21 Facts About Malcom McLean

Malcom Purcell McLean was an American businessman who invented the modern intermodal shipping container, which revolutionized transport and international trade in the second half of the twentieth century.

In 1935, when he finished high school at Winston-Salem, his family did not have enough money to send him to college, but there was enough for McLean to buy a used truck.

Malcom McLean secured a bank loan for $22 million and, in January 1956, bought two World War II T-2 tankers, which he converted to carry containers on and under deck.

Malcom McLean oversaw the construction of wooden shelter decks, known as Mechano decking.

Malcom McLean knew "A ship earns money only when she's at sea", and based his business on that efficiency.

Malcom McLean's operation was profitable by 1961 and he kept adding routes and buying bigger ships.

Malcom McLean made his patents available by issuing a royalty-free lease to the International Organization for Standardization.

Malcom McLean turned to Reynolds Tobacco Company, a company he knew from his trucking company days when his trucks transported Reynolds cigarettes across the United States.

Malcom McLean made $160 million personally and got a seat on the company's board.

Malcom McLean relinquished his Reynolds board seat in 1977 and cut ties with the company.

In 1968 Malcom McLean financed a real estate project in Waveland, Mississippi that has become Diamondhead, Mississippi.

Malcom McLean took very personally the criticism directed against him after the collapse of USL and the resulting loss of many jobs associated with and dependent on USL.

In 1982, Malcom McLean made the Forbes 400 Richest Americans list with a net worth of $400 million a few years later, having gambled on rising oil prices that failed to materialize, Malcom McLean had to file for Chapter 11 bankruptcy owing debt of $1.3 billion.

Malcom McLean developed non-maritime inventions, including a means of lifting a patient from a stretcher onto a hospital bed.

Malcom McLean died at his home in New York City on May 25,2001, age 87, of heart failure.

Malcom McLean's death prompted Norman Y Mineta to make the following statement:.

Malcom McLean was inducted into the Junior Achievement US Business Hall of Fame in 1982.

In 2000, Malcom McLean received an honorary degree from the US Merchant Marine Academy.

Malcom McLean is the only person to found three companies that were later listed on the New York Stock Exchange.

The annual Malcom McLean Award recognizes an outstanding graduating student at George Mason University, selected by professors.

Malcom McLean was inducted into the North Carolina Transportation Hall of Fame in 2006.