RC divested over one-third of its interest in Research-Cottrell.

Research-Cottrell was established in 1954 to continue building, marketing and selling electrostatic precipitators.

In 1967, the Foundation sold a minority interest (300,000 shares) in the business “primarily to establish a market for the stock in anticipation of possible use of presently unissued shares by Research-Cottrell for further growth and diversification.” The manufacturing company had recently been broadening its product line and was producing air and water pollution control devices and cooling towers. At that time, the majority of monies granted by the Foundation came from the business of electrostatic precipitation.

The sale of this stock (valued at $3,870,000) established the Foundation’s endowment.