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Pratt Management Company LLC history
Pratt Management Company LLC company history timeline
Born in Mansfield, Massachusetts, on January 17, 1802, Josiah became interested in ax production when his family moved to Buckland Center where he began working at a blacksmith shop, a business that made axes.
In April 1832, he patented an axe-making machine and began turning out axes and edge tools using a trip hammer.(2) It was a good year, one in which his business turned out products valued at $7,087, a considerable sum and a sign of a successful operation.
Francis R. Pratt, Josiah's eldest son and William Pratt's father, was born in Charlemont, Massachusetts, in 1835.
When Josiah moved the family to Shelburne Falls in 1843, Francis attended Shelburne Falls Academy and, up on completing his education, went to work in his father’s axe-making enterprise.
Pratt & Whitney was founded in 1860 by two former employees of the Colt pistol factory, Francis Pratt and Amos Whitney; the latter was a cousin of Eli Whitney, the gunsmith and inventor of the cotton gin.
In 1867, Francis Pratt moved to Worcester, Massachusetts, to work in the office of Maynard’s wholesale grain dealership.
Born in Shelburne Falls, Massachusetts, on August 13, 1867, William M. Pratt graduated at age sixteen from the Arms Academy, the local secondary school.
A local fixture since 1869, the company had been founded as Stratton Brothers by Edwin A. and Charles M. Stratton, Greenfield residents who'd spent most of their lives in the construction trades.
Francis Pratt returned to Shelburne Falls in 1872 to take up a position as superintendent of H. S. Shepardson & Company.
When Shepardson died in 1876 and H. H. Mayhew purchased the business, Francis Pratt stayed with the operation, adding the title of manager to that of superintendent.
Life on the prairie must not have been to the young man’s liking for he returned to Shelburne Falls in 1890 to become secretary of the H. H. Mayhew Company, the hardware manufacturer where his father served as manager and plant superintendent.
He moved to Greenfield in 1892 to become a sales representative for the Wells Bros.
In 1895, William Pratt purchased a fifty percent stake in the Goodell Brothers Company, a Greenfield manufacturer of carpenters' and mechanics' tools run by Dexter W. and Henry E. Goodell.
The foreign market initiative received a boost in 1900 when Goodell-Pratt hack saw blades won a bronze medal at the International Universal Exposition in Paris.
In 1901, Massachusetts Tool purchased the machinery, stock, patents, fixtures, and good will of the Coffin & Leighton Company, of Syracuse, New York.
The end of the arrangement coincided with the sale of the Stratton Brothers Company in 1902.
He bought the business from his eighty-three-year-old father-in-law in 1902.
In 1904, Goodell-Pratt acquired the rights to a line of iron spirit levels manufactured by C. F. Richardson & Son, a small business based in Athol.
The L. S. Starrett Company bought the C. F. Richardson line of transit levels the following year (1905). It was not the first time the family had done business with Laroy S. Starrett.
In 1907, Goodell Tool incorporated and William M. Pratt bought a controlling interest in the business.
The business was fairly new; it had been founded by Francis E. Ducharme and his son—also named Francis—around 1907.
The 1909 Goodell-Pratt catalog numbered 272 pages and included dozens of new tools.
When the Goodell-Pratt Company absorbed Massachusetts Tool in 1912, the smaller firm enjoyed a capitalization of $40,000.
By 1912, the enterprise advertised that its product line included 1200 sizes and kinds of tools sold everywhere the sun shines.
Ducharmes & Company, a small Shelburne Falls manufacturer of such small, hammer-forged tools as screwdrivers, awls, and punches, fell to William M. Pratt’s voracious appetite in 1912.
Albert Goodell, the founder of the Goodell Tool Company, died in 1915.
In June 1927, the government opened mail delivery contracts to private airline companies.
At the time of the 1929 stock market crash, the company operated three factories: two in Greenfield (the main plant and the Goodell Manufacturing Company) and one in Shelburne Falls (the former Pratt Drop-Forge and Tool Company, known as Plant No.
In 1930 Boeing's designers developed a fast new aircraft called the 247, which was fitted with Mead's newest engine, the Hornet.
He acquired enough of the outstanding shares to force a merger, and in 1931 Goodell-Pratt became part of the Millers Falls Company.(13)
Copy updated by Sanborne in 1933 with glued-on overlays. (Courtesy Shelburne Historical Society, Shelburne Falls, Mass.)
The engine designed to do so, the J57, was introduced in 1953, rated at 13,500 pounds of thrust.
Gray subsequently diversified the company and changed its name to United Technologies in 1975.
The Pratt Foundation has given away hundreds of millions of dollars since its inception in 1978 and the company is proud to continue that tradition here in the United States.
In 1991, he moved to the United States to spearhead the family’s business expansion into America, where he built Pratt Industries into a billion-dollar company, which now employs more US citizens than any other Australian company.
He then joined Pratt’s parent company VISY in Australia as General Manager of Specialty Packaging until returning to the United States as Chief Operating Officer of Pratt Industries in 2004.
In May 2017, he pledged to invest a further $2 billion in American manufacturing and job creation over the next 10 years.
Over the years, the family’s Pratt Foundation has donated hundreds of millions of dollars to charities in more than 20 countries and in 2018 announced he would give away another $1 billion in his lifetime.
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