PhibroWikipedia open wikipedia design.
|Founder|| Julius Philipp|
|Parent||Occidental Petroleum Corporation|
Phibro is an international physical commodities trading firm. Phibro trades in crude oil, oil products, natural gas, precious and base metals, agricultural products, commodity-related equities, and other products. Phibro’s headquarters are located in Stamford, Connecticut.
The origin of the company traces to 1901 when Julius Philipp, an Orthodox Jew, founded a small metal trading company in Hamburg, Germany and then in 1909, Philipp's younger brother, Oscar Philipp established a metal trading company in London under the name of Philipp Brothers. Julius continued to run the German operation out of Hamburg. In 1914, with the advent of World War I, Siegfried Bendheim, an apprentice, German citizen, and minor partner, avoided internment by the British government by moving to New York City where he established Philipp Brothers, Inc.; Oscar Philipp continued to operate the London office as he had previously obtained British citizenship. In 1923, another apprentice and second cousin to Bendheim, Siegfried Ullmann, moved to the New York office. Responsibilities in New York were divided with Bendheim responsible for chemicals and Ullmann for metals, scrap, and ore including their mining operations in Bolivia. In 1934, Julius moved Philipp Brothers' German operations to Amsterdam due to the rise of Nazi Germany (Julius perished in 1944 in the Bergen-Belsen concentration camp). The New York office eventually became Philipp Brothers headquarters.
In 1967, it was acquired and became the Philipp Brothers Division of Engelhard Minerals & Chemicals Corporation. In 1981 the company was spun off as Phibro Corporation, and that same year the company subsequently acquired Salomon Brothers, creating Phibro-Salomon Inc. Phibro Energy, Inc. was established in 1984, absorbing the oil department of Philipp Brothers. In 1986, the combined company removed the Phibro name from the parent company. In 1993, Phibro Energy, Inc. became the Phibro Energy Division of Salomon Inc. It was renamed simply "Phibro" in 1996, and in 1997, Salomon was acquired by Travelers Group, which merged with Citicorp to form Citigroup in 1998. With the merger, Salomon became an indirect, wholly owned subsidiary of Citigroup.
Phibro came to the notice of the public when its leader, Andrew J. Hall reportedly was seeking a $100 million bonus from Citigroup, which had been bailed out by U.S. taxpayers in 2009. Reportedly Phibro was the main source of the $2 billion in pretax revenue Citigroup received in commodities trading.
In January 2016, it was purchased by Energy Arbitrage Partners for an undisclosed sum.
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