Magna Corporation

Last updated

Magna Corporation was a publicly held company in Flowood, Mississippi, U.S.A. that served as a holding company. Its primary divisions were Mississippi Steel and Magna American. Mississippi Steel was Mississippi's first steel manufacturer beginning operations in 1957. Magna American built garden tillers and other items, as well as manufacturing the Amphicat in Raymond, Mississippi.

Flowood, Mississippi City in Mississippi, United States

Flowood is a city in Rankin County, Mississippi. The population was 7,823 at the 2010 census. It is part of the Jackson Metropolitan Statistical Area.

Mississippi State of the United States of America

Mississippi is a state located in the southeastern region of the United States. Mississippi is the 32nd most extensive and 34th most populous of the 50 United States. It is bordered by Tennessee to the north, Alabama to the east, the Gulf of Mexico and Louisiana to the south, and Arkansas and Louisiana to the west. The state's western boundary is largely defined by the Mississippi River. Jackson, with a population of approximately 167,000 people, is both the state's capital and largest city.

Mississippi Steel Corporation was a publicly traded company located in Flowood, Mississippi. It was the first steel mill built in the state, and its primary product has always been reinforcing bar steel. Its first incarnation ran from 1957 until 1985 when it was bought by Birmingham Steel Corporation, United States. The mill is still in business as part of Nucor.

In 1984 the company's President, Wesley A. Caldwell, Jr., resigned.

In 1985, the steel division was sold to Birmingham Steel Corporation for approximately 28 million dollars. Magna's controlling stockholders, the Caldwell family of Jackson, Mississippi, took the company private by distributing half the sale proceeds to the stockholders. The Magna American plant was mothballed, then donated to Hinds Community College in 1992.

In 1985, the United States Securities and Exchange Commission sued former company president Wesley A. Caldwell, Jr., of Brandon, Mississippi, claiming that he had received benefits from the company "without review and approval" and violated the Securities Exchange Act of 1934. [1]

Brandon, Mississippi City in Mississippi

Brandon is a city in Rankin County, Mississippi, United States. Brandon was incorporated December 19, 1831. The population was 21,705 at the 2010 census. It is the county seat of Rankin County. Brandon is part of the Jackson Metropolitan Statistical Area, and is located east of the state capital.

Related Research Articles

MCI Inc. subsidiary of Verizon Communications

MCI, Inc. was an American telecommunication corporation, currently a subsidiary of Verizon Communications, with its main office in Ashburn, Virginia. The corporation was formed originally as a result of the merger of WorldCom and MCI Communications corporations, and used the name MCI WorldCom, succeeded by WorldCom, before changing its name to the present version on April 12, 2003, as part of the corporation's ending of its bankruptcy status. The company traded on NASDAQ as WCOM (pre-bankruptcy) and MCIP (post-bankruptcy). The corporation was purchased by Verizon Communications with the deal finalizing on January 6, 2006, and is now identified as that company's Verizon Enterprise Solutions division with the local residential divisions being integrated slowly into local Verizon subsidiaries.

The United Aircraft and Transport Corporation was formed in 1929, when William Boeing of the Boeing firms teamed up with Frederick Rentschler of Pratt & Whitney to form a large, vertically-integrated, amalgamated firm, uniting business interests in all aspects of aviation—a combination of aircraft engine and airframe manufacturing and airline business, to serve all aviation markets, both civil aviation and military aviation.

Nucor Corporation is a producer of steel and related products headquartered in Charlotte, North Carolina. It is the largest steel producer in the United States of America and is the largest "mini-mill" steelmaker. Nucor is North America's largest recycler of any material and recycled 16.9 million tons of scrap in 2015. The "vast majority" of Nucor employees are not union members.

In corporate finance, a tender offer is a type of public takeover bid. The tender offer is a public, open offer or invitation by a prospective acquirer to all stockholders of a publicly traded corporation to tender their stock for sale at a specified price during a specified time, subject to the tendering of a minimum and maximum number of shares. In a tender offer, the bidder contacts shareholders directly; the directors of the company may or may not have endorsed the tender offer proposal.

