During the 1980s, the Company expands its presence into the cabinet, appliance spa and furniture manufacturing business. Shares of Masco Industries are distributed to Masco Corporation shareholders as a special dividend because of the restructuring. The primary business was manufacturing machined automotive parts. Career: Masco Corporation, 19681985, president and chief operating Although revenue climbed an average of 10.3 percent annually throughout the 1990s, Masco wrote off $841 billion owing to poor business decisions, and there was approximately $1.2 billion of debt on the books. Photos & Social Media. International Directory of Business Biographies. . This merger left two companies, Masco Tech. The success was due in part to Masco's innovation in marketing and product distribution. in a down economy, and sales were sagging. Alex moves to Detroit, where he takes a job in a screw machine shop. Forbes, 174(5), 142144. Member of the Board of Metaldyne (1984-2005) International Directory of Business Biographies. Just before the holidays, a fire nearly destroys the Company. Romero, Gina, "Art Imitates Masco," Forbes, October 24, 1988, p. 398. In addition, Manoogian acquired several companies that had been fierce competitors and had no real intention of working together effectively once they shared the same parent company. He also worked for short periods in Rhode Island and in Massachusetts. With a flat economy, consumer confidence was down and a Associates described Manoogian as straightforward and talkative, the kind of person who would not stop working long enough to eat lunch. Masco begins producing parts using a relatively new process: cold extrusion. (April 27, 2023). Manoogian and his family moved to Detroit, Michigan, in 1924, attracted to opportunities in the booming auto industry. Under Manoogian's leadership, Masco was a substantial contributor to educational, civil, and cultural organizations, primarily through the Masco Corporation Foundation. There are 15 rooms in all, including a large living room, library, kitchen and two dining rooms: a formal room and a more casual one that overlooks the river. The current CEO is Keith J. #ChamberNewsOfTheDay Just over 12,000 new business applications were submitted by Michiganders last month, an increase of 7% compared to March 2022, according to new data from the. Therefore, that information is unavailable for most Encyclopedia.com content. The company later expanded operations into the building and home improvement industries. #346 Richard Alexander Manoogian Net Worth: $1.0 billion Source: Manufacturing, Masco Inherited and growing Age: 69 Marital Status: Married, 3 children Hometown: Grosse Pointe Farms, MI Education: Yale University, Bachelor of Arts / Science Armenian immigrant father, Alex, founded Detroit auto parts business Masco in 1929. Through the AGBU, the Manoogians funded schools for ethnic Armenians in Southfield, Michigan; Los Angeles, California; Buenos Aires, Argentina; Sydney, Australia; Beirut, Lebanon; Zahle, Lebanon; Egypt; Tehran, Iran; Montreal, Quebec; Toronto, Ontario; and Montevideo, Uruguay (all are named for the Manoogian family). U.S.A. Un-Building Masco; [Electronic version]. Richard Manoogian Profiles | Facebook 1936 Masco is one of the worlds leading manufacturers of faucets, cabinets, architectural coatings, builders hardware and other brand-name home improvement and building products. Jerry Cavanagh and his family became the first mayoral family to occupy the mansion. [3] This was the last year that the company would be referred to as Masco Screw Products Company. Masco also divested Flint & Walling, Inc in 2000 to Zoeller Company. Masco grows into a leading diversified company. This effort produced mixed Facebook gives people the. 1936 Masco stock is admitted to trading on the American Stock Exchange. As of this date, Richard is married. Strive for excellence. higher education and Macomb and Oakland counties. The All Rights Reserved. By 2006, Masco has been reporting a 15 percent compound growth rate in sales, through acquisitions and internal growth, for 50 consecutive years. , July 29, 1996, p. 102. Fax: (616) 9235486 Established in 1984 in MI - Richard Manoogian joined Masco Corporation in 1958. Profile Last Updated: Service. Masco exits the window and cabinet manufacturing businesses. The company's Masco Tech, investors were extremely displeased with Manoogian's The company name, Masco, is an acronym from the first letters of the partners last names, appended by a co for company. See also entry on Masco Corporation in International Directory of Company Histories. The primary