Grayco history

The company continued to grow even during the Great Depression years, and in 1938 the business moved into a new plant, where Russell Gray further expanded the product line.

Sales topped $1 million in 1941.

1958: Company introduces Hydra-Spray, the first airless paint spray unit.

In 1965 Gray Company developed an electrically powered airless-spray system that freed painting contractors from bulky compressors.

In 1969, Gray Company, Inc. was taken public and changed its name to Graco Inc.

Graco also authorized a three-for-two stock split in 1973, the first in our history.

Graco's rapid growth faltered in 1974.

The slide continued in 1975 with a significant drop in revenues.

Nevertheless, Graco rebounded in 1976.

The company acquired 100 percent ownership of a former Japanese joint venture in 1985, thus expanding its international operations in the Far East.

According to Eben Shapiro, in a June 1987 Minneapolis/St Paul CityBusiness article, Graco saw robotics as "a logical and necessary extension of its finishing business."

International sales slowed in 1990, but increased United States sales in architectural coating and cleaning equipment helped Graco achieve both record sales and earnings for the year; net revenues were $321.3 million, and net earnings were $17.7 million.

Graco in 1993 became the first company in its industry to become ISO 9000--registered at all its major sites.

In 1994, Graco restructured its operations in the Pacific and in Europe.

After 33 years as CEO, Koch stepped down from the post in January 1996.

BV had 1998 sales of about $20 million.

In early 2000 Graco introduced the Magnum line of spray-painting products for smaller paint contractors.

Meantime, in April 2001 Aristides was named company chairman, succeeding longtime Chairman Koch.

In early 2003 Graco used some of its cash hoard to buy back 2.2 million shares of its stock from the founding family, spending $54.8 million to do so.

On the manufacturing side, the company also announced in mid-2004 that it would spend about $4 million to open a 50,000-square-foot manufacturing plant in the Shanghai region of China.