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The senior Hughes made the shrewd and lucrative decision to commercialize the invention by leasing the bits instead of selling them, obtaining several early patents, and founding the Hughes Tool Company in 1909. Hughes' uncle was the famed novelist, screenwriter, and film director Rupert Hughes. [12]
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 ...
A list of books and essays about Howard Hughes: . Barlett, Donald L. (1 January 1981). Empire: The Life, Legend, and Madness of Howard Hughes. W. W. Norton ...
The manufacturing operations of Hughes' Sharp-Hughes Tool Company at 2nd and Girard Streets in Houston, Texas. Hughes Sr. married Allene Stone Gano, on June 24, 1904, in Dallas County, Texas, and engaged in various mining business endeavors before capitalizing on the Spindletop oil discovery in Texas, as a result of which he began devoting his full time to the oil business.
In November 1925, at the age of 36, Dietrich met 19-year-old Hughes, who had gained control of Hughes Tool Company after buying out the other family heirs. Started by his father, Howard R. Hughes, Sr., Hughes Tool Company – or Toolco – manufactured oil drilling equipment, especially the multiple-edge, revolving-teeth roller cutter drill bits the elder Hughes invented.
It was established in 1908 as a manufacturer of oil drilling tools. Under the ownership of Howard Hughes, the company expanded over the years into various other businesses, including aviation, media, and casino hotels. In 1972, the company sold its tool business to investors via an initial public offering as a new entity named Hughes Tool Company.
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. [14] In 2023, HHC reorganized itself as a holding company named Howard Hughes Holdings, with the Howard Hughes Corporation as a subsidiary. [15]
Hughes was born in Houston, Texas on December 24, 1905, although his exact birthdate is debated by some biographers. His parents were Allene Gano Hughes and Howard R. Hughes Sr. , who patented the tri-cone roller bit , which allowed rotary drilling for oil in previously inaccessible places.