Universal Oil Products Company Stock Certificate

Description

Universal Oil Products Company Stock Certificate
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At the beginning of the twentieth century, a California inventor by the name of Jesse A. Dubbs and his son, Carbon Petroleum Dubbs (also known as C.P. Dubbs), were engaged in making asphalt from petroleum using an air-blowing process that had been patented by Jesse Dubbs in April 1900. This process was ideally suited to the manufacture of asphalt from heavy base California oils.
In 1913 C.P. Dubbs entered the employ of Standard Asphalt and Rubber Company, then under the direction of J. Ogden Armour, a prominent Chicago meat packer. Through this association, National Hydrocarbon Company was formed on June 17, 1914, to acquire the patents and applications relating to the work done by Jesse Dubbs. R.J. Dunham was made president and the company carried on the research and development work that led to the commercialization of the Dubbs method of processing petroleum.
The company name was changed to Universal Oil Products in 1915. Four years later the company introduced the Dubbs thermal cracking process, a continuous process to convert crude oil into more useable products. The Dubbs process proved highly successful and it was soon employed in more than 250 units operating in the United States as well as in eighteen other countries. The company headquarters were moved to Chicago and research laboratories were built in Riverside, a Chicago suburb.
By 1931, petroleum firms saw a possible competitive advantage to owning UOP. A consortium of firms banded together to purchase the firm. These firms were Shell Oil Company, Standard Oil Company of California, Standard Oil Company of Indiana, Standard Oil Company of New Jersey, The Texas Company, and N. V. de Bataafsche Petroleum Maatschappij. This worried oil firms that were not part of the group and it helped prompt the Justice Department to begin an investigation of this arrangement as a possible violation of antitrust laws.
In decades to come, Universal Oil continued to develop innovative technologies. In 1933 it commercialized the first viable catalytic process for the polymerization of olefin gases to gasoline. This process contributed greatly to the production of high-octane gasoline and aviation fuels.
During World War II, with a greatly increased demand for aviation gasoline, Universal Oil responded with important advances in the areas of fluid catalytic cracking and liquid acid alkylation.
After the War, Universal Oil created the first FCC unit. The unit’s compactness and lower cost offered smaller refiners an opportunity to compete. In 1947 it developed a process to make alkybenzene, one of the building blocks of commercial laundry detergents. In 1949 the company developed the platforming process, the first process that utilized a catalyst promoted with a precious metal. The process was then commercialized for reforming of naphtha to produce high-octane gasoline.
On February 12, 1959, Universal Oil went public. In 1960 the company acquired a controlling interest in the Trubek Laboratories in East Rutherford, New Jersey. Trubek, a developer and manufacturer of organic chemical specialties, opened new fields for Universal Oil, including soap, perfume, pharmaceutical, electroplating, plasticizing, and metal-finishing industries.
In August 1988 Union Carbide Corporation and AlliedSignal formed a joint venture combining the latter's wholly owned subsidiary, UOP Inc., and the Catalyst, Adsorbents and Process Systems (CAPS) business of Union Carbide.
AlliedSignal acquired Honeywell in 1999 and assumed the latter's name. In 2005, what was now known as Honeywell acquired Union Carbide's stake in UOP, making it again a wholly owned subsidiary.
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