Monday, August 22, 2011

Johnson & Johnson




http://en.wikipedia.org/wiki/Robert_Wood_Johnson_I

Wikipedia


Robert Wood Johnson I

Robert Wood Johnson I (February 20, 1845 – February 7, 1910) was an American entrepreneur and industrialist. He was also one of the three brothers who founded Johnson & Johnson.


Johnson & Johnson

James Wood Johnson and Edward Mead Johnson started a family business called Johnson & Johnson. However, the firm was struggling to stay afloat, as it didn't have enough capital for a startup company. While the two brothers were going at it alone, Seabury was unable to pay RWJ the monthly payments that had been agreed upon when he left the partnership. Seabury agreed to let Johnson re-enter the medical industry if he didn't have to pay the monthly payments, anymore. Johnson agreed, and joined his brothers' firm, providing the capital for a fresh start.

The new partnership gave Johnson half of the company's shares in return for management of the company. His brothers would receive thirty percent of the company. Johnson worked all hours of the day going back and forth from the factory in New Brunswick, New Jersey to the office in New York, and by early 1888, J&J was making $25,000 a month.

Kilmer

Dr. Fred B. Kilmer owned a local pharmacy in New Brunswick, New Jersey. Johnson met Kilmer in early 1887, and developed a lifelong friendship. After meeting Johnson, Kilmer became more involved in J&J. He eventually became an employee and he would introduce one of the first medical research laboratories.