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Advanced Specialty Contractors history
Advanced Specialty Contractors company history timeline
Irex grew out of the insulation contracting business of Armstrong World Industries, which was established in Pittsburgh, Pennsylvania, by 24-year-old Thomas Morton Armstrong in 1860 when he bought a cork-cutting shop.
The two parties reached an agreement, Armstrong Contracting and Supply Corporation was renamed ACandS, Inc., and in July 1969 the employees formed a Pennsylvania corporation called North Lime Corp., referring to the street in Lancaster where the business maintained its headquarters.
Thus, in 1982, ACandS, Alexander V. Stoycos, and W. Kirk Liddell cofounded Specialty Products & Insulation Co. (SPI). Liddell was the son of James Liddell.
The company wanted a name that did not limit it to any particular industry, and was also easy to pronounce and spell. As a result, the completion of the spinoff in late 1998 left Irex shareholders with a 55 percent stake in the company, while Evercore controlled 45 percent.
Irex picked up the pace even more in 2001, forming five new contracting companies.
By September 2002, when it filed for Chapter 11 bankruptcy protection, ACandS faced more than 250,000 claims seeking in excess of $1 billion in damages.
——, "City Firm Gets Fresh Start After Circuit Court Ruling," Lancaster New Era, February 2006.
"Irex Contracting Group ." International Directory of Company Histories. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/irex-contracting-group
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