SAINT JOHN, N.B. — The infamous Irving family is moving to break up its $6-billion business empire, according to a report from The Globe and Mail.
Sources told The Globe that the companys three principal owners, brothers J.K., Arthur and Jack, all in their 70s, are engaged in tense discussions that will see the various Irving businesses split among family members.
The Irvings’ business interests, which consist of forestry, retail, trucking, media and energy properties, represent Canada’s third-largest fortune. Irvings transportation holdings include Midland Transport, RST Industries and Sunbury Transport.
Sources say the split stems from a succession stalemate between family members. One possible outcome of a split would see the energy business, managed by Arthur and his sons, become independent from the forestry business, operated by J.K. and his children, sources said.
The tension was underlined yesterday when only one of the three elder brothers, J.K. attended the Toronto lunch marking the announcement of their induction into the Canadian Business Hall of Fame, said The Globes report. J.K. confirmed that the structure of the family business was evolving, but was hesitant to say that the group was separating.
Sources close to the family have said that any changes in the companys structure would likely not take place until at least next year.
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