Honeywell International Inc. is an American multinational conglomerate company that makes a variety of commercial and consumer products, engineering services and aerospace systems for a wide variety of customers, from private consumers to major corporations and governments. The company operates four business units, known as Strategic Business Units – Honeywell Aerospace and Building Technologies and Productivity Solutions, Honeywell Performance Materials and Technologies. Honeywell is a Fortune 100 company. In 2018, Honeywell ranked 77th in the Fortune 500. Honeywell has a global workforce of 130,000, of whom 58,000 are employed in the United States; the company is headquartered in New Jersey. Its current chief executive officer is Darius Adamczyk; the company and its corporate predecessors were part of the Dow Jones Industrial Average Index from December 7, 1925 until February 9, 2008. The company's current name, Honeywell International Inc. is the product of a merger in which Honeywell Inc. was acquired by the much larger AlliedSignal in 1999.
The company headquarters were consolidated with AlliedSignal's headquarters in Morristown, New Jersey. In 2015, the headquarters were moved to Morris Plains. On November 30, 2018, Honeywell announced that its corporate headquarters would be moved to Charlotte. Honeywell has many brands that commercial and retail consumers may recognize, including its line of home thermostats and Garrett turbochargers. In addition to consumer home products, Honeywell itself produces thermostats, security alarm systems, air cleaners and dehumidifiers; the company licenses its brand name for use in various retail products made by partner manufacturers, including air conditioners, fans, security safes, home generators, paper shredders. Although Mark Honeywell’s Heating Specialty Company was not established until 1906, today’s Honeywell traces its roots back to 1885 when the Swiss-born Albert Butz invented the damper-flapper, a thermostat for coal furnaces, to automatically regulate heating systems; the following year he founded the Butz Thermo-Electric Regulator Company.
In 1888, after a falling out with his investors, Butz left the company and transferred the patents to the legal firm Paul and Merwin, who renamed the company the Consolidated Temperature Controlling Company. As the years passed, CTCC struggled with growing debts, they underwent several name changes in an attempt to keep the business afloat. After the company was renamed to the Electric Heat Regulator Company in 1893, W. R. Sweatt, a stockholder in the company, was sold "an extensive list of patents" and named secretary-treasurer.:22 On February 23, 1898 he bought out the remaining shares of the company from the other stockholders. In 1906, Mark Honeywell founded the Honeywell Heating Specialty Company in Wabash, Indiana, to manufacture and market his invention, the mercury seal generator; as Honeywell’s company grew it began to clash with the renamed Minneapolis Heat Regulator Company. This led to the merging of both companies into the publicly held Minneapolis-Honeywell Regulator Company in 1927.
Honeywell was named the company's first president, alongside W. R. Sweatt as its first chairman. W. R. Sweatt and his son Harold provided 75 years of uninterrupted leadership for the company. W. R. Sweatt survived rough spots and turned an innovative idea – thermostatic heating control – into a thriving business. Harold, who took over in 1934, led Honeywell through a period of growth and global expansion that set the stage for Honeywell to become a global technology leader; the merger into the Minneapolis-Honeywell Regulator Company proved to be a saving grace for the corporation. The combined assets were valued at over $3.5 million, with less than $1 million in liabilities just months before Black Monday.:49 In 1931, Minneapolis-Honeywell began a period of expansion and acquisition when they purchased Time-O-Stat Controls Company, giving the company access to a greater number of patents to be used in their controls systems. 1934 marked Minneapolis-Honeywell’s first foray into the international market, when they acquired the Brown Instrument Company, inherited their relationship with the Yamatake Company of Tokyo, a Japan-based distributor.:51 Later that same year, Minneapolis-Honeywell would start distributorships across Canada, as well as one in the Netherlands, their first European office.
