey Gas & Electric Traction Co Camden 1901 100 Foundry, domestic Illum.
    Maryland Steel Co Sparrows Point 1901 200 Blast furnace Illum, Fuel
    Michigan Alkali Co Wyandotte 1901 15 Burning lime Fuel

    "United Coke & Gas Co". The Commercial and Financial Chronicle 73 (1905): p. 1365. December 28, 1901. http://archive.org/details/sim_commercial-and-financial-chronicle_1901-12-28_73_1905/page/1365/mode/1up. 

  11. ↑ "American Coal Products Co. - New Company". Commercial and Financial Chronicle 76 (1973): p. 867. April 18, 1903. https://archive.org/details/sim_commercial-and-financial-chronicle_1903-04-18_76_1973/page/867/mode/1up?q=%22American%20Coal%20Products%22. 
  12. ↑ "American Coal Products Co. - Serial Gold Notes Sold". Commercial and Financial Chronicle 91 (2371): p. 1513. December 3, 1910. https://archive.org/details/sim_commercial-and-financial-chronicle_1910-12-03_91_2371/page/1513/mode/1up?q=%22The%20Barrett%22. 
  13. ↑ "American Coal Products Co. - Change of Name". Commercial and Financial Chronicle 102 (2640): p. 439. January 29, 1916. https://archive.org/details/sim_commercial-and-financial-chronicle_1916-01-29_102_2640/page/439/mode/1up?q=%22The%20Barrett%22. 
  14. ↑ "American Coal Products Co. - Annual Report for 1911". Commercial and Financial Chronicle 94 (2451): p. 1624. June 15, 1912. https://archive.org/details/sim_commercial-and-financial-chronicle_1912-06-15_94_2451/page/1624/mode/1up?q=%22American%20Coal%20Products%22. 
  15. ↑ 15.0 15.1 15.2 15.3 15.4 "National Aniline and Chemical Company Buffalo, New York". http://www.colorantshistory.org/NationalAniline.html. 
  16. ↑ 16.0 16.1 History of Allied Corporation at the Honeywell, Inc. website Retrieved May 8, 2012
  17. ↑ 17.0 17.1 Listing Statements of the New York Stock Exchange. 20. December 1920 – July 1921. https://babel.hathitrust.org/cgi/pt?id=umn.31951d00132650h&seq=36. 
  18. ↑ "Semet Solvay Co - Reincorporated". Commercial and Financial Chronicle 102 (2643): p. 716. February 19, 1916. https://archive.org/details/sim_commercial-and-financial-chronicle_1916-02-19_102_2643/page/716/mode/1up?q=%22Semet%20Solvay%22. 
  19. ↑ "The Barrett Co. - Stock Listed". Commercial and Financial Chronicle 103 (2662): p. 63. July 1, 1916. https://archive.org/details/sim_commercial-and-financial-chronicle_1916-07-01_103_2662/page/63/mode/1up?q=%22The%20Barrett%22. 
  20. ↑ "National Aniline & Chemical Co. - Listing". Commercial and Financial Chronicle 109 (2827): p. 892. August 30, 1919. https://archive.org/details/sim_commercial-and-financial-chronicle_1919-08-30_109_2827/page/892/mode/1up?q=%22National%20Aniline%22. 
  21. ↑ "Course of Prices of Railroad and Miscellaneous Stocks for the Year 1920". Commercial and Financial Chronicle 112 (2898): p. 131. January 8, 1921. https://archive.org/details/sim_commercial-and-financial-chronicle_1921-01-08_112_2898/page/131/mode/1up. 
  22. ↑ "H Atherton Chemical Leader Chairman of Allied Corporation Dies". The New York Times. February 12, 1949. https://www.nytimes.com/1949/02/11/archives/h-atherton-dies-chemicals-leader-chairman-of-allied-corp-since-1935.html. 
  23. ↑ "Allied Chemical & Dye Corp. - Name Changed". Commercial and Financial Chronicle 187 (5739): p. 1. May 5, 1958. https://archive.org/details/sim_commercial-and-financial-chronicle_1958-05-05_187_5739/page/1/mode/1up?q=%22Allied%20Chemical%20%26%20Dye%22. 
  24. ↑ Railroad reporting marks, N Retrieved May 8, 2012.



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