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3. Growth of LTL
From 1959 to 1969, LTL and its predecessors bought trucking
businesses in the United States and Canada. LTL bought Superior
Sanitation in 1969. LTL began to buy passenger bus service
businesses in Canada in 1973. LTL's subsidiaries entered the
solid waste services business in the United States in January
1978. LTL bought the largest operator of school buses in Canada
in 1979. In October 1980, LTL bought all of the stock of Theta
Systems, Inc. (TSI), which operated solid waste services
businesses in Indiana, Illinois, and Ohio. TSI changed its name
to LWSI. LWSI had subsidiaries active in the solid waste
business in North America.
LTL's subsidiaries entered the passenger bus business in the
United States in September 1983. LTL sold its trucking business
in 1984. By the end of 1988, LTL and its subsidiaries were the
third largest solid and hazardous waste management services
company and the largest provider of school bus transportation
services in North America.
LTL financed its expansion in the United States by lending
money and contributing capital to its subsidiaries in the United
States. Before 1969, LTL financed its growth primarily with its
own earnings and loans from banks and finance companies. LTL
first made a public offering of its stock in 1969. LTL raised
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