This expansion into international markets continued in 1936, with their first distributorship in London, as well as their first foreign assembly facility being established in Canada. By 1937, ten years after the merger, Minneapolis-Honeywell had over 3,000 employees, with $16 million in annual revenue. Having survived the Depression, Minneapolis-Honeywell was approached by the US military for engineering and manufacturing projects. In 1941, Minneapolis-Honeywell developed a superior tank periscope and camera stabilizers, as well as the C-1 autopilot; the C-1 revolutionized precision bombing in the war effort, was used on the two B-29 bombers that dropped atomic bombs on Japan in 1945. The success of these projects led Minneapolis-Honeywell to open an Aero division in Chicago on October 5, 1942.:73 This division was responsible for the development of the formation stick to control autopilots, more accurate gas gauges for planes, the turbo supercharger.:79 In 1950, Minneapolis-Honeywell’s Aero division was contracted for the controls on the first US nuclear submarine, USS Nautilus.:88 The following year, the company acquired Intervox Company for
Fremont is a city in Alameda County, United States. It was incorporated on January 23, 1956, from the annexing of Centerville, Irvington, Mission San José, Warm Springs; the city is named after John C. Frémont, an American explorer and former US Senator from California, Governor from Arizona, Major General in the Union Army, the first Republican presidential candidate, in 1856. Located in the southeast San Francisco Bay Area and straddling both the East Bay and South Bay regions, Fremont has a rapidly-growing population of around 230,000, it is one of the largest cities by land area and the fourth most populous city in the San Francisco Bay Area, behind San Jose, San Francisco, Oakland. It directly borders and is the closest East Bay city to Silicon Valley as formally defined, is thus associated with it; the city has an extensive and expanding base of both tech industry and workers. The area consisting of Fremont and the cities of Newark and Union City is known collectively as the Tri-City Area.
The recorded history of the Fremont area began on June 6, 1795, when Mission San José was founded by the Spaniard Father Fermin de Lasuen. The Mission was established at the site of the Ohlone village of Oroysom. On their second day in the area, the Mission party killed a grizzly bear in Niles Canyon; the first English-speaking visitor to Fremont was the renowned trapper and explorer Jedediah Smith in 1827. The Mission prospered reaching a population of 1,887 inhabitants in 1831; the influence of the missionaries declined after 1834, when the Mexican government enacted secularization. José de Jesus Vallejo, brother of Mariano Vallejo, was the grantee of the Rancho Arroyo de la Alameda Mexican land grant, his family was influential in the Fremont area in the late colonial era, owned and built a flour mill at the mouth of Niles Canyon. In 1846 the town's namesake John C. Frémont led a military expedition to map a trail through Mission Pass for reaching the Pacific coast and to take possession of California from Mexico for the United States.
The Fremont area grew at the time of the California Gold Rush. A town called Mission San José grew up around the old mission, with its own post office from 1850. Agriculture dominated the economy with nursery plants and olives as leading crops. In 1868 the 6.8-magnitude Hayward earthquake on the Hayward Fault collapsed buildings throughout the Fremont area, ruining Mission San José and its outbuildings. Until the 1906 San Francisco earthquake caused its destruction, the Fremont area's Palmdale Winery was the largest in California; the ruins of the Palmdale Winery are still visible near the Five Corners in Irvington. From 1912 to 1915 the Niles section of the Fremont area was the earliest home of California's motion picture industry. Charlie Chaplin filmed several movies in the Fremont area, most notably The Tramp. Fremont was incorporated under the leadership of Wally Pond in 1956, when five towns in the area, Centerville, Mission San José, Warm Springs came together to form a city. Glenmoor Gardens, the largest subdivision in Fremont, was under construction in the area, by developers Ralph E. Cotter, Jr. James R. Meyer, civil engineer Fred T. Duvall, contractors James L. Reeder, Robert H. Reeder.
When the Glenmoor Gardens Homeowners Association was incorporated, in March 1953, there were no more than 75 houses in the subdivision. It was the first such organization in the Fremont area; the five-member board of directors was set up to oversee a full range of services, from police and fire protection to street maintenance. Fremont became more industrialized between 1953 and 1962. A boom in high-tech employment in the 1980s to the late 1990s in the Warm Springs District, caused rapid development in the city and linked the city with the Silicon Valley; the Apple factory where the first Mac computer was manufactured was located in Fremont. Other semiconductor and telecommunications firms soon opened in the city, including Cirrus Logic, Asyst Technologies, Mattson Technology, Lam Research, Premisys Communications, Nextlink California. 750 high tech companies had offices, headquarters or production facilities in Fremont by 1999. These firms included fifteen of the top one hundred fastest-growing public companies in the San Francisco Bay Area and eighteen of the top fifty companies in the East Bay.
