IU International Corporation was a diversified conglomerate based in Philadelphia. It was acquired by Neoax Inc. in 1988 through a hostile takeover.
History
International Utilities Corporation was incorporated in Maryland in 1924. The company changed its name to IU International Corporation in 1973.
Acquisitions
International Utilities acquired Ryder Truck Lines from Ryder System in 1965, and Pacific Intermountain Express in 1973. IU would later merge both companies in 1983, creating Ryder/P-I-E Nationwide, Inc. IU sold Ryder/P-I-E to Maxitron Corporation in late 1985.
In 1978, C. Brewer & Co. became a wholly owned subsidiary of IU. The company was sold in a leveraged buyout to its management in 1986. John W. A. "Doc" Buyers, a former IU executive, became chairman and CEO of the newly independent company.
See also
Big Five (Hawaii)