International Controls Corporation
Corporate brand
UnclaimedInternational Controls Corporation was an American industrial holding company that expanded rapidly through acquisitions before restructuring, divestitures, and eventual privatization.
Last updated October 14, 2026
AI crawler reads
No AI crawler has read this profile yet.
Overview
International Controls Corporation (ICC) was an American holding company incorporated in 1965 by Detroit entrepreneur Robert Vesco. Its origins lay in Captive Seal, a New Jersey valve manufacturer that Vesco controlled and whose assets and liabilities were placed into the new corporation. ICC then merged with Cryogenics Inc., a Florida producer of cryogenic equipment, and reorganized as a public corporation in Florida. The structure enabled Vesco to pursue a rapid acquisition program while limiting some of the reporting obligations normally associated with a conventional public-company reorganization. During the second half of the 1960s, ICC pursued an aggressive, heavily leveraged expansion strategy. By the end of 1967, the holding company controlled businesses involved in aviation, machine manufacturing, precision electronic components, industrial products, and tooling. Its holdings included Fairfield Aviation, which operated Caldwell-Wright Airport, ICC Manufacturing, The Special Corporation, Silber Products, and Moeller Tool Corporation. ICC stock began trading on the American Stock Exchange in May 1968. Later that year it acquired Intercontinental Manufacturing Company, a Texas weapons manufacturer, and launched a tender offer for Electronic Specialty Company, a major producer of aeronautical and electromechanical components. Litigation surrounded the Electronic Specialty transaction, but ICC completed the acquisition in July 1969. ICC's expansion became inseparable from the financial and legal controversies surrounding Vesco. In 1970 he began a takeover effort for Investors Overseas Service, a mutual-fund enterprise managed by Bernard Cornfeld. Subsequent federal investigations alleged that funds from IOS were transferred to offshore businesses controlled by ICC. The U.S. Securities and Exchange Commission opened an investigation in March 1971. In 1972, Vesco associates delivered a $200,000 political contribution to Maurice Stans, finance chairman of the Committee to Re-elect the President, in an effort connected to Vesco's attempt to obtain political assistance with the SEC inquiry. The payment became public during a 1973 deposition and intensified the legal crisis around ICC and Vesco. Vesco left the United States for Costa Rica in February 1973 while facing indictments related to securities fraud and allegations that approximately $224 million had been taken from IOS investments. ICC was left with substantial debt and litigation exposure. The company came under court supervision and its stock was suspended from trading. A court-appointed board selected retired U.S. Navy Vice Admiral Allen M. Shinn as president and chief executive officer in April 1973, with Elmer A. Sticco appointed chief operating officer. The post-Vesco company attempted to stabilize itself by selling many subsidiaries and reducing its obligations. Datron Systems and American Industries remained among its notable holdings during this phase. ICC later experienced a second period of corporate reorganization under financier Arthur M. Goldberg. In 1985, Goldberg began a takeover effort supported by a corporation formed with Bear Stearns. Under his control, ICC acquired Transway International Corp.; Great Dane Trailers, obtained through that transaction, ultimately became the company's principal remaining operating subsidiary after other assets were sold. In 1989, Goldberg engineered a reverse takeover of Checker Motors Corporation of Kalamazoo, Michigan, bringing Checker under ICC control. ICC also acquired South Charleston Stamping and Manufacturing Company that year, although the stamping operation was sold in 1996. The company adopted the name Great Dane Holdings Inc. in 1996. In 1997, Capital Resource Advisors, a Chicago investment firm, privatized the business, and all company assets were acquired by CRA Holdings Inc. The transaction ended ICC's existence as a publicly traded holding company and left Checker Motors as a privately held stand-alone company. Checker Motors later filed for bankruptcy in 2009, but that later event concerned the former subsidiary rather than the continuing operation of ICC itself. ICC is therefore best understood as a historical American industrial holding-company platform whose identity changed substantially through acquisitions, divestitures, court-supervised restructuring, and privatization.