The high-tech growth in Fremont is a major industry for the city. The General Motors automotive assembly plant in South Fremont was the town's largest employer, Fremont was known for its drag strip. In the 1980s, the plant became a joint venture automotive assembly plant of Toyota and General Motors, was renamed NUMMI. Toyota and NUMMI shut down its operations in early 2010. Part of the plant was acquired in June 2010 by Tesla Motors as its primary production plant, known as the Tesla Factory. Solyndra, a solar panel manufacturer, was promoted in 2010 by President Barack Obama as a model for government investment in green technology after his administration approved a $535-million Department of Energy loan guarantee and the company built a $733 million state-of-the-art robotic facility, but in 2011 the company filed for Chapter 11 bankruptcy and laid-off 1,000 workers. Data storage company Seagate Technology, incorporated in the Republic of Ireland with executive offices in Cupertino, acquired the former Solyndra building.
The first Fremont post office o
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be unlisted. Public companies are formed within the legal systems of particular nations, therefore have national associations and formal designations which are distinct and separate. For example one of the main public company forms in the United States is called a limited liability company, in France is called a "society of limited responsibility", in Britain a public limited company, in Germany a company with limited liability. While the general idea of a public company may be similar, differences are meaningful, are at the core of international law disputes with regard to industry and trade. In the early modern period, the Dutch developed several financial instruments and helped lay the foundations of modern financial system.
The Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public. In other words, the VOC was the first publicly traded company, because it was the first company to be actually listed on an official stock exchange. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fledged capital market: corporate shareholders; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed." The securities of a publicly traded company are owned by many investors while the shares of a held company are owned by few shareholders. A company with many shareholders is not a publicly traded company. In the United States, in some instances, companies with over 500 shareholders may be required to report under the Securities Exchange Act of 1934. Public companies possess some advantages over held businesses.
Publicly traded companies are able to raise funds and capital through the sale of shares of stock. This is the reason publicly traded corporations are important; the profit on stock is gained in form of capital gain to the holders. The financial media and the public are able to access additional information about the business, since the business is legally bound, motivated, to publicly disseminate information regarding the financial status and future of the company to its many shareholders and the government; because many people have a vested interest in the company's success, the company may be more popular or recognizable than a private company. The initial shareholders of the company are able to share risk by selling shares to the public. If one were to hold a 100% share of the company, he or she would have to pay all of the business's debt; this increases asset liquidity and the company does not need to depend on funding from a bank. For example, in 2013 Facebook founder Mark Zuckerberg owned 29.3% of the company's class A shares, which gave him enough voting power to control the business, while allowing Facebook to raise capital from, distribute risk to, the remaining shareholders.
Facebook was a held company prior to its initial public offering in 2012. If some shares are given to managers or other employees, potential conflicts of interest between employees and shareholders will be remitted; as an example, in many tech companies, entry-level software engineers are given stock in the company upon being hired. Therefore, the engineers have a vested interest in the company succeeding financially, are incentivized to work harder and more diligently to ensure that success. Many stock exchanges require that publicly traded companies have their accounts audited by outside auditors, publish the accounts to their shareholders. Besides the cost, this may make useful information available to competitors. Various other annual and quarterly reports are required by law. In the United States, the Sarbanes–Oxley Act imposes additional requirements; the requirement for audited books is not imposed by the exchange known as OTC Pink. The shares may be maliciously held by outside shareholders and the original founders or owners may lose benefits and control.
The principal-agent problem, or the agency problem is a key weakness of public companies. The separation of a company's ownership and control is prevalent in such countries as U. K and U. S. In the United States, the Securities and Exchange Commission requires that firms whose stock is traded publicly report their major shareholders each year; the reports identify all institutional shareholders, all company officials who own shares in their firm, any individual or institution owning more than 5% of the firm's stock. For many years, newly created companies were held but held initial
Huntsville is a city located in Madison County in the Appalachian region of northern Alabama. Huntsville is the county seat of Madison County; the city extends south into Morgan County. Huntsville's population was 180,105 as of the 2010 census. Huntsville is the third-largest city in Alabama and the largest city in the five-county Huntsville-Decatur-Albertville, AL Combined Statistical Area, which at the 2013 census estimate had a total population of 683,871; the Huntsville Metropolitan Area's population was 417,593 in 2010 to become the 2nd largest in Alabama. Huntsville metro's population reached 441,000 by 2014, it grew across nearby hills north of the Tennessee River, adding textile mills munitions factories, NASA's Marshall Space Flight Center and the United States Army Aviation and Missile Command nearby at the Redstone Arsenal. The National Trust for Historic Preservation named Huntsville to its "America's Dozen Distinctive Destinations for 2010" list; the first settlers of the area were Muscogee-speaking people.
