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I was just wondering how to state a company which exists today was actually "founded over" a previous one.

i.e. If X Company was sold in 1950 and new owner of the company founded a new company called Y Company by also changing the mission, vision, objectives and working field of the company, what would go in the following sentence?:

Y company was {founded over} X company

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Company Y succeeded/superseded/supplanted Company X.

From oxforddictionaries.com:

succeed VERB

2.2 Come after and take the place of: her embarrassment was succeeded by fear

Synonyms: follow, come after, follow after; take the place of, replace; subsequent, successive, following, ensuing, later, future, next, coming

supersede
VERB [WITH OBJECT]

Take the place of (a person or thing previously in authority or use); supplant: the older models of car have now been superseded

Synonyms: replace, supplant, take the place of, take over from, substitute for, displace, oust, overthrow, remove, unseat, override; succeed, come after, step into the shoes of informal crowd out, fill someone's boots

supplant VERB [WITH OBJECT]

Supersede and replace: domestic production has been supplanted by imports and jobs have been lost

Synonyms: replace, displace, supersede, take the place of, take over from, substitute for, undermine, override; oust, usurp, overthrow, remove, topple, unseat, depose, dethrone, eject, dispel; succeed, come after, step into the shoes of

Company Y is called the successor (company).

From smallbusiness.chron.com:

Entrepreneurs create business ideas that can be transformed into a small business. Sometimes the business will not succeed because of factors that may include financing or marketing. In these situations, successor companies can arise from the previous company after liquidation. They are also referred to as "Phoenix" companies because they rise out of the ashes of the previous company.

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