Indiana General Corporation
List of Deals
On November 16, 1959, General Ceramics Corporation was merged into the Indiana Steel Products Company and the name Indiana Steel Products was changed to Indiana General Corporation.
Indiana Steel was established in 1908 and incorporated in 1910. At the time of the merger it was engaged primarily in the manufacture and sale of permanent magnets for use as component parts of a wide variety of products manufactured by others, including telephones, television and radio speakers, radar, electronic computers, and many types of ordnance and military equipment.
General Ceramics was a privately owned company. It manufactured ferrites, which are used as components in the production of many products including television transformers and deflection units, computer memories and switching circuits, filter coils, magnetic recording heads and radar and microwave equipment, and many high-frequency and telecommunication applications.
In 1968, the year prior to the merger, General Ceramic reported earnings of $348,000 from sales of $5.4 million. By comparison, Indiana Steel earned $540,000 on sales of $9.9 million.
The stated purpose for the merger was to create a company that was more diversified terms of products and services and that would permit the pooling of management, marketing, and engineering talents.