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In 1950 the company was sold to a group of investors, including its founder, and became Amana Refrigeration, Inc. [5] In 1954, it began making air conditioners . [ 6 ] Amana was acquired in 1965 by Raytheon , [ 7 ] which had invented the microwave oven in 1947, and introduced the commercial Radarange Model 1611 in 1954. [ 5 ]
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Frank Hardart Murray (born 1953) is an American business executive. He is founder, president and chief executive officer of InterTech Media. In the 1990s, Murray was the chairman and CEO of Goodman Manufacturing Company and engineered Goodman's purchase of Amana Corporation from Raytheon and initiated Amana's successful brand-revitalization campaign. [1]
The concept for the Amana Funds emerged in 1984 when two members of the North American Islamic Trust, Yaqub Mirza and Bassam Osman, presented the idea of a mutual fund for Muslim investors to Nicholas Kaiser, who was then portfolio manager of multiple mutual funds at Unified Management Corporation, based in Indianapolis, Indiana.