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In 1912 the company was renamed The Minneapolis Heat Regulator Company. In 1913, W.R. Sweatt named his 22-year-old son, Harold, vice-president of his heat regulator company. In 1920, W.R. announced that his second son, Charles "C.B." Sweatt would be the advertising manager and treasurer of the Minneapolis Heat Regulator Co .
The stockholders agreed to accept the assets of the Electric Thermostat Company and to assume the liabilities of Sweatt as a trustee. In 1912 the company was renamed The Minneapolis Heat Regulator Company. In 1927 the Minneapolis Heat Regulator Company and Honeywell Heating Specialties Company merged to form the Minneapolis-Honeywell Regulator ...
In 1927, this led to the merging of both companies into the publicly-held Minneapolis-Honeywell Regulator Company. Honeywell was named the company's first president, alongside W.R. Sweatt as its first chairman. [16] In 1929, combined assets were valued at over $3.5 million, with less than $1 million in liabilities just months before Black Monday.
[1] [7] Under his leadership, the company underwent a transformation, diversifying its operations and changing its name to Honeywell. [8] During Wishart's tenure, Honeywell's revenue increased from $200 million to over $400 million, and profits grew from $10 million to $26 million. [8] Wishart retired from his position at Honeywell in 1965. [8]
The two companies had patents which blocked each other from further growth. They merged to form the Minneapolis-Honeywell Regulator Company, [3] with Sweatt as chairman and Honeywell as president. As of 2007, Honeywell International, Inc., the corporate descendant of Minneapolis-Honeywell, is a global business with more than 100,000 employees.
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