Sola Basic Industries, Inc.
List of Deals
Sola Basic Industries was incorporated in Wisconsin on February 17, 1888, as Froedtert Grain & Malting Company. The name was changed to Froedtert Corporation in 1951, to Basic Products Corporation in 1957, and finally in October 1965 to Sola Basic Industries.
By 1938 Froedtert was producing malt in Greenfield, Wisconsin, Red Wing, Minnesota, and Winona, Minnesota. The combined annual production of malt exceeded 11,000,000 bushels, up from 9,000,000 in 1934. The storage capacity of the company exceeded 6,000,000 bushels.
In 1950 Sola acquired Daniel D. Weschler & Sons, which included a malting plant and storage facilities at Milwaukee. In August 1953 it added Bauer-Schweitzer Hop & Malt Company of San Francisco. In 1958 Sola acquired the entire stock of Sola Electric Company and operated it as a division. In 1959 it merged with Hevi-Duty Electric Company.
Sola bought nineteen grain processing and storage facilities in the Red River Valley area of Minnesota in 1962. In 1963 it added Davenport Manufacturing Company of Chicago, makers of electronic products. It subsequently merged that with the Sola Electric Division. That same year, it added Lindberg Engineering Company of Chicago, a producer of heat-treating equipment, and Engineered Ceramics Manufacturing Company for three million dollars in cash.
In January 1965 Sola acquired a 49 percent interest in Fabrico de Transformadores “TYF” Fernadez y cia, Ltda. Of Colombia. In 1966 it bought Nelson Electric Manufacturing of Tulsa, Oklahoma and Engineered Machine Builders, Inc. in 1967.
Sola earned $2.2 million on sales of $40.7 million in 1967 and employed 4,000.