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Howard Robard Hughes Sr. (September 9, 1869 – January 14, 1924) was an American businessman and inventor who founded the Hughes Tool Company. He invented the "Sharp–Hughes" two-cone rotary drill bit during the Texas Oil Boom .
In 1972, Howard Hughes sold the Hughes Tool Company; it had been the consistently profitable part of his empire, and produced the profits that built all the rest from the very beginning. This became the "new" Hughes Tool Company while the remaining divisions of the business were placed in a new holding company, the Summa Corporation.
In 1933 two Hughes engineers, one of whom was Ralph Neuhaus, invented the tricone bit, which has three roller cones. The Hughes patent for the tricone bit lasted until 1951, after which other companies made similar bits. However, Hughes still held 40% of the world's drill bit market in 2000. [3] Howard Hughes Sr., designer of the first roller ...
These bits usually also have pressure compensated grease lubrication systems for the bearings. The first commercially successful rolling cutter drill bit design was disclosed in U.S. patents granted to Howard R. Hughes, Sr. on August 10, 1909, and which led to the creation of what became the Hughes Tool Company. This bit employed two conical ...
In November 1925, at the age of 36, Dietrich met 19-year-old Hughes, who had gained control of Hughes Tool Company after buying out the other family heirs. Started by his father, Howard R. Hughes, Sr., Hughes Tool Company – or Toolco – manufactured oil drilling equipment, especially the multiple-edge, revolving-teeth roller cutter drill bits the elder Hughes invented.
Pershing holds about a 38% stake in Howard Hughes, and Ackman was chairman of the developer for more than a decade until he stepped down last year. Depending on how many investors accept its offer ...