IU International Corporation was a diversified conglomerate based in Philadelphia. It was acquired by Neoax Inc. in 1988 through a hostile takeover.[1]
| Company type | Public |
|---|---|
| Industry | Conglomerate |
| Founded | 1924 |
| Defunct | 1988 |
| Successor | Neoax Inc. (waste management division) Landstar System, Inc. (trucking unit) AMFAX, Inc. (food distribution unit) |
| Headquarters | Philadelphia, Pennsylvania, United States |
| Subsidiaries | Biggers Brothers Byrns Motor Express Calkraft Paper Co. Canadian Utilities Limited C. Brewer & Co. C & H Transportation Co. Coast-to-Coast Express Codesco Inc. Conversion Systems Inc. Customized Transportation Delta Southern Company Echo Bay Mines Envirosafe Services Inc. Expressway Nationwide Farmbest Frick Company Gemini Trucking General Waterworks Corporation Gotaas-Larsen Shipping Corp. G. & W. H. Corson Helms Express Hills Mccanna Co. Independent Freightway International Mill Service Ligon Nationwide Mauna Kea Sugar Company Mauna Loa Macadamia Nut Corporation Nationwide Intermodal Pacific Intermountain Express Pagette Air Signals Pepeekeo Sugar Company Pittsburgh Gage & Supply Co. Poole Truck Line Ranger Nationwide Ryder Truck Lines Saunders & Co. Somafer S.A. Southwest Fabricating & Welding Co. Tennessee Alloys Corp. Tennessee Metallurgical Corp. Thurston Motor Lines TransMark Express Unijax Walworth Co. |
History edit
International Utilities Corporation was incorporated in Maryland in 1924. The company changed its name to IU International Corporation in 1973.
Acquisitions edit
International Utilities acquired Ryder Truck Lines from Ryder System in 1965, and Pacific Intermountain Express in 1973. IU would later merge both companies in 1983, creating Ryder/P-I-E Nationwide, Inc. IU sold Ryder/P-I-E to Maxitron Corporation in late 1985.[2]
In 1978, C. Brewer & Co. became a wholly owned subsidiary of IU. The company was sold in a leveraged buyout to its management in 1986. John W. A. "Doc" Buyers, a former IU executive, became chairman and CEO of the newly independent company.
See also edit
References edit
- ^ "IU Accepts Sweetened Bid Of $670 Million From Neoax". The New York Times. March 7, 1988.
- ^ "IU's Ryder Unit Sold to Maxitron". The New York Times. January 3, 1986.