Walter Energy: Difference between revisions
No edit summary |
No edit summary |
||
| Line 1: | Line 1: | ||
[[Image:Walter Energy logo.png|right]] | [[Image:Walter Energy logo.png|right]] | ||
'''Walter Energy Inc.''' is a publicly-traded coal and natural gas company headquartered | '''Walter Energy Inc.''' is a publicly-traded coal and natural gas company headquartered in Tampa, Florida with most of its mining operations in the [[Birmingham District]]. [[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]]. | ||
| Line 10: | Line 10: | ||
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]]). In all the company employs about 2,100 people, mostly in Alabama, and has annual revenues of about $1 billion. | 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]]). In all the company employs about 2,100 people, mostly in Alabama, and has annual revenues of about $1 billion. | ||
The company announced plans to move its corporate headquarters from Tampa to [[Hoover]] | The company announced plans to move its corporate headquarters from Tampa to the [[Galleria Tower]] at [[Hoover]]'s [[Riverchase Galleria]]. Walter Energy opened a district office there shortly afterward, with an eye to expanding it into its international headquarters. In February [[2010]] Patrick announced his retirement. In December of that year, Walter Energy acquired the Western Coal Corporation of British Columbia, Canada in a $3.3 billion deal. The acquisition, and the apparent unwillingness of some executives to relocate to Alabama, left the planned headquarters move up in the air. The company does plan to keep its current office at the Galleria Tower open, however. | ||
==References== | ==References== | ||
| Line 16: | Line 16: | ||
* Cooper, Lauren B. (February 22, 2010) "Walter Energy CEO to retire." ''Birmingham Business Journal'' | * Cooper, Lauren B. (February 22, 2010) "Walter Energy CEO to retire." ''Birmingham Business Journal'' | ||
* Hubbard, Russell (December 4, 2010) "Major merger has Walter Energy reconsidering its move to Birmingham." ''Birmingham News'' | * Hubbard, Russell (December 4, 2010) "Major merger has Walter Energy reconsidering its move to Birmingham." ''Birmingham News'' | ||
* Cooper, Lauren B. (March 4, 2011) "Walter Energy may not move headquarters to Birmingham." ''Birmingham Business Journal'' | |||
==External links== | ==External links== | ||
Revision as of 11:12, 7 March 2011
Walter Energy Inc. is a publicly-traded coal and natural gas company headquartered in Tampa, Florida with most of its mining operations in the Birmingham District. 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.
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). In all the company employs about 2,100 people, mostly in Alabama, and has annual revenues of about $1 billion.
The company announced plans to move its corporate headquarters from Tampa to the Galleria Tower at Hoover's Riverchase Galleria. Walter Energy opened a district office there shortly afterward, with an eye to expanding it into its international headquarters. In February 2010 Patrick announced his retirement. In December of that year, Walter Energy acquired the Western Coal Corporation of British Columbia, Canada in a $3.3 billion deal. The acquisition, and the apparent unwillingness of some executives to relocate to Alabama, left the planned headquarters move up in the air. The company does plan to keep its current office at the Galleria Tower open, however.
References
- Tomberlin, Michael (September 10, 2009) "Walter Energy moving HQ to Birmingham." Birmingham News
- Cooper, Lauren B. (February 22, 2010) "Walter Energy CEO to retire." Birmingham Business Journal
- Hubbard, Russell (December 4, 2010) "Major merger has Walter Energy reconsidering its move to Birmingham." Birmingham News
- Cooper, Lauren B. (March 4, 2011) "Walter Energy may not move headquarters to Birmingham." Birmingham Business Journal
External links
- Walter Energy website