Hughes Tool Company was established in 1909 as Sharp-Hughes Tool Company when Howard R. Hughes, Sr. introduced the first roller cutter bit that dramatically improved the rotary drilling process and partnered with longtime business associate Walter Benona Sharp to manufacture and market the bit. Sharp's widow Estelle Sharp sold her 50% share in the company to Howard Hughes Sr. following her husband's death in 1912. The company was renamed Hughes Tool at this point. When Hughes, Sr. died in 1924, 75% company was left to Howard Hughes Jr., who at the time was a student at Rice University. According to Howard Sr.'s will, his son was to initially receive a 25% share, his wife 50%, while the remaining 25% was divvied up amongst various family members. Since Howard Sr.'s wife had died some years earlier and the will had not be updated to reflect that, Howard Jr. automatically inherited his mother's shares. Resentful of his relatives' attempts to run the business, Howard R. Hughes Jr. had himself declared a legal adult (21 being the age of majority at the time), and bought out his relatives' minority share in the business. 1909 was a common year starting on Friday (see link for calendar). ... Howard Robard Hughes, Sr. ... An electric drill A drill is a tool with a rotary drill bit used to bore holes through material. ... Jump to: navigation, search Walter Benona Sharp was born on December 12, 1870, in Tipton county, Tennessee. ... Jump to: navigation, search For other people named Howard Hughes, see Howard Hughes (disambiguation). ... Jump to: navigation, search Rice University William Marsh Rice University, commonly called Rice University, but formerly known as Rice Institute, is located in the Museum District of Houston, Texas. ...

Under Howard Jr.'s ownership, Hughes Tool ventured into the motion picture business via Hughes Productions during the 1920's, and into the airline business in the 1930's with the acquisition of a controlling interest in Transcontinental and Western Air (later renamed Trans World Airlines).

In 1932, Howard Hughes Jr. formed Hughes Aircraft Company as a division of the Hughes Tool Company. Hughes Aircraft thrived on wartime contracts during World War II (though not on the only two contracts it received to actually build airplanes), and by the early 1950's was one of America's largest defense contractors and aerospace companies with revenues far outpacing the original oil tools business. In 1953 Hughes Aircraft became a separate company, and was donated to the Howard Hughes Medical Institute as its endowment. Hughes Aircraft's helicopter manufacturing business was retained by Hughes Tool as Toolco Helicopters, later renamed Hughes Helicopters. Jump to: navigation, search 1932 is a leap year starting on a Friday. ... Jump to: navigation, search For other people named Howard Hughes, see Howard Hughes (disambiguation). ... Hughes logo adopted after his death Hughes developed the AIM-120 AMRAAM, one of the worlds most advanced air-to-air missiles Hughes Aircraft Company was a major defense/aerospace company founded by Howard Hughes. ... Jump to: navigation, search 1953 is a common year starting on Thursday. ...

For a period of time in the 1940's to late 1950's, Hughes Tool owned the RKO companies (including RKO Pictures, RKO Studios, RKO Theatres, and the RKO Radio Network).

For a brief period in the early 1960's, Hughes Tool held a minority stake in Northeast Airlines. Hughes Tool's majority stake in TWA was sold off in 1966.

In the late 1960's, Hughes Tool ventured into the hotel and casino business with the acquisition of the Sands, Castaways, Landmark, Frontier, Silver Slipper, and Desert Inn- all in Las Vegas. Hughes Tool also purchased KLAS-TV, Las Vegas' CBS affiliate. In the early 70's, Hughes Tool ventured back into the airline industry with the takeover of the largest regional air carrier in the western United States- Air West, renamed Hughes Air West following the purchase. Huges Tool also briefly owned Los Angeles Airways, a small airline operating a commuter service with a fleet of helicopters.

In 1972, Howard Hughes sold the tool division of the Hughes Tool Company. This became the "new" Hughes Tool Company while the remaining parts of the business were placed in a new holding company, the Summa Corporation. Jump to: navigation, search 1972 (MCMLXXII) was a leap year that started on a Saturday. ... Summa Corporation was the name adopted for the business interests of Howard Hughes after he sold the tool division of Hughes Tool Company in 1972. ...

In 1987, the company merged with Baker International to form Baker Hughes Incorporated. Jump to: navigation, search 1987 (MCMLXXXVII) is a common year starting on Thursday of the Gregorian calendar. ... The phrase mergers and acquisitions or M&A refers to the aspect of corporate finance strategy and management dealing with the merging and acquiring of different companies as well as assets. ... Baker International was established 1907 when Reuben C. Baker developed a casing shoe that revolutionized cable tool drilling. ... Baker Hughes (NYSE: BHI) is the worlds third-largest oil-services company behind Schlumberger and Halliburton . ...