The Chickasaw traditionally claim to have settled around 1300 after coming east across the Mississippi. A combination of factors, including depopulation due to disease, land disputes between the Choctaw and Cherokee, pressures from the United States government had depopulated the area prior to 1805; that year Revolutionary War veteran John Hunt settled in the land around the Big Spring. The 1805 Treaty with the Chickasaws and the Cherokee Treaty of Washington of 1806 ceded native claims to the United States Government; the area was subsequently purchased by LeRoy Pope, who named the area Twickenham after the home village of his distant kinsman Alexander Pope. Twickenham was planned, with streets laid out on the northeast to southwest direction based on the flow of Big Spring. However, due to anti-British sentiment during this period, the name was changed to "Huntsville" to honor John Hunt, forced to move to other land south of the new city. Both John Hunt and LeRoy Pope were Freemasons and charter members of Helion Lodge #1, the oldest Lodge in Alabama.
In 1811, Huntsville became the first incorporated town in Alabama. However, the recognized "founding" year of the city is the year of John Hunt's arrival; the city's sesquicentennial anniversary was held in 1955, the bicentennial was celebrated in 2005. David Wade arrived in Huntsville in 1817, he built the David Wade House on the north side of what is now Bob Wade Lane just east of Mt. Lebanon Road, it had six rough Doric columns on the portico. During the Great Depression, the house was measured as part of the Historic American Buildings Survey to be included in the government's Archive and was photographed by Frances Benjamin Johnston for the project; this project put architects and photographers to work to create an inventory of documentation and photographs of significant properties across the country. The house had been abandoned for years and was deteriorated, it was torn down in 1952. Today an imposing structure itself, survives at the property. Huntsville's quick growth was from wealth generated by the railroad industries.
Many wealthy planters moved into the area from Virginia and the Carolinas. In 1819, Huntsville hosted a constitutional convention in Walker Allen's large cabinetmaking shop; the 44 delegates meeting there wrote a constitution for the new state of Alabama. In accordance with the new state constitution, Huntsville became Alabama's first capital when the state was admitted to the Union; this was a temporary designation for one legislative session only. The capital was moved to more central cities: to Cahawba to Tuscaloosa, to Montgomery. In 1855, the Memphis and Charleston Railroad was constructed through Huntsville, becoming the first railway to link the Atlantic seacoast with the lower Mississippi River. Huntsville opposed secession from the Union in 1861, but provided many men for the Confederacy's efforts; the 4th Alabama Infantry Regiment, led by Col. Egbert J. Jones of Huntsville, distinguished itself at the Battle of Manassas/Bull Run, the first major encounter of the American Civil War; the Fourth Alabama Infantry, which contained two Huntsville companies, were the first Alabama troops to fight in the war and were present when Lee surrendered to Grant at Appomattox Court House in April 1865.
Eight generals of the war were born near Huntsville, evenly split with four on each side. On the morning of April 11, 1862, Union troops led by General Ormsby M. Mitchel seized Huntsville in order to sever the Confederacy's rail communications and gain access to the Memphis & Charleston Railroad. Huntsville was the control point for the Western Division of the Memphis & Charleston, by controlling this railroad the Union had a direct connection to Charleston, South Carolina. During the first occupation, the Union officers occupied many of the larger homes in the city while the other men camped on the outskirts. In the initial occupation, the Union troops searched for both Confederate troops hiding in the town and weapons. After they had established themselves, the occupying federals did not burn or pillage the city of Huntsville, though towns around it were sometimes targeted. Treatment toward the town was civil; the Union troops were forced to retreat some months but returned to Huntsville in the fall of 1863 and thereafter used the city as a base of operations for the remainder of the war.