business was manufacturing machined automotive parts. He places the rights to the new faucet under the Delta Detroit Corporation, a very small family-owned business manufacturing products to support the war effort. More than 80 years after its founding, Masco maintains its legacy of innovation. Call 617.778.5422 Email vCard Directions. The process of making furniture required too much handwork, and product lines were vastly diverse, so few opportunities existed for mass production of furniture components. In 1996 Manoogian effected a culture change at Masco. Community Foundation for Southeast Michigan Detroit Institute of Arts Board of Directors Detroit Renaissance Board of Directors Dole-Kemp '96 Friends of Senator D'Amato 1998 Committee George W. Bush for President Greenfield Village Board of Directors mass production of furniture components. several companies that had been fierce competitors and had no real Member of the Board of Detroit Investment Fund [2], The 4,000-square-foot (370m2) Manoogian Mansion is located along the Detroit River, several miles east of Downtown Detroit. Masco's stock performance rating slipped, and shareholders became even more displeased about the diversification attempts. The company was the first to market faucets directly competencies such as home furnishings. "Masco's Manoogian retires as executive chairman", "Masco's Board of Directors Elects Keith J. Allman to Succeed Timothy Wadhams as President and CEO", "Masco Corporation Relocates Global Headquarters to Livonia, Michigan", "Sale of Kichler Lighting completed; purchase price is $550 million", "Cabinetworks formed after ACProducts completes Masco purchase", "Hot Tub Leader Watkins Manufacturing Corporation Acquires Aquatic Fitness Innovator Endless Pools, Inc", "MI Windows and Doors completes acquisition of Milgard Windows & Doors", https://en.wikipedia.org/w/index.php?title=Masco&oldid=1130295082, Companies listed on the New York Stock Exchange, Manufacturing companies based in Michigan, Companies based in Wayne County, Michigan, Manufacturing companies established in 1929, Articles with dead external links from January 2022, Short description is different from Wikidata, Articles with unsourced statements from January 2012, Creative Commons Attribution-ShareAlike License 3.0, Milgard Windows & Doors SOLD to Mi Windows and Doors 2019. Person; Phone; Address; . In 1969, Masco is listed on the New York Stock Exchange. Once one of the huddled masses yearning to be free, Alex is now, 58 years later, the Guest of Honor and Principal Speaker. Encyclopedia.com. Other companies added to the division were Lexington Home Brands, Hickorycraft, Marge Carson, La Barge and Marbro in 1987, and fabric company Robert Allen/Ametex in 1988. Manoogian wanted to apply experience and success to new industries, such Alan H. Barry is named President and Chief Operating Officer. Richard is the cherished husband of 35 years of Lucille Manoogian; the loving father of Al (Valerie) Durham, Richard (Katlynn) Manoogian, and Alisha Manoogian; the beloved son of Eleanor (and the late Wallace) Manoogian; the loving grandfather of Owen, Amelia, Ayden, and Charlotte Rose; the dear brother of . July 1, 2021. http://www.forbes.com/global/2002/1209/028.html LifeStyle, the third largest furniture maker in the United States with $2 billion in sales, had sold Universal Furniture to Lacquer Craft. In addition to the furniture fiasco, there was trouble in the industrial In 1989, Universal Furniture, BenchCraft and Cal-Style were added in a $480 million deal, as well as Sunbury Textiles. Son of Masco founder Alex Manoogian, Richard is now chairman of both the Richard and Jane Manoogian Foundation and the Alex and Marie Manoogian Foundation, established by his late parents, which has supported Armenian cultural education via the Armenian Studies Program at the University of Michigan-Dearborn and the K-12 charter AGBU Alex & Marie Manoogian School in Southfield. Richard & Jane Manoogian Foundation. Masco opens a manufacturing plant in Dearborn, Michigan. In 1966, Manoogian donated the mansion to the City of Detroit. Language links are at the top of the page across from the title. (860) 571-5100 The next year, Peter Lynch, one of the worlds most renowned mutual fund managers, publishes that Masco is probably the greatest stock in the history of capitalism.. Masco President and COO (1968-85) Wotapka, D., Dunham, K. J. Between 1997 and 2002, Richard Manoogian, who succeeded his father as chief executive, acquired 42 companies valued at a total of $10 billion. From 20072009, he served as Executive Chairman. diversification