repurchased Fairchild Aviation Corp and eventually all its subordinate companies. In 1936, Fairchild Aviation divested all of its aircraft manufacturing interests into the new Fairchild Engine and Airplane Co. History of acquisitions, mergers and divestitures Created in 1924, Fairchild Airplane and Manufacturing Co. was the original aircraft manufacturing subsidiary of Fairchild Aviation Corp. Its primary purpose was to design and build aircraft for Fairchild's aerial cameras. It was purchased by AVCO in 1930, then combined with Fairchild Engine Co. to form American Airplane and Engine Corp, which then bought American Airplane and Engine in 1934 to become Fairchild Aircraft Manufacturing and Engine Co. In the 1936 reorganization it became Fairchild Engine and Airplane Co. and took control over all Fairchild Aircraft and engine holdings. In 1950, it became Fairchild Engine and Airplane Company. During the 1960s Fairchild went through a series of changes and acquisition. The company was renamed Fairchild-Stratos Corporation in 1961, and began building meteoroid detection satellites for NASA as well as cameras that were used during the Apollo missions. After acquiring Hiller Aircraft in 1964, it became Fairchild Hiller. Later that same year Fairchild acquired Republic Aviation, which became the Republic Aviation Division of Fairchild Hiller. Fairchild created the Space & Electronic Systems division in 1965 to produce spacecraft and subsystems. The division also manufactured parts for the F-4 Phantom and the Boeing 747 Jumbo Jet. Kreider-Reisner Aircraft Co. In 1929, Fairchild acquired a controlling interest in the Kreider-Reisner Co. and began building new manufacturing facilities at the Hagerstown Airfield. During the Great Depression he consolidated his aircraft business in Hagerstown to form the Fairchild Aircraft Corp in 1935, which became his principal US aircraft manufacturing subsidiary. The plant began manufacturing new aircraft, including the Fairchild Model 22 (1931), Model 24 (1932), Model 95 (1934 – USAAC XC-31), Model 91, Jungle Clipper (1935), Model 45 (1935) and Model 46 (1937). After numerous changes it became the Aircraft Division in 1967, which was broken up in a corporate reorganization after Fairchild's death. Aircraft contributions Over the years, Fairchild airplanes played major roles in the military, ferrying, freighting, and surveying industries. In 1939, Fairchild bought a process developed by Virginius E. Clark in which a composite made of hot layers of plywood soaked with resin adhesive and bonded under pressure was used for building airframes. Fairchild was involved in the development and production of the process which he renamed