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UOP generated so much income that it threatened the American Chemical Society’s non-profit status. Seeking to resolve this while diversifying its source of income, the ACS sold UOP to shareholders in a 1959 public offering.
Within a year, shareholders were pining for UOP to diversify its operations and insulate the company from the boom-and-bust cycles in the petroleum industry. By 1966, UOP had acquired more than 20 businesses in trades as diverse as fragrances, food additives, copper mining, forestry and even manufacturing truck seats and aircraft galleys.
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