Walter Energy: Difference between revisions
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'''Walter Energy Inc.''' is a publicly-traded coal and natural gas company headquartered in [[ | '''Walter Energy Inc.''' is a publicly-traded coal and natural gas company headquartered at the [[Riverchase Galleria|Galleria Tower]] in [[Hoover]]. [[Victor Patrick]] is CEO and [[George Richmond]] is president and COO for the company. | ||
The company's history dates back to the [[1946]] founding of Jim Walter Homes by Tampa, Florida builder Jim Walter. Walter added a mortgage company in [[1958]] and acquired fiberboard manufacturer Celotex in [[1962]]. It acquired Birmingham's [[U. S. Pipe and Foundry Company]] in [[1969]] and began development of the [[Brookwood Mine|coal mines]] on the [[Blue Creek Seam]] in [[Brookwood]] in [[1972]]. | The company's history dates back to the [[1946]] founding of Jim Walter Homes by Tampa, Florida builder Jim Walter. Walter added a mortgage company in [[1958]] and acquired fiberboard manufacturer Celotex in [[1962]]. It acquired Birmingham's [[U. S. Pipe and Foundry Company]] in [[1969]] and began development of the [[Brookwood Mine|coal mines]] on the [[Blue Creek Seam]] in [[Brookwood]] in [[1972]]. | ||
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In [[2005]] the company acquired Mueller Water Products and made U. S. Pipe a subsidiary of that company, which was spun off a year later. The company acquired [[Tuscaloosa Resources]] in [[2007]]. In [[2008]] a financial crisis in the mortgage industry led to the demise of the Jim Walter Homes subsidiary. The Walter Investment Management Corporation was spun off the next year and the remaining resource companies rebranded as Walter Energy. | In [[2005]] the company acquired Mueller Water Products and made U. S. Pipe a subsidiary of that company, which was spun off a year later. The company acquired [[Tuscaloosa Resources]] in [[2007]]. In [[2008]] a financial crisis in the mortgage industry led to the demise of the Jim Walter Homes subsidiary. The Walter Investment Management Corporation was spun off the next year and the remaining resource companies rebranded as Walter Energy. | ||
The company moved its corporate headquarters from Tampa to | The company moved its corporate headquarters from Tampa to [[Hoover]] in late [[2009]]. All of the company's [[Jim Walter Resources]], [[Walter Coke]] and [[Walter Minerals]] operations are located in Alabama, predominantly in [[Tuscaloosa County]]. The company shares ownership of the [[Black Warrior Methane Corporation]] with El Paso Energy (formerly Birmingham's [[Southern Natural Gas]]). | ||
==References== | ==References== | ||
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[[Category:Major corporations]] | [[Category:Major corporations]] | ||
[[Category:Riverchase Galleria]] | |||
[[Category:Walter Energy|*]] | [[Category:Walter Energy|*]] | ||
[[Category:1987 establishments]] | |||
Revision as of 16:58, 25 January 2010
Walter Energy Inc. is a publicly-traded coal and natural gas company headquartered at the Galleria Tower in Hoover. Victor Patrick is CEO and George Richmond is president and COO for the company.
The company's history dates back to the 1946 founding of Jim Walter Homes by Tampa, Florida builder Jim Walter. Walter added a mortgage company in 1958 and acquired fiberboard manufacturer Celotex in 1962. It acquired Birmingham's U. S. Pipe and Foundry Company in 1969 and began development of the coal mines on the Blue Creek Seam in Brookwood in 1972.
In 1987 investment group KKR brought the company into private ownership as Walter Industries, Inc. and began a "de-conglomeration" by spinning off the fiberboard, paper, marble quarrying and various other operations. Litigation over asbestos claims led to bankruptcy proceedings, but were eventually settled, emerging under reorganization in 1995. Once again a public corporation, Walter Industries' stock re-appeared on the New York Stock Exchange in 1997.
In 2005 the company acquired Mueller Water Products and made U. S. Pipe a subsidiary of that company, which was spun off a year later. The company acquired Tuscaloosa Resources in 2007. In 2008 a financial crisis in the mortgage industry led to the demise of the Jim Walter Homes subsidiary. The Walter Investment Management Corporation was spun off the next year and the remaining resource companies rebranded as Walter Energy.
The company moved its corporate headquarters from Tampa to Hoover in late 2009. All of the company's Jim Walter Resources, Walter Coke and Walter Minerals operations are located in Alabama, predominantly in Tuscaloosa County. The company shares ownership of the Black Warrior Methane Corporation with El Paso Energy (formerly Birmingham's Southern Natural Gas).
References
- Tomberlin, Michael (September 10, 2009) "Walter Energy moving HQ to Birmingham." Birmingham News
External links
- Walter Energy website