International Basic Economy Corporation

Founded in 1947 by Nelson A. Rockefeller under the deliberately chosen premise that a U. S. private business corporation focusing its efforts on upgrading "basic economies" of less developed countries - lowering food prices, building sound housing, mobilizing savings, fostering industrialization - could at the same time be profitable enough to encourage others, especially nationals, to set up competitive businesses and thereby bring about a "multiplier" development effect.

IBEC's early history divides into two periods. In the first period (1947-1955), a subsidiary, the Venezuelan Basic Economy Corporation (VBEC) was formed. Three companies were set up under VBEC: a fishing company, a food wholesaling company (which became a retailing supermarket company), and a milk company. In Brazil IBEC provided specialized services to the farmer through five companies: a hybrid seed company, a hog experimentation company, a grain storage company, a helicopter crop-dusting company, and a mechanized agricultural services company. In addition there were modest investments in several Brazilian manufacturing concerns and an investment banking operation.

In the period 1956-1971 IBEC used its experience to effect a major functional expansion into new activities - mutual funds, housing, soluable coffee, manufacturing and poultry. During the period the company expanded operations into 33 countries on four continents.

By 1972 the subsidiaries and joint ventures were reorganized into five operating groups: food, housing, distribution, industrial and financial services. The food group aimed at increasing the quality and yield of basic edible commodities in various host nations. The housing group concentrated on low to medium housing - predominantly prefabricated - in the United States, Mexico, Peru, Puerto Rico, and Brazil. The distribution group operated cash and carry supermarkets in various Latin American countries. In the industrial group, three U. S. subsidiaries produced equipment for American industrial markets. The financial services group was instrumental in the development of indigenous capital markets in Brazil, Spain, and Thailand.

In 1973 the company began a divestment program and by 1980, when it was merged with Booker McConnell Limited, was primarily engaged in fields related to agriculture. In 1985 the name was changed from Ibec, inc. to Arbor Acres Farm, inc.