attempts and Manoogian's investment in noncore [5] Manoogian was also active in the Knights of Vartan; in 1940 he was elected its Avak Sparapet (National Commander). Encyclopedia.com. (1999, October). In addition to his corporate leadership, Richards legacy of philanthropy has shaped many of Southeast Michigans best-loved arts and cultural institutions and supported the preservation and advancement of Armenian culture. Manoogian separated the building products Alex Manoogian is honored as the keynote speaker at Ellis Island in recognition of his rise to success as an immigrant to America. intention of working together effectively once they shared the same parent Mr. Manoogian has been with Masco since 1958, became Vice President and a member of the Board in 1964, President in 1968 and in 1985 became CEO and Chairman of the. Marie Manoogian died in 1993, and Alex in 1996. [3], In 1961, Masco Screw Products Company changed its name to Masco Corporation. Jerry Cavanagh and his family became the first mayoral family to occupy the mansion[1], In late 2002 rumors began surfacing that Mayor Kwame Kilpatrick had thrown an excessive party there. Throughout his time with the company, Richard Manoogian achieved a net worth of approximately $750 million. The international operations were located primarily in Belgium, In 1954, Alex offers the new product first to plumbing manufacturers, who are quick to decline the offer saying there is no demand for a single-handle faucet. Because Masco was a 50 percent owner of Masco Tech, investors were extremely displeased with Manoogian's performance. The physical layout of the house is dominated by walls of windows bowed windows, arched windows, leaded windows that let light stream in and open onto views of the grounds and the Detroit River. Association of Yale Alumni Bush-Quayle '92 Bush-Cheney 2000 Bush-Cheney '04 Center for Creative Studies Board of Directors August 17, 2019. . The Forbes 400: Manufacturers [Electronic version]. Publicly Available Info. This new technology propels the company to a leadership role in the metalworking industry. Masco Screw Products Company, Masco had been founded by Richard's Mr. Manoogian is a Director of Ford Motor Company, Business Leaders for Michigan(formerly Detroit Renaissance), Invest Detroit and Yale University Art Gallery. The sale of Masco Tech was completed in 2000. Multiple structures that are part of a resort and yacht club were ablaze on Harsens Island, a small communityin St. Clair County. 3234. to mass market consumers via television advertisements. Other family members and associates include Jane Manoogian, Richard Manoogian and Macdonald Goodwin. Originally known as the Masco Screw Products Company, Masco had been founded by Richard's father, Alex Manoogian, eight days before the U.S. stock market crash of 1929. [13], In December 2017, Masco acquired Mercury Plastics of Middlefield, Ohio for an undisclosed amount and in January 2018, it acquired Kichler Lighting of Independence, Ohio for $550 million.[14]. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). business in a leveraged buyout by management, and the company took a $650 Web site: http://www.lo, Westpark, Pfingstweidstrasse 60 Richard, a recent Yale University graduate with a degree in economics, oversees the startup of the new faucet operation. In 1967, the Company moves to its new headquarters in Taylor, Michigan. Richard Manoogian: Continuing the family businesses He redesigns the product from the inside out, with a ball valve principle that allows users to adjust both the hot and cold water with just one lever. [3] Under the leadership of Richard Manoogian, the company grew exponentially and subsequently joined the Fortune 500 list of largest U.S. TriMas and Masco Tech merged to form one company offering a wide array of products. This decision, in 1995, allows Masco to broaden its offerings to consumers and further build on its core businesses. Masco re-enters war production during the Korean conflict, using the Companys metalworking expertise to manufacture fuses and develop a new artillery shell timing mechanism. The fund, seeded with a $1 million endowment, is devoted to the publication and translation of Armenian scholarly and literary works, and Armenian cultural material worldwide. [11], In 2003, Masco's annual sales topped ten billion dollars and Masco increased its quarterly dividend for the 47th consecutive year. Rossant, Juliette, "Throwing in the Towel," Forbes, February 26, 1996, p. 14. He settles in Bridgeport, Connecticut, working first in a tobacco shop, then as a school bus driver, and later in a confectionery store and silver polishing factory. Family: Son of Alex Manoogian (founder, Masco Corporation); married; children: three. To potentially drive greater shareholder value, in 2019 Masco makes a strategic decision to exit the cabinet and windows businesses. Share by Email, CNN Worldwide Host Fareed Zakaria to Talk Global Economic Issues at 2023 Conference. We are sad to announce that on September 15, 2018 we had to say goodbye to Richard Dennis Manoogian (Utica, Michigan). , February 26, 1996, p. 14. 