Weilbach's Development till Today
Iver C. Weilbach did not have sons or daughters and in 1908 he promoted Captain Knud Prahl to partner in the company. Prahl had a background as master mariner, and this was the first time a non-family member became part of the company management. Gradually Iver C. Weilbach withdrew from daily management in the company and he died in 1921. In 1916 Captain Carl V. Sølver was made co-partner with Knud Prahl in the company, and upon Prahl’s death in 1928 yet another master mariner, Anker Svarrer, was made co-partner. The company was owned by subsequent managers, all of whom had served as master mariners early on in the careers. In 1961 a holding company, the foundation of Iver. C. Weilbach & Co. A/S’s Legatfond, was established and it has served as the sole owner of the company since 2005.
With the advent of electronic navigation in the twentieth century, magnetic compasses gradually lost ground to gyro compasses and global positioning systems. Iver C. Weilbach & Co. A/S never engaged in the production of electronic, navigational systems, which was mainly based on know-how developed in the military industry. The company however continued to produce magnetic compasses until 2009-10 and employees of the company performed compass correction until the 1990s.
In the 1960s and 1970s the nautical chart supplies and the maritime publishing developed into the main activities of the company. New international, maritime regulation on maritime safety and marine environmental protection caused the maritime publishing market to expand after 1970 and Iver C. Weilbach & Co. A/S proved able to supply updated maritime hand books for onboard libraries in the Danish merchant fleet.
In the twenty-first century, new technological developments in shipping have again started to change the nature of Iver C. Weilbach & Co.’s business. The advent of electronic nautical charts and electronic publishing of maritime hand books has provided a new business opportunity for Iver C. Weilbach & Co. A/S, and the company has expanded its services in this field since 2005. It now offers both printed and electronic nautical charts and hand books for onboard libraries and it is able to offer services and updates to the shipping companies on a 24-7 basis. A subsidiary in Singapore was set up in 2010.