Walter Industries: A chronology

• 1946: Jim Walter starts a homebuilding business in Tampa, Fla., by buying and selling a home for a $300 profit.
• 1958: Mid-State Homes is created to handle mortgages.
• 1960: Mr. Walter’s success makes national news, as he is featured in Business Week, the Wall Street Journal, Time magazine and Barron’s.
• 1962: Jim Walter Corporation more than doubles in size through acquisition of Celotex Corporation, a manufacturer of fiberboard.
• 1964: The company’s stock is listed on the New York Stock Exchange.
• 1969: Company acquires U.S. Pipe & Foundry Company, a Birmingham, Ala.-based company that manufactures ductile iron pipe.
• 1969: Jim Walter Corporation ranks No. 287 in the Fortune 500, with sales of $623 million. By now, the company has grown into a conglomerate involved in everything from paper to marble to carpet manufacturing.
• 1972: The company starts development of what will eventually be four underground coal mines on the Blue Creek seam in Brookwood, Ala.
• 1980: JW Aluminum begins operations in Mount Holly, S.C.
• 1982: Jim Walter Homes sets a company record with 10,267 homes built.
• 1983: Jim Walter names Joe Cordell CEO, with Mr. Walter remaining as chairman.
• 1987: A group of investors led by Kohlberg Kravis Roberts & Co, LP forms a new company, subsequently named Walter Industries, Inc., that takes Jim Walter Corporation private in a $2.4 billion leveraged buyout completed in January 1988.
• 1988-1989: Walter Industries, Inc. sells Jim Walter Corporation and Celotex, Jim Walter Papers, The Georgia Marble Company and certain other subsidiaries as part of a strategy to de-leverage and de-conglomerate the Company.
• 1991: Joe Cordell becomes ill, and Robert “Bull” Durham is named CEO.
• 1994: The Bankruptcy Court rules that the asbestos claimants cannot pierce the “corporate veil” separating Walter Industries from its subsidiaries, so Walter Industries is not liable for the asbestos claims. The plaintiffs appeal, and bankruptcy judge orders the two sides to reach a compromise. The case is settled with Walter Industries putting $375 million into a trust fund for claimants.
• 1995: Walter Industries, now fully protected from future asbestos litigation, emerges from bankruptcy protection.
• 1996: Ken Hyatt succeeds Durham as CEO.
• 1997: Walter Industries stock is once again traded on the New York Stock Exchange.
• 1997: Walter Industries buys AIMCOR, which markets and distributes petroleum coke.
• 2000: Mr. Walter dies at age 77.
• 2000: Ken Hyatt leaves CEO position; Don DeFosset is named CEO.
• 2001: Company moves from “straight line” accounting method to more widely accepted “interest” method for mortgage operations.
• 2001: Company established a new mortgage lending operation, Walter Mortgage Company.
• 2001: Six Sigma, a program designed to reduce defects in a process is implemented.
• 2001: Company launched Commitment to Excellence, a program designed to create a corporate culture that emphasizes getting results in an environment where employees can build a rewarding, meaningful career.
• 2002: Company starts work on its first subdivisions, in Alabama and Louisiana, while also launching a program to build “spec” homes around the South.
• 2003: Financing segment launches program to buy seasoned loans that fit strict underwriting criteria. Walter Industries agrees to sell AIMCOR to Oxbow Carbon & Minerals for $127.7 million, and agrees to sell JW Aluminum to Wellspring Capital Management LLC for $125 million.
• 2005: Company acquires Mueller Water Products, Inc., formerly a privately held leading supplier of flow control products, for an aggregate value of approximately $1.91 billion.
• 2005: Don DeFosset announces retirement; Gregory E. Hyland is named CEO.
• 2006: Walter Industries spins off Mueller Water Products, including Walter Industries’ U.S. Pipe business
• 2006: Mike Tokarz named non-executive Chairman of the Board
• 2007: Acquired Tuscaloosa Resources, Inc. for $21.7 million
• 2007: Walter Mortgage Company Named to S&P's Select Servicer List; Financial Services business Receives RPS3 Servicer Rating
• 2008: Walter Industries restructures Jim Walter Homes, closing 36 branches.

Building a Business: The Jim Walter Story by Alvin Moscow offers a look back at the company's history, starting with Mr. Walter's decision in 1946 to buy and sell his first home in Tampa, Fla.