1929. Major criticisms were that Manoogian was running Masco as a private family Stock Exchanges: New York Wayne B. Lyon is named Chief Operating Officer in 1974. In 1969, Masco Corporation was listed on the New York Stock Exchange - See more at: In 1954, he patented and brought to market the first successful washerless ball valve faucet -- the Delta faucet -- named for the faucet cam shaped like the fourth letter of the Greek alphabet - See more at: "Alex and Marie Manoogian Interred in Holy Etchmiadzin", Mother See of Holy Etchmiadzin Information Services, 17 July 2007, "Alex Manoogian, 95; Perfected Design of Single-Handled Faucet", https://en.wikipedia.org/w/index.php?title=Alex_Manoogian&oldid=1149370273, Emigrants from the Ottoman Empire to the United States, Presidents of the Armenian General Benevolent Union, Short description is different from Wikidata, Articles containing Armenian-language text, Creative Commons Attribution-ShareAlike License 3.0, Businessman, entrepreneur, industrial engineer. Family Data. Richard G Manoogian is a resident of MA. If you cannot give your customers a better value and a better product, do not sell the product.. The first plant is located on Detroits Fort Street on the fourth floor of an antiquated building, above the Wayne County Morgue. Mr. Manoogian has been with Masco since 1958, became Vice President and a member of the Board in 1964, President in 1968 and in 1985 became CEO and Chairman of the In 1935, Mascos annual sales exceed $100,000 for the first time. Originally known as the Masco Screw Products Company, Masco had been founded by Richard's father, Alex Manoogian, eight days before the U.S. stock market crash of 1929. 02/22/2023 Fast-track your prospect research with a Professional plan subscription. In 1967, the company moved its corporate headquarters to Taylor, Michigan. Cockrel likewise had not moved into the mansion. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. He initiated severe cost-cutting measures and reduced his own salary from $1.4 million to $1 annually. Forbes Masco Screw Products Company produced machined automotive parts for the Detroit automotive companies. Family Data. Rosalynn Carter announced the gifts at a meeting yesterday of the White House, held in the State Dining Room. Reingold, Jennifer, "The Masco Fiasco," Financial World, October 24, 1995, pp. First, the furniture industry did not lend itself easily to automated manufacturing. U.S.A. Family: Son of Alex Manoogian (founder, Masco Corporation); married; children: three. The Manoogian Mansion is the official residence of the Mayor of Detroit, Michigan. Theresa Sampietro. Incorporated: 1955 as Standard International Corporation Building on his fathers foundation, he puts together a bold plan that ushers in an era of rapid growth rarely equaled in American industry. Born in Smyrna, Turkey, in 1901, Alex Manoogian travels alone to the United States when he is just 19 to escape the horrors of the Armenian genocide. Wayne B. Lyon became president of Masco in 1985, and Richard Manoogian served as chairman and CEO of both . [3], In 1982 Masco's earnings did not grow for the first time in 26 years. Hands On Network Corporate Service Council Henry Ford Museum Trustee John McCain 2008 Kerry Victory 2004 Museum Trustee Association Pete Wilson for President Committee Republican National Committee Romney for President Santorum 2000 US National Gallery of Art Trustee US State Department Fine Arts Committee Yale University Art Gallery Trustee Armenian Ancestry By moving to Detroit in 1924, Alex accomplishes two goals: providing his family with easier access to the U.S. and working in the burgeoning auto industry where he can earn the wages necessary to bring them to Detroit. Benton Harbor, Michigan 49022 . Language links are at the top of the page across from the title. father, Alex Manoogian, eight days before the U.S. stock market crash of He promised to sever ownership of Masco Tech but was unable After defeating Kenneth Cockrel, Jr. in a special election in 2009 following Kilpatrick's resignation, new mayor Dave Bing did not immediately move into