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In 1894, Mr. Woolley convinced the other officers of the company to pay his way to Europe, whereupon he booked the sale of $50,000 worth of cast iron radiators for the Swiss capitol. [6] This was the start of the company's entry into the European market. By the following year, the company had established a branch in London, England. [6]
He developed the first automatic storage tank gas-fired water heater, which went into production in 1889. [42] Ruud worked for George Westinghouse (1846–1914), but eventually bought the rights to produce the product he invented and formed his own company in 1897.
The management team transformed the low-tech space heater company into a viable corporate platform for acquiring multiple successful small companies. This strategy of "buying growth" coupled with sound management proved successful. At the end of its first year the corporation listed on the New York Stock Exchange.
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