While many homes and villages in the surrounding countryside were burned in retaliation for the active guerrilla warfare in the area, Huntsville itself was spared because it housed elements of the Union Army. After the Civil War, H
Microsoft Corporation is an American multinational technology company with headquarters in Redmond, Washington. It develops, licenses and sells computer software, consumer electronics, personal computers, related services, its best known software products are the Microsoft Windows line of operating systems, the Microsoft Office suite, the Internet Explorer and Edge web browsers. Its flagship hardware products are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers; as of 2016, it is the world's largest software maker by revenue, one of the world's most valuable companies. The word "Microsoft" is a portmanteau of "microcomputer" and "software". Microsoft is ranked No. 30 in the 2018 Fortune 500 rankings of the largest United States corporations by total revenue. Microsoft was founded by Bill Gates and Paul Allen on April 4, 1975, to develop and sell BASIC interpreters for the Altair 8800, it rose to dominate the personal computer operating system market with MS-DOS in the mid-1980s, followed by Microsoft Windows.
The company's 1986 initial public offering, subsequent rise in its share price, created three billionaires and an estimated 12,000 millionaires among Microsoft employees. Since the 1990s, it has diversified from the operating system market and has made a number of corporate acquisitions, their largest being the acquisition of LinkedIn for $26.2 billion in December 2016, followed by their acquisition of Skype Technologies for $8.5 billion in May 2011. As of 2015, Microsoft is market-dominant in the IBM PC-compatible operating system market and the office software suite market, although it has lost the majority of the overall operating system market to Android; the company produces a wide range of other consumer and enterprise software for desktops and servers, including Internet search, the digital services market, mixed reality, cloud computing and software development. Steve Ballmer replaced Gates as CEO in 2000, envisioned a "devices and services" strategy; this began with the acquisition of Danger Inc. in 2008, entering the personal computer production market for the first time in June 2012 with the launch of the Microsoft Surface line of tablet computers.
Since Satya Nadella took over as CEO in 2014, the company has scaled back on hardware and has instead focused on cloud computing, a move that helped the company's shares reach its highest value since December 1999. In 2018, Microsoft surpassed Apple as the most valuable publicly traded company in the world after being dethroned by the tech giant in 2010. Childhood friends Bill Gates and Paul Allen sought to make a business utilizing their shared skills in computer programming. In 1972 they founded their first company, named Traf-O-Data, which sold a rudimentary computer to track and analyze automobile traffic data. While Gates enrolled at Harvard, Allen pursued a degree in computer science at Washington State University, though he dropped out of school to work at Honeywell; the January 1975 issue of Popular Electronics featured Micro Instrumentation and Telemetry Systems's Altair 8800 microcomputer, which inspired Allen to suggest that they could program a BASIC interpreter for the device. After a call from Gates claiming to have a working interpreter, MITS requested a demonstration.
Since they didn't yet have one, Allen worked on a simulator for the Altair while Gates developed the interpreter. Although they developed the interpreter on a simulator and not the actual device, it worked flawlessly when they demonstrated the interpreter to MITS in Albuquerque, New Mexico. MITS agreed to distribute it, marketing it as Altair BASIC. Gates and Allen established Microsoft on April 4, 1975, with Gates as the CEO; the original name of "Micro-Soft" was suggested by Allen. In August 1977 the company formed an agreement with ASCII Magazine in Japan, resulting in its first international office, "ASCII Microsoft". Microsoft moved to a new home in Bellevue, Washington in January 1979. Microsoft entered the operating system business in 1980 with its own version of Unix, called Xenix. However, it was MS-DOS. After negotiations with Digital Research failed, IBM awarded a contract to Microsoft in November 1980 to provide a version of the CP/M OS, set to be used in the upcoming IBM Personal Computer.
For this deal, Microsoft purchased a CP/M clone called 86-DOS from Seattle Computer Products, which it branded as MS-DOS, though IBM rebranded it to PC DOS. Following the release of the IBM PC in August 1981, Microsoft retained ownership of MS-DOS. Since IBM had copyrighted the IBM PC BIOS, other companies had to reverse engineer it in order for non-IBM hardware to run as IBM PC compatibles, but no such restriction applied to the operating systems. Due to various factors, such as MS-DOS's available software selection, Microsoft became the leading PC operating systems vendor; the company expanded into new markets with the release of the Microsoft Mouse in 1983, as well as with a publishing division named Microsoft Press. Paul Allen resigned from Microsoft in 1983 after developing Hodgkin's disease. Allen claimed that Gates wanted to dilute his share in the company when he was diagnosed with Hodgkin's disease because he didn't think he was working hard enough. After leaving Microsoft, Allen lost billions of dollars on ill-conceived or mistimed technology investments.
