1954
The 1950 tax act changed the status of private foundations. Research Corporation realized it could not continue to operate the precipitator business and maintain its tax-exempt classification. As a result, Research Corporation created Research-Cottrell as a tax-paying stock corporation that was wholly owned by Research Corporation. The business continued building, marketing and selling electrostatic precipitators.
In 1967, an initial public offering of Research-Cottrell stock was made and the process of divestiture of the foundation’s holdings of precipitator stock began. The last of Research-Cottrell stock was sold by the foundation in 1982.
Today, Research-Cottrell is known as Hamon Research-Cottrell. It is part of the worldwide Hamon Group and is a major provider of air pollution control technology solutions for utilities, refineries and other industries and serves the North American market from its main office in Somerville, New Jersey.