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Cascade Corporation history
Cascade Corporation company history timeline
About Cascade Corporation:Cascade Corporation, was established in Portland, Ore. in 1943 and is the global leader in the design, manufacturing and marketing of material handling and construction equipment and related technologies.
Cascade was founded by Robert C. Warren, Sr., in 1943.
Robert V. Hansberger, who had joined Boise Payette in 1956 as president, saw the merger of the two companies as an opportunity for Boise Payette to replenish its timber supply.
In May 1957 Boise-Payette Lumber Company and Cascade Lumber Company merged to become the Boise Cascade.
Since our founding in 1957, we’ve grown to become a leading manufacturer and distributor of building materials in North America and beyond.
Fery had been hired as Hansberger’s assistant in 1957 and had ascended to executive vice-president and director within ten years.
In 1958 the company, now known as Boise Cascade, built a kraft pulp and paper mill in Wallula, Washington, and corrugated container plants at both Wallula and Burley, Idaho.
1959: A second manufacturing plant is opened in Springfield, Ohio.
In 1964 Boise Cascade entered the office products distribution business.
The company changed its name to Cascade Corporation in 1964 and a year later became a public company, making an initial offer of 200,000 shares of stock.
In 1967 alone, Boise Cascade acquired United States Land Company, Lake Arrowhead Development Company, and Pacific Cascade Land Company, and amassed real estate holdings of 126,000 acres in more than 12 states, with the majority of the land in California.
Upon the 1968 purchase of Princess Cruises, the company shifted its marketing efforts away from independent travel agencies, which had originally spurred the growth of the cruise line.
By 1969 Boise Cascade had completed over 30 mergers and acquisitions and had become the third largest forest products company in the United States.
By 1970, it was clear the the company’s land development business was in serious trouble, accumulating losses that placed the entire organization in jeopardy.
“Boise Cascade Shifts Toward Tighter Control,” Business Week, May 15, 1971.
In the light of the lead-development reversals, Robert Hansberger, the architect of the company’s rapid growth resigned in 1972 and was replaced as president and chief executive officer by John Fery.
Warren was joined by his son, Robert C. Warren, Jr., in 1972.
Over the long term, Boise Cascade and John Fery, who was appointed chairman in 1978, remain committed to growth, efficiency, and quality improvements throughout the company’s businesses.
In its suit, filed in 1980, the FTC claimed that the company had purchased office products for resale to commercial users and retailers at prices below those available to competitors.
The FTC subsequently issued a cease and desist order to the firm in 1986.
When the paper industry rebounded in 1986, Boise Cascade and other manufacturers began construction to increase both production and capacity to meet the demand.
In 1986 Cascade engineered a four-for-one split, raising the number of shares to three million, and a year later looked to increase that number to ten million.
In 1988, however, an appeals court reversed this directive, determining that the FTC had not effectively substantiated its claim that the company’s purchasing practices had adversely affected competition.
Two years later, in 1988, the ground water under Cascade also was found to be polluted.
Still plagued by the same problems that had affected the company since the beginning of the recession in 1989, Boise Cascade responded by expanding its production of specialized papers and increasing the breadth of its office products distribution business.
By 1990, however, this response to the market upswing resulted in an over-supply of paper and excess industry capacity that caused prices and profits to drop.
Facing its most difficult year ever, Boise experienced a drop in sales from 1990 levels; operating costs continued to rise due to timber supply reductions in the Pacific Northwest.
Barclay retained the CEO position, while Robert Warren was promoted to president and chief operating officer, after serving as vice-president of marketing since 1990.
In July of 1991, Boise Cascade sold its 50 percent interest in Durapack AG, a corrugated container manufacturer in Europe, for $50 million.
The case was re-argued before the FTC, resulting in a renewed finding of violation, which was under appeal in 1991.
Demand for its paper products started to increase and the company’s loss for the first quarter was down to $12 million from $43 million during the first quarter of 1992.
In the meantime, in August 1993, Robert Warren, Sr., retired as chairman of the company.
In April 1994 Fery retired from his position as CEO, remaining chairman, with George J. Harad, who had been president and chief operating officer, moving into the CEO slot.
In 1995 the company sold its remaining stake in its Canadian newsprint unit, Rainy River Forest Products Inc.
Finally in 1995 a joint venture was forged with the Ministry of Machine Building, an agency with strong connections to China's 15 forklift manufacturers.
In 1996 he would become chief executive officer of the company his father founded.
In March 1997, Cascade completed the acquisition of Kenhar Corporation at a cost of nearly $72 million.
1997: The company founder dies.
A plywood plant in Yakima, Washington, had also been slated for closure but remained open following a major fire in September 1998 at the company’s plywood plant in Medford, Oregon.
The board of directors led by Chairman Jim Osterman, on the other hand, decided in May 2000 to retain Gleacher & Co. as a financial advisor to pursue all options in increasing shareholder value, including fielding other offers for the business.
As a result of these divestitures, revenue in 2000 fell to $324.8 million and net income dipped below $5 million, declines that caused further concern in the investment community.
Lift Group attempted to lower its per share offer price to $15.75 from $17.25, prompting the Cascade board to decide in April 2001 to simply scuttle the acquisition.
The process continued into early 2001 when the privately held Lift Group finally emerged as the board's choice to buy Cascade at a cost of $320 million.
Failed Sale of Company in 2002
Due to poor economic conditions, revenues fell to $252.7 million in 2002 before beginning to rebound.
Later in 2003 Cascade acquired Roncari S.r.L., a supplier of materials handling equipment to the Italian lift truck market.
Cascade's revenues reached $297.8 million in 2004 and net income improved to $18.5 million.
$4.14 billion in division sales in 2019
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Cascade Corporation competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Raymond | 1840 | $850.0M | 2,260 | 52 |
| HEUBEL SHAW | - | $78.0M | 350 | - |
| Clark Material Handling Company | - | $290,000 | 9 | - |
| NVIC | 1996 | $63.7M | 64 | - |
| Michigan Automotive Compressor | 1989 | $950.0M | 3,000 | 14 |
| Toyota Forklifts | - | $434.0M | 168 | - |
| TD Automotive Compressor GA | - | $84.0M | 300 | - |
| Monroe | 1971 | $19.0M | 200 | 48 |
| Sheridan | 1915 | $267.2M | 1,460 | 33 |
| WARE | 1952 | $8.5M | 240 | 23 |
Cascade Corporation history FAQs
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Cascade Corporation may also be known as or be related to Cascade, Cascade Corporation and Cascade, LLC.