the mansion because of city budget issues. Finally, the furniture and home furnishings market was struggling 1985. The company later expanded operations into the building and home These combined efforts were successful in stabilizing the company's bottom line and restoring profitability. Masco is pleased to announce that it has made a donation to HomeAid America in honor of Richard Manoogian, who recently concluded his service on Mascos Board of Directors after 56 years, including 27 years as Chairman of the Board. The following people are believed to be the relatives of Richard A Manoogian: . There were several issues with the furniture manufacturing acquisitions. He enters the country on May 20, 1920, through the turnstiles of Ellis Island with two suitcases, $50 cash and an identification tag hanging from his neck. By the mid-1990s the damage done by the floundering furniture business was readily apparent. Major criticisms were that Manoogian was running Masco as a private family business although stock was publicly held . In celebration and gratitude for Richards long service and his immense impact in growing Masco Corporation into a global leader in the design, manufacture and distribution of branded home improvement and building products, the tribute in his name will be designated to HomeAid Americas WORKS Program, a workforce development program that provides technical construction training, education and job opportunities in the homebuilding industry for men, women, youth and veterans who are experiencing or at risk of homelessness. Forbes Read about the state of democracy and meet Michigans new legislature. Retrieved April 27, 2023 from Encyclopedia.com: https://www.encyclopedia.com/economics/news-wires-white-papers-and-books/manoogian-richard-1936. Richard Manoogian's House in Grosse Pointe Park, MI (Google Maps) Member of the Board of MSX International (1997-2004) Later that year, the Dearborn plant is closed, and production of the automotive components is moved to Ypsilanti, Michigan. Employees: 5,600 The Manoogian mansion is one of the few houses in Detroit that has a boat house. Public Company Richard Manoogian is named Chairman of the Board and Chief Executive Officer. Cite this article Pick a style below, and copy the text for your bibliography. To recover losses and resume growth, Masco needed a He served He also brings with him unbounded enthusiasm and an extraordinarily formal education for the time. Richard's annual salary is between $150 - 174,999; properties and other assets . Raymond F. Kennedy is appointed President and Chief Operating Officer. With a strategy to acquire well-run companies with high margins and established leadership positions, more than 25 companies join Masco during this time period, several of which include international companies, expanding Mascos global footprint. Manoogian remains involved in a number of foundations, commissions and other boards and said his commitments can leave him spread pretty fine. But he has learned to pick causes where he can be of most help and is prepared for a serious commitment, since many projects prove more time-consuming than they seem. of person who would not stop working long enough to eat lunch. The Tap's Back On - Housing, Autos Return Masco to Habit of Higher Net [Electronic version]. 2019Encyclopedia.com | All rights reserved. The remainder of Masco Industries became Masco Tech Inc. and in 1993 was listed on the NYSE. Alex instead decides to manufacture and market it on his own. The scholarships in Richards name will provide individuals with training for a career specifically in the plumbing industry. George Manoogian Obituary (1954 - 2019) - North Conway, NH - Portland As a result, the questionable investment decisions caused Manoogian great difficulty with Masco's shareholders. Doing the right thing and supporting communities where our employees live and work is a long part of Behrs history and we believe, Kichler Supports Regional Coalition for the Homeless, Delta Faucet Company Serves as Presenting Sponsor of HomeAid Event, Behr Canada Team Completes Nonprofit Painting Tour for 75th Anniversary. Member of the Board of Bank One (1978-2004) (Document ID: 691965051). In 1968 he established the AGBU Alex and Marie Manoogian Cultural Fund. Upon Americas entry into World War II, Masco quickly converts its focus to the manufacturing of material and products needed to support the war effort. Staying current is easy with Crains news delivered straight to your inbox. Sales: $600.2 million (2001) Masco purchases The Steel Stamping Company.
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