[WORLDKINGS] Top 100 founders of the companies over 100-years and still in business – P59 - Wallace Calvin Abbott (USA): The leader of 132 years of operation of Abbott Laboratories, the American company manufacturing medical equipment and functional foods (1888)


(WorldKings.org) Wallace Calvin Abbott (October 12, 1857 – July 04, 1921) was the founder of the Abbott Laboratories, is an American multinational medical devices and health care company with headquarters in Abbott Park, Illinois, United States.

Dr. Wallace Calvin Abbott is entirely a self-made man. He was born on a farm, and as a boy had few advantages. He never acquired the habit of using tobacco or liquor and feels that much of his success in life is due to his abstemiousness. He paid his own way through college by doing all kinds of work at all kinds of pay and left free from debt and in good health.



In 1888 at the age of 30, Wallace Abbott (1857–1921), an 1885 graduate of the University of Michigan, founded the Abbott Alkaloidal Company in Ravenswood, Chicago. At the time, he was a practicing physician and owned a drug store. His innovation was the use of the active part of a medicinal plant, generally, an alkaloid (e.g., morphine, quinine, strychnine and codeine), which he formed into tiny "dosimetric granules". This approach was successful since it produced more consistent and effective dosages for patients. In 1922, the company moved from Ravenswood to North Chicago, Illinois.



Abbott's first international affiliate was in London in 1907, and the company later added an affiliate in Montreal, Canada. Abbott started operations in Pakistan as a marketing affiliate in 1948; the company has steadily expanded to comprise a workforce of over 1500 employees. Currently, two manufacturing facilities located at Landhi and Korangi in Karachi continue to produce pharmaceutical products.



As the company's overseas sales and reputation was growing, Abbott had to consider new ways to organize its sections.International expansion began in 1931 when Abbott formed its first international office in Montreal, Canada (Fact 21). Expansion continued in 1962 when Abbott entered into a joint venture with Dainippon Pharmaceutical Co., Ltd., of Osaka, Japan, to manufacture radio-pharmaceuticals. During this year, Abbott's expansion projects in England, Italy and France were also completed.



In 1964, it merged with Ross Laboratories, making Ross a wholly-owned subsidiary of Abbott. The acquisition of Ross brought Similac under the Abbott umbrella. In the years following the acquisition, Pedialyte and Ensure were introduced as nutritional products by Ross Laboratories while under Abbott's leadership.

In 1965, Abbott's expansion in Europe continued with offices in Italy and France. Abbott Laboratories has been present in India for over 100 years through its subsidiary Abbott India Limited and it is currently India's largest healthcare products company. Today, the company has 90,000 employees and operates in over 130 countries. The company headquarters are in Abbott Park, North Chicago, Illinois. In 2010, Abbott had over $35 billion in revenue.

Accoridng to en.wikipedia; onlinebiographies.info  and geni.com


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