He invested in low-tech sectors, sports teams, commercial real estate. Despite having begun jointly developing a new operating system, OS/2, with IBM in
Logitech International S. A. is a Swiss provider of personal computer and mobile peripherals, with its headquarters in Lausanne and administrative headquarters in Newark, California. In addition to its Swiss and American facilities, the company has offices throughout Europe and the rest of the Americas. Logitech's sales and marketing activities are organized into three geographic regions: Americas, Middle East and Africa, Asia Pacific; the company develops and markets personal peripherals for PC navigation, video communication and collaboration and smart homes. This includes products like keyboards, tablet accessories, Bluetooth speakers, universal remotes and more; the name Logitech is derived from the French word for software, "logiciel". In Japan, Logitech was established as Logicool to avoid conflict with the Logitec brand. Logitech was co-founded in Apples, Switzerland, in 1981 by two Stanford alumni, Daniel Borel and Pierluigi Zappacosta, a former Olivetti engineer, Giacomo Marini. For a time during its formative years, Logitech's Silicon Valley offices occupied space at 165 University Avenue, Palo Alto, home to a number of noted technology startups.
In 2007, Logitech licensed Hillcrest Labs' Freespace motion control technology to produce the MX Air Mouse, which allows a user to use natural gestures to control a PC. In August 2008, Logitech acquired Ultimate Ears, supplier of custom in-ear monitors for professional musicians and Bluetooth speakers for the consumer market. In December 2008, Logitech announced that it had manufactured one billion mice since 1985. In July 2011, Logitech acquired Mirial. In January 2013, Bracken Darrell became Logitech’s chief executive officer and CEO Guerrino De Luca continued as Logitech’s chairman of the board. In April 2016, Logitech agreed to pay US$7.5 million penalty related to accusations that it and some former executives improperly inflated the company's results for its 2011 fiscal year to meet guidance and other accounting violations. The U. S. Securities and Exchange Commission said the alleged accounting issues left investors without an accurate view of the Swiss-U. S. company's finances. On September 15, 2016, Logitech announced that they had purchased the Saitek brand and assets from Mad Catz for US$13 million in cash.
On August 11, 2017, Logitech acquired Astro Gaming, makers of professional gaming equipment, for US$85 million in cash. In July 2018, Logitech announced plans to acquire Blue Microphones for US$117 million. On August 19, 2018, Logitech announced the launch of their most advanced Ergonomic Mouse called "MX Vertical", it features a vertical angle of 57 degrees, It comes with a USB-C charging port. The product shipped for sales in September 2018; the first Logitech mice were made in Le Lieu, in the Swiss Canton of Vaud by Dubois Depraz SA. Production facilities were established in the United States, Taiwan and Ireland before being moved to Suzhou, China; as of 2005, the manufacturing operations in China produce half of Logitech's products. The remaining production is outsourced to contract manufacturers and original design manufacturers in Asia. Logitech – Worldwide for PC peripherals, remote controls, security cameras, keyboards, computer speakers, accessories for smart phones and tablet keyboards and covers Logitech video collaboration, including all B2B video conferencing equipment Logitech MX - computer accessories Logitech G gaming products.
Called Logicool G in Japan. Ultimate Ears - in-ear monitors, wireless Bluetooth Speakers and universal-fit earphones Jaybird for wireless bluetooth sport earbuds Slim Devices audio brand Saitek - purchased on 15 September 2016, from Mad Catz Logitech Harmony programmable remote controls
Dell is an American multinational computer technology company based in Round Rock, United States, that develops, sells and supports computers and related products and services. Named after its founder, Michael Dell, the company is one of the largest technological corporations in the world, employing more than 145,000 people in the U. S. and around the world. Dell sells personal computers, data storage devices, network switches, computer peripherals, HDTVs, printers, MP3 players, electronics built by other manufacturers; the company is well known for its innovations in supply chain management and electronic commerce its direct-sales model and its "build-to-order" or "configure to order" approach to manufacturing—delivering individual PCs configured to customer specifications. Dell was a pure hardware vendor for much of its existence, but with the acquisition in 2009 of Perot Systems, Dell entered the market for IT services; the company has since made additional acquisitions in storage and networking systems, with the aim of expanding their portfolio from offering computers only to delivering complete solutions for enterprise customers.
