James W. Walter, Sr.

James W. Walter, Sr. (September 18, 1922 – January 6, 2000), of Tampa, Florida in the United States, was a home builder who started Jim Walter Homes and Walter Industries, now a leading producer of metallurgical coal for the worldwide steel industry, in 1946 with $1,000 he borrowed from his father. Walter eventually sold the company in 1986 for $2 billion to KKR.

Jim Walter homes were "shell" homes meaning the company would complete the outside so that the house was water tight and then allow the customer to finish the inside with his own labor and materials. The result was very affordable homes.

In 1961 he bought Celotex using just stock in Jim Walter Homes. The "Wall Street Journal" wrote, "Jonah has just swallowed the whale."

In 1968, Walter bought US Pipe and Foundry. Later, Walter acquired Fry Roofing, Georgia Marble, and various other building material companies.

In 1988, Kohlberg Kravis Roberts acquired Jim Walter Corp. (later Walter Industries) for $3.3 billion in early 1988 but faced issues with the buyout almost immediately. Most notably, a subsidiary of Jim Walter Corp (Celotex) faced a large asbestos lawsuit and incurred liabilities that the courts ruled would need to be satisfied by the parent company. [Feder, Barnaby. [http://query.nytimes.com/gst/fullpage.html?res=950DE5DF133FF931A35757C0A96F948260 Asbestos: The Saga Drags On] . New York Times, April 2, 1989.] In 1989, the holding company that KKR used for the Jim Walter buyout filed for Chapter 11 bankruptcy protection. [ [http://query.nytimes.com/gst/fullpage.html?res=950DE0D7143AF93BA15751C1A96F948260 Chapter 11 For Kohlberg, Kravis Unit] . Associated Press, December 28, 1989.]

His wife, Monica Walter, died in 1982, leaving two sons, James W. Walter jr. and Robert Walter. He was the son of Ebe and Mabel Walter. The book "Building a Business: The Jim Walter Story" tells his story.

References

External links

* [http://www.jimwalterhomes.com Jim Walter Homes]
* [http://www.walterind.com Walter Industries]
* Moscow, Alvin, Building a Business: The Jim Walter Story ISBN 1-56164-092-1
* [http://www.celotextrust.com Celotex Asbestos Trust]