Tuesday, January 1, 2008

Irvingville

GORDON PITTS
http://www.globeinvestor.com/servlet/story/GAM.20071227.RIRVING27/GIStory/


From Arthur's cupola-topped house - built for his late father K.C. - he might just be able to trace the curving coastline of the Bay of Fundy as it reaches toward the state of Maine, where the family owns gas stations, energy terminals and 490,000 hectares of timberland, making it the third-largest private landowner in the United States.

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What is also clear is that while Irving businesses may dominate this province and the Maritimes, they don't play a major role in any single national or international market. They cast big shadows in central Saint John but they are global pipsqueaks - in their chosen sectors, they may hold only 1- to 3-per-cent market shares, at best. They are companies with little reach, and they need to grow.

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Yet according to one person who knows the Irvings well, it is as much access to capital as towering egos that is at stake here. These businesses are capital-hungry, and they're getting in each other's way.

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Damn reporters - what do they expect when the trees aren`t worth cutting down and the gas is running out, a god-damned miracle? No - stike that. What they need is fresh blood - I wish I were still around to pick my successor, since the fair and equal thing isn`t working. But the family must stick together!

Divided we fall boys, devided we fall.

Let`s see some turnabout in 2008 - get your game together.

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