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The Hughes Aircraft Company was a major American aerospace and defense contractor founded on February 14, 1934 by Howard Hughes in Glendale, California, as a division of Hughes Tool Company. [1] The company produced the Hughes H-4 Hercules aircraft, the atmospheric entry probe carried by the Galileo spacecraft, and the AIM-4 Falcon guided ...
In 1972, the company sold its tool business to investors via an initial public offering as a new entity named Hughes Tool Company. [1] [2] At that time, the parent company changed its name to Summa Corporation. [2] The name "Summa", Latin for "highest", was allegedly chosen by several of Hughes's employees without consulting him first.
This became the "new" Hughes Tool Company while the remaining divisions of the business were placed in a new holding company, the Summa Corporation. During the 1979 visit by Deng Xiaoping to the United States, Deng visited the company's Houston plant. [8] Hughes Tool Company merged with Baker International to form Baker Hughes Incorporated in ...
Hughes Aircraft Company logo until 1985. In 1932 Hughes founded the Hughes Aircraft Company, a division of Hughes Tool Company, in a rented corner of a Lockheed Aircraft Corporation hangar in Burbank, California, to build the H-1 racer. Shortly after founding the company, Hughes used the alias "Charles Howard" to accept a job as a baggage ...
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In 1995 Hughes Electronic's Hughes Space and Communications division became the largest supplier of commercial satellites. Also in 1995 the group purchased Magnavox Electronic Systems from the Carlyle Group. In 1996 Hughes Electronics and PanAmSat agree to merge their fixed satellite services into a new publicly held company, also called ...
Goodwill is simply the difference between the price paid for a company during an acquisition and the net assets of the acquired company. The $128 billion of goodwill in this case was created when ...
The company acquired its sixth master-planned community in 2021, purchasing the 37,000-acre Douglas Ranch development in the Phoenix area (later renamed to Teravalis) for $600 million. [15] In 2023, HHC reorganized itself as a holding company named Howard Hughes Holdings, with the Howard Hughes Corporation as a subsidiary. [16]