K. C. Irving

Early life

Irving was born in Bouctouche, New Brunswick to local businessman James Dergavel Irving (colloquially known by his initials "J.D."), and Mary Elizabeth Irving (née Gifford), both descendants of Scottish immigrants. In his early years, K. C. Irving was viewed as a tough kid from a rough sawmill town on the Northumberland Strait. He began his entrepreneurial streak early, but this was tempered by the dawn of World War I. Irving attempted to enlist while being underage, but his father disapproved of it and sent him to Dalhousie University in Halifax, Nova Scotia. When he tried enlisting in Halifax, his father put an end to it by enrolling him at Acadia University in Wolfville. In 1918, Irving enlisted in the Royal Flying Corps and took pilot training in Britain, though he would return to Bouctouche without returning to university. Irving took a cross-country adventure to British Columbia before returning to Bouctouche.

Later life and death

Irving died at home in Saint John and was buried alongside his first wife in Bermuda. Later, his body was exhumed, along with his wife's. They were re-buried outside the Scottish-style church on the Irving Manor in Bouctouche. Their graves were only marked as "Grammy and Grampy".

Corporate Landmarks

Acquisitions are listed in italic print.

Irving family wealth

According to the 2011 list of Canadians by net worth the combined net worth of the Irving family ranked third in Canada calculated with the net worth of Arthur Irving, James Irving and John Irving through Irving Oil Ltd. and J.D. Irving Ltd at $8.07 billion with no change from 2010. In 2008 the Canadian Business magazine's annual report on the wealthiest Canadians calculated that the Irving family combined wealth rose 34 percent from 2007 to $US 7.11 billion. Only the Thomson family, with a net worth is US$18.45 billion, were wealthier

However, since the conglomerate is privately held and the family is private with respect to financial matters, no information on net worth is available. Most observers have only the tangible values of real property and industrial assets upon which to base their estimates without any ability to assess the value of cash reserves or outstanding debt and obligations. Despite Forbes's estimates, the overall Irving family fortune is likely to be grossly underestimated because of complex tax avoiding schemes which blur evidence behind a network of number companies and international holdings. In 1981, the National Film Board movie "I Like to See Wheels Turn" mentioned Canadian Lawyer Peter Glennie's findings. Glennie had compiled company registrations and the rare public documents on the Irving wealth. His estimations on the Irving family wealth were 7 billion in 1981 Canadian dollars (worth 22 billion in 2019 inflation-adjusted Canadian dollars).

J.D. Irving Limited

It was the growth of Irving Oil which largely financed K. C. Irving's other endeavours. Several years after starting Irving Oil, Irving took over his father's sawmill company in Bouctouche, J.D. Irving Limited, which was subsequently expanded many times. JDI was in the 1970s the largest single landowner in New Brunswick, Nova Scotia and Maine. JDI has also been identified as being one of the four largest private land-owners in the United States. These forest lands feed several pulp and paper plants and sawmills which in turn feed the company's paper, tissue, and diaper factories throughout New Brunswick, Nova Scotia, Maine, New York, Georgia, Quebec and Ontario.

Diversification and vertical integration

As the Irving industrial empire expanded during World War II and the post-war era, K. C. purchased shipyards and started various food processing, media, hardware, building supplies, transportation, engineering and construction companies - all of which are vertically integrated, meaning that each Irving company purchases the services of other Irving companies, keeping profits wholly within the conglomerate.

Irving companies are completely privately owned, and therefore all major business decisions are made by the family-members/owners. This has traditionally been a weakness among many family-owned empires. However, the Irvings have proven their ability to react to market situations much more quickly than their publicly traded competitors, a primary reason for their maintaining market share in so many industries throughout eastern North America. An example can be seen in the fact that Irving Oil undertook significant upgrades and expansions to its refinery in the late mid to late 1990s to produce low-sulphur gasoline, fully a decade ahead of the rest of the North American oil industry. As a result, Irving has been able to capitalize on the growing need for low-emission fuel in California and other U.S. markets (delivered by its own ships).

The conglomerate operates with considerable latitude which the Irving family's wealth permits—operating somewhat as a maverick to the consternation of many of Central and Western Canada's business leaders. Irving Oil, J.D. Irving and all subsidiary companies are actively supporting Canada's ratification and implementation of the Kyoto Protocol, since the family has invested considerable funds into environmental controls and alternative energy for its operations and wishes to capitalize on these investments at the expense of its slow-to-respond publicly traded competitors. J.D. Irving's food processing plants in Prince Edward Island are looking to build one of the largest wind farms in Canada in that province to completely power their operations, and many Irving-owned sawmills and factories in the rest of northeastern North America are rapidly adopting co-generation, bio-gas and solar/wind power to complement current energy usage.

The Irving family is also hoping to take advantage of deregulation of utility markets in the region by building natural gas-fired electrical generating stations and is currently building a liquified natural gas terminal near its Saint John refinery. Irving fought with Premier Louis Robichaud that the province did not need outside financiers and industrialists to develop NB resources, insisting the province and by extension his corporation, could do it themselves.