Eei Corp: Past, Present and Future
------------------------------------------------- rechmay_hernandez@yahoo.com -------------------------------------------------
Company History
A Pioneer
EEI Corporation was incorporated in 1931 by Mr. Rey Parker, a retired officer of the United States Navy, as Engineering Equipment & Supply Company ( EESCO) in 1931. The company focused on the trading in mill equipment for the mining industry.
EESCO eventually diversified into the steel fabrication business, constructing sea vessels, truck bodies and trailers and structural pipes. During the reconstruction after World War II, the Company pursued and expanded into the construction of steel structures.It also constructed the first commercial foundry in the Philippines equipped to produce carbon steel and manganese castings.
In 1964, EESCO changed its name to Engineering Equipment, Inc. (or EEI).
Benguet Consolidated, Inc. (now Benguet Corporation and a major mining company) acquired major shareholdings of EESCO in 1959. Then Chairman Jaime V. Ongpin introduced modern management structures and practices in the company, which shaped its future course as a construction corporation. His legacy was a clear vision and spirit, which laid the foundation for the transformation of the company as a modern corporation.
In 1975, the Company ventured into overseas construction in the United Arab Emirates and the Kingdom of Saudi Arabia. Within the year, it listed its shares in the Philippine Stock Exchange, thus becoming a publicly listed company
With its success in overseas contracting, EEI diversified in the 1980s into ancillary businesses. New subsidiaries, particularly EEI Marine, Gulf Asia International Services, Gulf Asia Travel and EEI Power, were established to balance the company’s business portfolio. It also organized the EEI Foundation which was the vehicle for the implementation of its social responsibility dendeavors.
In 1992, the Company changed its name from Engineering Equipment Inc. to EEI
Company History
A Pioneer
EEI Corporation was incorporated in 1931 by Mr. Rey Parker, a retired officer of the United States Navy, as Engineering Equipment & Supply Company ( EESCO) in 1931. The company focused on the trading in mill equipment for the mining industry.
EESCO eventually diversified into the steel fabrication business, constructing sea vessels, truck bodies and trailers and structural pipes. During the reconstruction after World War II, the Company pursued and expanded into the construction of steel structures.It also constructed the first commercial foundry in the Philippines equipped to produce carbon steel and manganese castings.
In 1964, EESCO changed its name to Engineering Equipment, Inc. (or EEI).
Benguet Consolidated, Inc. (now Benguet Corporation and a major mining company) acquired major shareholdings of EESCO in 1959. Then Chairman Jaime V. Ongpin introduced modern management structures and practices in the company, which shaped its future course as a construction corporation. His legacy was a clear vision and spirit, which laid the foundation for the transformation of the company as a modern corporation.
In 1975, the Company ventured into overseas construction in the United Arab Emirates and the Kingdom of Saudi Arabia. Within the year, it listed its shares in the Philippine Stock Exchange, thus becoming a publicly listed company
With its success in overseas contracting, EEI diversified in the 1980s into ancillary businesses. New subsidiaries, particularly EEI Marine, Gulf Asia International Services, Gulf Asia Travel and EEI Power, were established to balance the company’s business portfolio. It also organized the EEI Foundation which was the vehicle for the implementation of its social responsibility dendeavors.
In 1992, the Company changed its name from Engineering Equipment Inc. to EEI