Channel America (CA), officially Channel America Network, Inc., was the first United States terrestrial broadcast television network to be intentionally assembled out of LPTV, or low-power television licensees. The network was founded by David Post in 1987 and launched in 1988. It offered a 24-hour feed of mostly inexpensive programming, delivered to its affiliate stations, many owned and originally established by the network, via satellite.

Raymond James | Morgan Keegan is the interim name of the former Morgan Keegan & Co. business units acquired by Raymond James Financial on April 2, 2012. The combined firms’ subsidiaries engage primarily in investment and financial planning, investment banking, fixed income products and asset management.

The National Market System (NMS) is the national system for trading equities in the United States.

Open joint-stock company

A public joint-stock company, abbreviated PJSC or open joint-stock company, abbreviated OJSC, is a type of company in many successor states of the Soviet Union, in particular in Russia. Its distinguishing feature is the right of stockholders to trade in stocks without the permission of other stockholders.

Clarence Otis Jr. American businessman

Clarence Otis Jr. is an American businessman and former CEO of Darden Restaurants. Otis was named the 11th most powerful person in Central Florida by the Orlando Sentinel in 2010.

Birmingham Steel Corporation was a steel producer in the United States, which made steel merchant and rebar products. The company was formed in 1983 by AEA Investors, Inc. and managed by CEO James Todd. It bought steel mini-mills in Kankakee, Illinois and the mills previously run by Todd at Birmingham Bolt. They then bought the Jackson, Mississippi-based Mississippi Steel Division of Magna Corp. The company went public on NYSE in 1985.

Stock financial instrument

The stock of a corporation is all of the shares into which ownership of the corporation is divided. In American English, the shares are commonly known as "stocks." A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares. This typically entitles the stockholder to that fraction of the company's earnings, proceeds from liquidation of assets, or voting power, often dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is necessarily equal, as certain classes of stock may be issued for example without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders.

Steel Dynamics, Inc., sometimes abbreviated as "SDI", is a steel producer based in Fort Wayne, Indiana.

Parker Manufacturing Company

Parker Manufacturing Company was a machine shop during World War II, a manufacturer of machine tools, a manufacturer/distributor of metal kitchen cabinets and sinks, and an industrial landlord, in Santa Monica, CA. The company designed and manufactured a unique sheet-metal shear and was able to provide delivery in only 30 days, when other manufacturers were taking two years to make deliveries due to wartime production backlogs. It also designed and manufactured a unique sheet-metal press. Regarded as the most versatile press ever built, the Multi-Max press performed multiple operations in a compact amount of production-line space which was unprecedented.

LSI Corporation Semiconductors and software designer

LSI Corporation was an American company based in San Jose, California which designed semiconductors and software that accelerate storage and networking in data centers, mobile networks and client computing.

The Business Council is an organization of business leaders headquartered in Washington, D.C. It holds meetings several times a year for high-level policy discussions.

Crucible Industries, commonly known as Crucible, is an American company which develops and manufactures specialty steels and is the sole producer of Crucible Particle Metallurgy (CPM) steels. The company produces high speed, stainless and tool steels for the automotive, cutlery, aerospace and machine tool industries.

Kirby Corporation

Kirby Corporation, headquartered in Houston, Texas is the largest tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii. Products transported by Kirby include petrochemicals, black oil, refined petroleum products and agricultural chemical products by tank barge. Kirby also owns and operates eight ocean-going barge and tug units transporting dry-bulk commodities in United States coastwise trade.

Heritage Media Corporation was a media company which owned television and radio stations across the United States, as well as in-store and direct marketing companies. It was based in Dallas, Texas from 1987 to 1997.

PhilWeb

The PhilWeb Corporation is a Philippine internet company involved in the gaming industry. It has operated the e-Games casino outlets.

References