Business: Rescue Accomplished

After six months of negotiations, Curtiss-Wright and Studebaker-Packard finally came to terms last week on "Operation Rescue." The two companies will not merge—at least not right away. But they will tie themselves together under a "joint program" agreement, with Curtiss-Wright running Studebaker-Packard and taking an option on enough Studebaker stock for a formal merger later on.

For Enginemaker Curtiss the big bait was the promise of some $500 million in new defense contracts from the Pentagon. Up to now, failure of such contracts to come through had been the major stumbling block. Though...

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