History
International Controls Corporation was incorporated in 1965 by Robert Vesco, a Detroit entrepreneur who had obtained control of Captive Seal, a valve manufacturer in Fairfield, New Jersey. Vesco transferred Captive Seal's assets and liabilities into ICC and then combined the company with Cryogenics Inc., a Florida manufacturer of cryogenic equipment established in 1959. ICC was reorganized as a public corporation in Florida, providing the corporate platform for Vesco's acquisition strategy. Vesco expanded ICC quickly and relied heavily on borrowing and hostile-takeover techniques. By the end of 1967, the company had assembled businesses spanning aviation, machine manufacturing, electronic components, industrial products, and tooling. Its holdings included Fairfield Aviation, operator of Caldwell-Wright Airport; ICC Manufacturing, formerly Lowden Machine Company; The Special Corporation; Silber Products; and Moeller Tool Corporation. ICC's shares were listed on the American Stock Exchange in May 1968. The company subsequently acquired Intercontinental Manufacturing Company, a weapons producer based in Garland, Texas, and pursued Electronic Specialty Company. Litigation delayed the latter transaction, which was completed in July 1969. The company's trajectory changed during Vesco's attempted takeover of Investors Overseas Service in 1970. Federal investigators later alleged that IOS mutual-fund money had been moved into offshore enterprises controlled by ICC. The SEC opened an inquiry in March 1971. Vesco sought political assistance with the investigation, and in April 1972 his attorney Harry L. Sears and ICC president Lawrence Richardson delivered a $200,000 contribution to Maurice Stans, the finance chairman of the Committee to Re-elect the President. The payment was disclosed in a February 1973 deposition and became part of the broader political and financial scandal surrounding Vesco. Vesco fled to Costa Rica in February 1973 while facing multiple indictments for securities fraud and allegations that approximately $224 million had been taken from IOS investments. ICC was left with heavy debt and several lawsuits. Courts placed the company under supervision and suspended its stock from trading. In April 1973, a court-appointed board selected retired U.S. Navy Vice Admiral Allen M. Shinn as president and chief executive officer and appointed Elmer A. Sticco chief operating officer. The restructured company sold numerous subsidiaries to reduce debt; Datron Systems and American Industries remained among its important holdings. A later ownership phase began in 1985, when financier Arthur M. Goldberg launched a takeover bid using a corporation formed with Bear Stearns. Under Goldberg, ICC acquired Transway International Corp. Great Dane Trailers, one of the companies obtained through that acquisition, became ICC's only remaining subsidiary after additional holdings were sold in 1988. In 1989, Goldberg arranged a reverse takeover of Checker Motors Corporation, a Kalamazoo, Michigan automobile manufacturer, and ICC also purchased South Charleston Stamping and Manufacturing Company in West Virginia. The stamping operation was sold in 1996. ICC changed its name to Great Dane Holdings Inc. in 1996. The following year, Capital Resource Advisors, a Chicago investment firm, privatized the business, while CRA Holdings Inc. acquired all company assets. This ended ICC as a public holding company and left Checker Motors as a private stand-alone company. Checker Motors later entered bankruptcy in 2009. ICC's history is consequently defined by rapid industrial diversification, a major securities-fraud controversy, court-supervised repair, portfolio reduction, renewed acquisition activity, and final privatization.
- 1997
Privatization and asset transfer
[1]Capital Resource Advisors took the company private and CRA Holdings acquired its assets.
- 1996
Company renamed Great Dane Holdings
[1]ICC adopted the Great Dane Holdings Inc. name as its portfolio narrowed.
- 1989
Checker Motors brought under ICC control
[1]A reverse takeover placed Checker Motors Corporation within ICC's portfolio.
- 1985
Goldberg takeover effort
[1]Arthur M. Goldberg launched a takeover bid backed by a corporation formed with Bear Stearns.
- 1973
Court-supervised restructuring begins
[1]After Vesco fled the country, ICC entered court supervision and appointed Allen M. Shinn as chief executive.
- 1971
SEC investigation opened
[1]The SEC began investigating transactions linked to Vesco's IOS takeover effort and ICC-related offshore entities.
- 1969
Electronic Specialty acquisition completed
[1]ICC completed its contested acquisition of Electronic Specialty Company.
- 1968
American Stock Exchange listing
[1]ICC stock began trading on the American Stock Exchange.
- 1967
Initial industrial portfolio assembled
[1]ICC controlled businesses in aviation, machinery, precision components, industrial products, and tooling.
- 1965
International Controls Corporation incorporated
[1]Robert Vesco incorporated ICC and combined assets from Captive Seal with Cryogenics Inc. to create an acquisition-oriented industrial holding company.
Products and positioning
A diversified, acquisition-driven American industrial holding company rather than a consumer-facing product brand. ICC positioned itself through ownership and consolidation of manufacturing, transportation-equipment, automotive, aerospace, and defense businesses.
