You might remember that we began to tell the story of Pacesetter’s beginning 40 years ago: Here’s what happened next…
In 1959, Murray Herman (my grandfather that always insisted that I call him Murray) decided to sell Berkeley Industries to American Home Products. Murray knew when he sold the business that he planned to go back to school — – yes, at age 55 he pursued his dream of getting his college degree. At age 19, Murray had been unable to continue his studies at the University of Pittsburgh as he felt responsible to provide for his two brothers and two sisters. Not only did Murray get his undergraduate degree—he also got a PhD in both Psychology and Philosophy at Columbia University and The New School for Social Research in New York City. Murray subsequently became a professor at both schools and had a collection of thousands of books on both philosophy and religion; and Murray read every single one of them!
When Murray decided that he was going to pursue his education, he took all of the funds from the sale of Berkeley Industries and gave them to his brothers Nat and Al to begin a steel company. That steel company was Baldwin Steel. Nat immediately invested all of the funds to purchase secondary hot-rolled and cold-rolled steel sheets. Back in those days, the steel mills only produced sheets, no coils!
An amazing thing happened shortly after Nat had purchased and received all of the material. The entire steel industry went on strike—yes, every single producing mill!!! The strike lasted for 120 days and all steel distributors sold every pound of steel that they had in their warehouses for profit margins in the 30-50% range.
Stay tuned for more insight on our company’s storied foundation.