Graco Inc. Celebrates 50th Anniversary of IPO
November 05 2019 - 4:25PM
Business Wire
Graco Inc. (NYSE:GGG), a leading manufacturer of fluid
handling equipment, is pleased to celebrate the 50th anniversary of
its initial public offering (IPO). Fifty years ago today, 277,650
shares of Graco common stock were offered on the local
over-the-counter market, a significant milestone in the Company’s
history. Graco had grown from humble beginnings in 1926 – two
brothers who needed a better way to lubricate cars in freezing
Minneapolis temperatures – to a public company with more than $33
million in sales in 1969.
“We recognized that public ownership would bring us new
opportunities and responsibilities. Opportunities include new
avenues for obtaining expansion capital, new means of attracting
top management talent to our company, and an incentive for our
present personnel, enabling them to share in company ownership,”
said David A. Koch, then-president, commenting on the offering.
Koch had guided the Company through a plant modernization program
and an important period of growth since he assumed leadership at
the age of 32 in 1962.
Today, Graco has more than 3,800 employees worldwide, and
achieved more than $1.6 billion in revenue in 2018. The Company has
approximately 166.8 million shares outstanding, and is traded on
the NYSE, where it was first listed in 1986. Over the last 50
years, the Company has stood by its shareholders, distributing more
than $1.2 billion in cash dividends. Shareholders have also enjoyed
market appreciation from the split-adjusted offering price of $0.08
per share in 1969 to more than $46 per share as of yesterday’s
close.
“In 1969, David Koch attributed Graco's success to our people,
and this sentiment still rings true today,” said Patrick J. McHale,
Graco’s President and CEO. “Our employees come to work every day
and give their all to the mission – and many stay with us for the
long haul. We also owe our success to the support of our
shareholders, end users, distributors, suppliers and the
community.” This milestone is being commemorated by a video
featuring Graco’s longest-serving employee, Gene Koehler. Watch the
video at https://youtu.be/kVbfmQSLUmQ.
ABOUT GRACO Graco Inc. supplies technology and expertise
for the management of fluids and coatings in both industrial and
commercial applications. It designs, manufactures and markets
systems and equipment to move, measure, control, dispense, and
spray fluid and powder materials. A recognized leader in its
specialties, Minneapolis-based Graco serves customers around the
world in the manufacturing, processing, construction and
maintenance industries. For additional information about Graco
Inc., please visit us at www.graco.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191105006212/en/
Charlotte Boyd, 612-623-6153 Charlotte_M_Boyd@graco.com
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