Industrial equipment
Cryogenics equipment
ICC entered the cryogenic-equipment field through its combination with Cryogenics Inc., a Florida manufacturer founded in 1959. The business formed part of ICC's original industrial base before the holding company diversified into a much broader collection of manufacturing and transportation-related subsidiaries.
Industrial components
Valve and industrial control products
The company's roots included Captive Seal, a Fairfield, New Jersey valve manufacturer controlled by Robert Vesco before ICC was formed. These products represented the industrial-control element of ICC's initial portfolio, although the corporation later operated primarily as a holding company rather than as a single branded product manufacturer.
Aerospace components · 1969
Aeronautical and electromechanical components
Through Electronic Specialty Company and related holdings, ICC owned manufacturing capabilities serving aeronautical and electromechanical component markets. The acquisition broadened ICC beyond basic industrial equipment and reflected Vesco's strategy of building a diversified technology and manufacturing group through corporate takeovers.
Commercial transportation equipment
Great Dane trailers
Great Dane Trailers became ICC's principal remaining operating subsidiary after the company sold other holdings in the late 1980s. Its products were commercial truck trailers, placing the company in the transportation-equipment sector and ultimately influencing ICC's 1996 renaming as Great Dane Holdings Inc.
Automotive manufacturing · 1989
Checker Motors vehicles and components
Checker Motors Corporation, based in Kalamazoo, Michigan, became an ICC-controlled subsidiary following a 1989 reverse takeover. Checker was associated with automobile manufacturing and automotive components. It later operated as a private stand-alone company after ICC's 1997 privatization and filed for bankruptcy in 2009.
Controversies
1973
Political contribution controversy
A $200,000 contribution to Maurice Stans, finance chairman of the Committee to Re-elect the President, was disclosed in a deposition concerning efforts to obtain political intervention in the SEC inquiry. The disclosure added a political-corruption dimension to the securities investigation.
1973
Vesco flight and securities-fraud charges
Vesco fled to Costa Rica while facing multiple indictments related to securities fraud and allegations involving approximately $224 million in IOS investments. ICC subsequently faced heavy debt, lawsuits, court supervision, and suspension of its stock trading.
1971
SEC investigation into IOS and ICC-related transactions
The SEC investigated Robert Vesco's attempted takeover of Investors Overseas Service and allegations that IOS investment funds had been transferred to offshore enterprises controlled by ICC. The investigation became the central legal crisis of the corporation's early history.
Brand decisions
1997
Take the company privateM&ABackground
After its 1996 renaming as Great Dane Holdings Inc., the company remained a narrowed industrial holding group centered on its surviving assets.
Action taken
Capital Resource Advisors privatized the company, and CRA Holdings Inc. acquired all company assets.
Aftermath
ICC ceased to operate as a public company, while Checker Motors became a private stand-alone business.
1989
Expand into automotive manufacturingM&ABackground
ICC's post-1985 ownership group sought to rebuild the company around a smaller set of operating businesses.
Action taken
Arthur Goldberg engineered a reverse takeover that placed Checker Motors Corporation under ICC control; ICC also acquired South Charleston Stamping and Manufacturing Company.
Aftermath
ICC controlled Checker Motors and Great Dane Trailers, while the South Charleston plant was later sold in 1996.
1985
Launch a new takeover and acquisition programM&ABackground
Following its earlier restructuring, ICC became the target of a takeover effort led by financier Arthur M. Goldberg.
Action taken
Goldberg formed an acquisition corporation with Bear Stearns and pursued control of ICC, followed by the acquisition of Transway International Corp.
Aftermath
Great Dane Trailers emerged as ICC's main remaining subsidiary after further portfolio sales.
1973
Restructure through divestituresStrategyBackground
After Vesco left the United States, ICC faced substantial debt, lawsuits, court supervision, and suspended stock trading.
Action taken
The company sold numerous subsidiaries and concentrated on a smaller group of remaining holdings, including Datron Systems and American Industries.
Aftermath
The divestiture program reduced the breadth of ICC's portfolio and laid the foundation for later ownership changes.
1965
Create an acquisition-oriented industrial holding companyStrategyBackground
Robert Vesco sought to consolidate Captive Seal and Cryogenics Inc. within a new public-company structure that could support further acquisitions.
Action taken
ICC was incorporated and reorganized in Florida, then used as the platform for a broad acquisition program.
Aftermath
The strategy produced rapid diversification but also left the company highly leveraged and exposed to the legal consequences of Vesco's financial activities.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/international-controls-corporation · Editorial policy · How profiles are compiled