As the war ended and demand for military arms came to a halt, production literally ceased. Many long-time workers and engineers retired from the company and nothing was built from 1945 to 1947. Mismanagement of funds during the war had a serious impact as the 105-year-old firm faced possible bankruptcy. In September 1955 the board of directors voted to merge Colt with an upstart conglomerate called Penn-Texas, which had acquired Pratt & Whitney Machine Tool the same year. Also in 1955, Colt released one of the most famous revolvers in history, the Colt Python. In 1958 Penn-Texas merged with Fairbanks-Morse to form the Fairbanks-Whitney Corporation and in 1964 the conglomerate reorganized as Colt Industries. In 1956 Colt resumed production of the Single Action Army revolver and in 1961 began making commemorative versions of their classic models.