Oglebay Norton Corporation

The Oglebay Norton Corporation operated ships on the Great Lakes. At one point their flagship was the SS Edmund Fitzgerald through their Columbia Transportation Division.

History

The company's roots go back to 1851, when Hewitt & Tuttle, an iron ore brokerage, formed a shipping subsidiary.[1] after several mergers over the years, the firm became Oglebay, Norton in 1890, named for Earl Oglebay and David Z. Norton. The company was incorporated in 1924[1] Oglebay Norton was acquired by Carmeuse Lime & Stone, Inc. in 2008.[2]<ref>"After 154 years, Oglebay Norton leaving Cleveland". Cleveland.com.

Chronological Company Timeline

  • 1854: H.B. Tuttle & Co., predecessor to Oglebay Norton, created as a two-partner iron ore agency.
  • 1855: John D. Rockefeller hired at $3.50 a week. Quits later over salary dispute.
  • 1884: New partnership formed when Wheeling, W.Va., industrialist Earl W. Oglebay joins firm.
  • 1890: Cleveland banker David Z. Norton joins; Oglebay, Norton & Co. formed.
  • 1890: Company starts to manage Rockefeller's ore properties on the Mesabi Range in Minnesota.
  • 1921: Company assembles its first Great Lakes shipping fleet with 11 freighters.
  • 1975: Oglebay-owned ship, the Edmund Fitzgerald, sinks in Lake Superior.
  • February 1998: John Lauer takes over as CEO; stock is around $40; company has $52 million in debt. He completes half-dozen acquisitions in first 18 months, pushing company into limestone business.
  • April 1998: Stock reaches all-time high, $50.50.
  • 2000: Company buys Michigan Limestone Operations; MLO executive Michael Lundin begins rise at Oglebay.
  • 2002: Recession and weak construction market pummel stock to $3. Debt rises to more than $400 million. Lundin becomes CEO.
  • January 2004: Company misses bond interest payment.
  • February 2004: Oglebay files for Chapter 11 bankruptcy protection. Week later, stock falls to less than $1, delisted from Nasdaq stock exchange.
  • January 2005: Company exits bankruptcy after reorganizing finances and reducing debt to $275 million.
  • August 2006: Last three freighters sold to another Great Lakes shipper; Oglebay to concentrate on limestone and lime.
  • July 2007: Harbinger Capital Partners launches $31-a-share hostile takeover. Oglebay adopts anti-takeover plan.
  • September 2007: Oglebay says it has multiple proposals to buy the company for more than Harbinger's bid.
  • October 2007: Subsidiary of Belgian-based Carmeuse Group, global producer of lime, agrees to buy Oglebay for $36 a share.
  • November 2007: Oglebay shareholders approve merger with Carmeuse.
  • Feb. 8, 2008: Announcement that Carmeuse has antitrust approval to buy Oglebay.

References

  1. 1 2 "Oglebay Norton Company History". Retrieved 14 November 2012.
  2. ↑ "Company Overview of Oglebay Norton Co". Bloomberg Businessweek. Retrieved 14 November 2012.

Ogelbay Through the Years, The Plain Dealer, February 14, 2008

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