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Fortis Business Media LLC history
Fortis Business Media LLC company history timeline
In 1985 Angus Bruneau was hired to run the company.
Fortis celebrated its 30th year of trading on the Toronto Stock Exchange as it began trading on December 29, 1987.
1987: Fortis, Inc. is formed.
To that end, in 1989 Fortis established Fortis Properties as a real estate arm.
Also in 1989, Fortis purchased Newfoundland Building Savings and Loan.
Fortis first entered the non-regulated business environment in 1989.
In 1991 Fortis made its foray into the telecommunications business when Fortis Properties joined in a partnership with Unitel Communications to provide wireless and other alternative telecommunications services to Newfoundland.
A projected merger between Fortis and Newfoundland and Labrador Hydro in 1993 was particularly appealing to shareholders, since the latter already supplied Fortis subsidiary Newfoundland Light and Power with most of its electricity and would provide for greater efficiency and cost savings.
Revenues rose to about C$380 million in 1994, about C$31.3 million of which was netted as income.
1994: Fortis acquires 100 percent of Maritime Electric of Prince Edward Island.
1996 Stan Marshall was appointed President and CEO of Fortis Inc. in 1996.
1998: Fortis acquires a 50 percent share of Canadian Niagara Power Company.
Even more attractive to Fortis was Canadian Niagara's license to sell electricity in the United States; Fortis built on its United States holdings in 1999, when it purchased two hydroelectric stations in New York State.
Fortis acquired a 20% interest in Caribbean Utilities Company, Ltd. (CUC) in March 2000, positioning the Corporation to take advantage of further growth in the Caribbean region.
In January 2001 Fortis acquired a 95 percent stake in Belize Electric Company Limited (BECOL), which owned the Mollejon hydroelectric plant.
The subsidiary was renamed Fortis Trust Corporation and was part of the Corporation’s non-regulated segment until the deposits and loans of Fortis Trust were sold to Scotiabank in June 2001.
In late 2001 the company's proposed dam project in the Macal River Valley came under fire from environmentalists both at home and abroad.
He was admitted to the Law Society of Newfoundland and Labrador in 2001.
FortisUS became a subsidiary of Maritime Electric and controlled a total of four hydroelectric stations in New York by 2002.
Although the opposition stirred up a great deal of media attention, by 2002 the government of Belize remained committed to the project, and Fortis had every hope that the venture would eventually reap huge rewards.
Fortis became the 100% owner of Canadian Niagara Power in 2002
By the end of 2002, Fortis Inc.’s investment in Ontario had quadrupled to $170 million
In September 2003, Fortis entered into an agreement with Aquila, Inc. for the purchase of its regulated electric utilities in British Columbia and Alberta for $1.4 billion.
2003 Fortis announced an agreement to acquire electric utilities in Alberta and British Columbia from Aquila Inc.
2005 Fortis common shares split 4-for-1 after reaching nearly $100 per common share.
Prior to joining Manitoba Telecom Services, Inc. as its Chief Executive Officer in 2005, Mr.
Fortis announced an agreement with Kinder Morgan Inc. to buy Terasen Gas for $3.7 billion in February 2007.
Ball was elected as a Fellow of the Chartered Professional Accountants of Alberta in 2007.
Avery joined the Fortis group of companies in 2011.
Terasen Gas was renamed FortisBC Energy Inc. in 2011
P.P.C. Limited and Atlantic Equipment and Power (Turks and Caicos) were collectively renamed FortisTCI. Turks and Caicos Utility Limited was added in August 2012.
In December 2013, Fortis Inc. announced an agreement to acquire UNS Energy (UNS) of Tucson, Arizona for US$4.3 billion.
2014 At the end of 2014, Stan Marshall retired as President and CEO and Director of the Board of Directors of Fortis Inc.
Borgard retired in 2015, following the successful sale of Integrys.
Amaimo joined Fortis Inc. in 2016.
She holds a Bachelor of Public Relations from Mount Saint Vincent University, a Master of Education (Leadership) from Memorial University and was awarded the ICD.D designation from the Institute of Corporate Directors (ICD) in 2017.
On January 1, 2021 David Hutchens succeeded Barry Perry as President and Chief Executive Officer of Fortis Inc.
He was elected as a Fellow of the Canadian Academy of Engineering in 2021, is a member of the Association of Professional Engineers and Geoscientists of Newfoundland, a member of the Steering Committee on Power Engineering for the Canadian Standards Association.
Crutchfield was appointed to the Governance and Sustainability Committee in May 2022.
She was appointed Chair of the Human Resources Committee in May 2022.
Haughey graduated from the University of Regina with a Bachelor of Business Administration and from the University of Calgary with an MBA. He received the Institute of Corporate Directors' Fellowship Designation (F.ICD) in 2022.
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