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ⓘ U.S. Summit Company. The U.S. Summit Company, LP is an American multinational corporation that operates in the industrial chemicals and consumer goods space thr ..




                                     

ⓘ U.S. Summit Company

The U.S. Summit Company, LP is an American multinational corporation that operates in the industrial chemicals and consumer goods space through subsidy companies throughout Asia. The firm was founded in 1948 by four university classmates and is currently headquartered in Pound Ridge, New York. The current President is Kenneth Wang. He is the son of the companys co-founder, Cheng Ching Wang, and the brother of fashion designer Vera Wang. He is also the developer and owner of the Pound Ridge Golf Club and is a member of the Massachusetts Institute of Technology Board of Trustees, the MIT Corporation.

                                     

1. History

In 1947, Cheng Ching Wang founded the Summit Industrial Corporation. In 1948, he and three additional partners founded the U.S. Summit Corporation, the prior iteration of the current firm. The four founders were classmates at the Massachusetts Institute of Technology, choosing to name their company "Summit," representing the sum of MIT classmates.

The company formerly operated an oil refinery in Bangchak, Thailand and gas stations throughout the country. In 1965, Summit expanded its lease of the Bangchak refinery to produce 20.000 barrels of oil per day. In 1981, at the end of the contract, the Thai government took control of the operations back under the Ministry of Defense. During this time, Summit was responsible for approximately 6% of the liquefied petroleum gas market in Thailand.

Over its history, the company has been involved in the crude oil, pharmaceutical, computer, packaged food, and electronics industries covering partnerships with Motorola, General Motors, British Petroleum, and Caltex. At one time, Summit operated out of offices in Taiwan, Hong Kong, Bangkok, Kuala Lumpur, Okinawa, Singapore, Hanoi, Tokyo, and Bermuda. In addition, beginning in 1990, Cheng Ching Wang served as the sole funding source and Chairman of the Vera Wang Company.

                                     

2. Pureen

Summit currently has operations in Southeast Asia under multiple businesses including the Pureen brand of maternity and baby products. Per a Euromonitor International Report, Pureen had a 41.9% market share of the baby tissue market in Malaysia in 2018.