Grace's Guide

British Industrial History

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Stone-Platt Industries

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1966. Enlarged training centre.

1842 J. Stone and Co founded by Josiah Stone, George Preston, and John Prestige[1].

1904 The private company J Stone and Company Ltd was registered to acquire the business of J. Stone and Co, brass, copper and iron workers, and mechanical and general engineers, of Deptford[2].

1950 Reconstruction of J. Stone and Co as a holding company; formation of 2 subsidiaries to handle the business J. Stone and Co (Charlton) Ltd (railway air conditioning) and J. Stone and Co (Deptford) Ltd (marine propellors); the existing subsidiaries Stone-Wallwork Ltd and Stone Platt Engineering Co Ltd, which had complementary activities, would be merged into one, namely Stone-Wallwork, which would handle the mechanical engineering products; Stone-Platt would be liquidated. The existing 50 percent holdings in Light Metal Forgings Ltd and Stone-Fry Magnesium Ltd would be maintained[3].

1958 Scheme of arrangement to effect a merger between Platt Brothers and Co (Holdings), makers of textile machinery, and J. Stone and Co (Holdings); Stones became a wholly owned subsidiary of Platts; the company name was changed to Stone-Platt Industries[4].

1960 Formation of Stone-Manganese Marine to handle overseas sale of marine products of Manganese Bronze and Brass Co, J. Stone and Co (Propellors), Bulls Metal and Marine, and Steven and Struthers[5].

1961 Parent of 59 subsidiaries including J. Stone (Propellors) Ltd and Bulls Metal and Marine[6]. Employs 18,000 persons. [7]

1964 J. Stone and Co (Charlton) was a member of the Stone-Platt group[8].

1970s Stone-Platt Fluidfire supplied fluid-bed boilers.

1974 Mr. Derrick Willingham was appointed finance director who succeeded Mr G. G. Buckley.[9]

1980 Company defaulted on bank loan; major problems due to loss on textile machinery operation Platt Saco Lowell; sold pumps division to raise cash[10].

1981 Sold propellor division[11].

1982 Banks unwilling to put in further funds; company declared bankrupt; management buyout of the electrical division[12].

1984 Stone International, the electrical division, was rescued by management buyout from Stone-Platt Industries, was floated[13].

Problems with an overseas contract forced the company to sell one of its more profitable subsidiaries[14]

1987 FKI Electricals acquired Stone International[15].

1991 FKI sold the Stone air conditioning business to a Japanese company[16]

See Also

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Sources of Information

  1. The Times, 26 June 1905
  2. The Times, 26 June 1905
  3. The Times, 19 July 1950
  4. The Times, 18 October 1958
  5. The Times, 29 July 1960
  6. The Times, 3 June 1961
  7. 1961 Guide to Key British Enterprises
  8. The Times, 22 January 1964
  9. The Engineer 1974/05/02
  10. The Times, 19 March 1982
  11. The Times, 19 March 1982
  12. The Times, 19 March 1982
  13. The Times, 24 September 1984
  14. The Times, June 06, 1987
  15. Funding Universe [1]
  16. The Times, December 17, 1991