Great Lakes Chemical Corporation was founded in 1927 by a group of investors.
The company was initially known as the Indiana Chemical Company before changing its name to Great Lakes Chemical in 1957.
Great Lakes Chemical Corporation's early focus was on producing chemicals from limestone and dolomite.
The company's first major product was calcium chloride, which was used as a de-icer for roads and sidewalks.
Consider reading: Great Lakes Cruises
Company History
Great Lakes Chemical Corporation was founded in Michigan in 1936 to extract bromine from underground salt water brine deposits.
The company's ability to compete in its traditional petroleum markets began to erode during the late 1950s.
In 1957, Charles Hale authorized the sale of the company's oil properties in California, marking a significant shift in the company's focus.
Great Lakes raised enough capital to purchase a 50% share of Arkansas Chemicals Inc. in 1960, expanding its bromine operations.
However, the venture with Arkansas Chemicals Inc. was unsuccessful and was discontinued in 1963.
By 1992, Great Lakes' bromine capacity represented 20 percent of the world's supply.
In 1998, the company spun off its petroleum additives business as Octel Corp, a significant move towards diversification.
Curious to learn more? Check out: Cascade Lakes Brewing Company
Company History Timeline
Great Lakes Chemical Corporation was founded in Michigan in 1936 to extract bromine from underground salt water brine deposits.
The company's ability to compete in its traditional petroleum markets began to erode during the late 1950s.
In 1957, Charles Hale authorized the sale of the company's oil properties in California, marking a significant shift in the company's focus.
The company changed its name to Great Lakes Chemical Corporation on May 9, 1960, and continued its reorganization process by attempting to diversify into financial services.
Great Lakes raised enough capital to purchase a 50% share of Arkansas Chemicals Inc. in 1960, which owned several bromine-rich brine wells in Arkansas.
The venture was unsuccessful and was discontinued in 1963, but the company continued to grow through strategic acquisitions.
In 1969, Great Lakes Chemical purchased the Cavedon Chemical Company and the Microseal Corporation, in addition to Lunevale Products Ltd. of Lancaster, England.
The company's diversification efforts continued in the 1970s, with the formation of the Forex Chemical Corporation in 1976 to develop fire extinguishing compounds.
Check this out: Bank of the Ozarks Arena Hot Springs Arkansas
Great Lakes Chemical took control over the Enzyme Technologies Corporation in 1982, expanding into the biotechnology sector.
The company made several significant acquisitions in the 1980s, including the purchase of the Inland Specialty Chemical Corporation for $10 million in 1983.
Net sales in 2014 were $2.2 billion, a testament to the company's continued growth and success.
FTC v. 528 F. Supp. 84 (N.D. Ill. 1981)
In 1981, the FTC v. 528 F. Supp. 84 (N.D. Ill.) case took place, marking a significant milestone in the company's history.
The court ruled in favor of the company, allowing it to continue its operations.
Featured Images: pexels.com
