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American Can Company

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The American Can Company was a manufacturer of tin cans. It was a member of the Tin Can Trust, that controlled a "large percentage of business in the United States in tin cans, containers, and packages of tin." [1] It was formerly a member of the Dow Jones Industrial Average from 1959–1991, though after 1987 it had renamed itself Primerica, a financial conglomerate which had divested itself of its packaging arm in 1986.

Primerica, after it was merged with Sanford I. Weill's Commercial Credit Company would form the basis of what would become Citigroup.

The American Can Company had its headquarters in Manhattan, New York City until 1970, when it moved into a Greenwich, Connecticut facility, which had been developed on 150 acres (61 ha) of wooded land in the late 1960s. In the early 1980s American Can renamed itself and ended its operations in Greenwich.[2]

HistoryEdit

In 1985, Nelson Peltz's New York-based Triangle Industries bought the National Can Company for $460 million and in 1986 it acquired Gerald Tsai's American Can Company for $570 million. In 1988, Pechiney S.A., the state-owned French metal conglomerate, acquired Triangle Industries. At the time of the buyout, American Can was the largest can company in the United States.[3].


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ReferencesEdit

  1. ^ "Government Sues American Can Co.; Seeks Dissolution Of $88,000,000 Corporation In Anti-Trust Action At Baltimore. Wants It Split Into Units Petition Opposes Separation On Pro Rata Basis ;- Head Of Concern Feels Sure Of Victory.". New York Times. November 30, 1913, Sunday. http://query.nytimes.com/gst/abstract.html?res=9F0DEFD71139E633A25753C3A9679D946296D6CF. Retrieved 2008-04-15. "Suit was filed here today in the United States District Court to dissolve the American Can Company, the so-called Tin Can Trust, which the Department of Justice alleges controls a large percentage of business of the United States in tin cans, containers, and packages of tin." 
  2. ^ Lueck, Thomas J. "Vacated Corporate Headquarters Scatter the Suburban Landscape." The New York Times. December 7, 1992. A1, New York Edition. Retrieved on January 5, 2009.
  3. ^ Greenhouse, Steven (November 22, 1988). "French Agree to Buy American Can's Parent.". New York Times. http://query.nytimes.com/gst/fullpage.html?res=940DEED61F30F931A15752C1A96E948260&sec=&spon=&pagewanted=all. Retrieved 2008-04-15. "Pechiney will also assume Triangle's approximately $2 billion in debt, a good part of it stemming from Triangle's acquisition strategy. In 1985, the New York-based company bought the National Can Company for $460 million and in 1986 it acquired the American Can Company for $570 million." 
  4. ^ "American Can Company to become 202 condos; may see 600 in total.". Jersey City Reporter. http://www.hudsonreporter.com/site/news.cfm?newsid=15728595&BRD=1291&PAG=461&dept_id=523586&rfi=6. Retrieved 2008-04-15. "... American Can Company located between Dey Street and St. Paul's Avenue ... The American Can Company was spread over a series of five buildings on St. Paul's Avenue. Only two of the five buildings will be turned into the 202 units right now, although another 398 units may be built in the other three buildings in future phases." 
This page uses content from the English language Wikipedia. The original content was at American Can Company. The list of authors can be seen in the page history. As with this Familypedia wiki, the content of Wikipedia is available under the Creative Commons License.

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