Graco (fluid handling)
|Traded as||NYSE: GGG|
|Key people||Patrick J. McHale, President and CEO|
|Products||Fluid handling products|
|Revenue||$744 Million (2010) 28.5%|
|Net income||$103 Million (2010)110%|
|Divisions||European Activities |
Russell Gray, a Minneapolis parking lot attendant, founded Gray Company, Inc. in 1926 with his brother Leil Gray to produce and sell Russell's air-powered grease gun, invented in response to cold weather making hand-powered grease guns inoperable. Sales their first year of operation were $35,000. By 1941, annual sales had reached $1 million. They capitalized on opportunities in defense-based lubricating needs during World War II.
After the war, they began expanding outside of lubricant handling, developing a paint pump and direct-from-drum industrial fluids pumps. By the mid-1950s they had expanded to $5 million in sales and 400 employees, and were servicing fluid handling needs in a wide variety of industries.
Leil Gray died in 1958, and was succeeded as president by Harry A. Murphy. He was succeeded in turn by David A Koch in 1962. The company continued to expand, helped by the 1957 introduction of the airless spray gun. By 1969, when Gray Company went public and changed its name to Graco, it had annual sales of $33 million.
After acquiring H. G. Fischer & Co, a manufacturer of electrostatic finishing products, sales continued to climb, reflecting an industry-wide shift in automobile painting from air-based to electrostatic technologies. By 1980, sales had climbed to $100 million.
Graco serves almost all markets. Providing products for painting, anti-corrosion, fluid transfer, gluing applications for markets like Automotive, Aeronautic, Body refinish, wood, building and construction, marine... They distribute through several companies including Integrity Supply.
- The historical corporate records of Graco are available for research use at the Minnesota Historical Society.
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