Dell was listed at number 51 in the Fortune 500 list, until 2014. After going private in 2013, the newly confidential nature of its financial information prevents the company from being ranked by Fortune. In 2015, it was the third largest PC vendor in the world after Lenovo and HP. Dell is the largest shipper of PC monitors worldwide. Dell is the sixth largest company in Texas by total revenue, according to Fortune magazine, it is the second largest non-oil company in Texas – behind AT&T – and the largest company in the Greater Austin area. It was a publicly traded company, as well as a component of the NASDAQ-100 and S&P 500, until it was taken private in a leveraged buyout which closed on October 30, 2013. In 2015, Dell acquired the enterprise technology firm EMC Corporation. Dell traces its origins to 1984, when Michael Dell created Dell Computer Corporation, which at the time did business as PC's Limited, while a student of the University of Texas at Austin; the dorm-room headquartered company sold IBM PC-compatible computers built from stock components.
Dell dropped out of school to focus full-time on his fledgling business, after getting $1,000 in expansion-capital from his family. In 1985, the company produced the first computer of its own design, the Turbo PC, which sold for $795. PC's Limited advertised its systems in national computer magazines for sale directly to consumers and custom assembled each ordered unit according to a selection of options; the company grossed more than $73 million in its first year of operation. In 1986, Michael Dell brought in Lee Walker, a 51-year-old venture capitalist, as president and chief operating officer, to serve as Dell's mentor and implement Dell's ideas for growing the company. Walker was instrumental in recruiting members to the board of directors when the company went public in 1988. Walker retired in 1990 due to health, Michael Dell hired Morton Meyerson, former CEO and president of Electronic Data Systems to transform the company from a fast-growing medium-sized firm into a billion-dollar enterprise.
The company dropped the PC's Limited name in 1987 to become Dell Computer Corporation and began expanding globally. In June 1988, Dell's market capitalization grew from $30 million to $80 million from its June 22 initial public offering of 3.5 million shares at $8.50 a share. In 1992, Fortune magazine included Dell Computer Corporation in its list of the world's 500 largest companies, making Michael Dell the youngest CEO of a Fortune 500 company ever. In 1993, to complement its own direct sales channel Dell planned to sell PCs at big-box retail outlets such as Wal-Mart, which would have brought in an additional $125 million in annual revenue. Bain consultant Kevin Rollins persuaded Michael Dell to pull out of these deals, believing they would be money losers in the long run. Margins at retail were thin at best and Dell left the reseller channel in 1994. Rollins would soon join Dell full-time and become the company President and CEO. Dell did not emphasize the consumer market, due to the higher costs and unacceptably low-profit margins in selling to individuals and households.
While the industry's average selling price to individuals was going down, Dell's was going up, as second- and third-time computer buyers who wanted powerful computers with multiple features and did not need much technical support were choosing Dell. Dell found an opportunity among PC-savvy individuals who liked the convenience of buying direct, customizing their PC to their means, having it delivered in days. In early 1997, Dell created an internal sales and marketing group dedicated to serving the home market and introduced a product line designed for individual users. From 1997 to 2004, Dell enjoyed steady growth and it gained market share from competitors during industry slumps. During the same period, rival PC vendors such as Compaq, Gateway, IBM, Packard Bell, AST Research struggled and left the market or were bought out. Dell surpassed Compaq to become the largest PC manufacturer in 1999. Operating costs made up only 10 percent of Dell's $35 billion in revenue in 2002, compared with 21 percent of revenue at Hewlett-Packard, 25 percent at Gateway, 46 percent at Cisco.
In 2002, when Compaq merged with Hewlett Packard, the newly combined Hewlett Packard took the top spot but struggled and Dell soon regained its lead. Dell grew the fastest in the early 2000s. Dell attained an