| OCR Text |
Show xvi UTAH INTERNATIONAL: A BIOGRAPHY OF A BUSINESS undoubtedly serve as subjects for other works. Fortunately, historians interested in these people will find ample grist for that mill in the collection of Utah International papers housed at the Stewart Library at Weber State University. With the possible exception of Huntsman Corporation, First Security Bank, and Zions Bank, Utah International may be the most successful of those interstate companies organized, owned, and managed over a long period of time by Utahns. Like WordPerfect, ZCMI, and First Security, the last a company that descendants of the David Eccles family also managed, Utah International, for strategic and financial reasons, negotiated a merger with a larger multinational corporation. Other companies organized by Utahns have taken different management directions. Unlike Utah International and First Security, a number of such companies have remained under Utah management. These include Zions Bank, Huntsman Corporation, and Evans and Sutherland. Some of these are, of course, public corporations with shares traded on national exchanges. Other Utah companies have had diverse and often checkered histories. Many of the earliest of Utah’s home-grown companies, such as the Brigham Young Express and Carrying Company, the Deseret Manufacturing (sugar) Company, and the Deseret Iron Company, failed shortly after their organization. Others like the Provo Woolen Mills, McCornick Bank, and Consolidated Wagon and Machine operated for decades then failed, apparently because their managers could not meet the demands of changing economic conditions. Some, including Utah Power and Light, Utah-Idaho Sugar, and Utah Copper, had their origins on Utah soil within a decade and a half of Utah International, but were rapidly acquired by outside owners, generally because of a need for sustained capital. Although Utah International moved its headquarters from Ogden to San Francisco, it remained under the majority ownership of the descendants of the original incorporators until 1976 when the stockholders agreed to sell the company to General Electric. Prior to that sale, again as part of long-range strategic planning, in 1969 the company’s management took the company public and offered its shares on the New York Stock Exchange. The company has an extremely interesting background. |