The Howard Hughes Corporation

The Howard Hughes Corporation

The Howard Hughes Corporation

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Description:
The Howard Hughes Corporation () is a major real estate development and management company based in Dallas, Texas, which was founded by Howard Hughes. Later sold to the Rouse Company, it became a separate company again in 2010, as a spinoff of General Growth Properties (GGP).

Upon exiting bankruptcy, GGP spun off The Howard Hughes Corporation as a public company on November 9, 2010. GGP stockholders received 0.098344 shares of The Howard Hughes Corporation common stock for every 1 share of GGP common stock held. At that point, HHC assumed ownership of all of the GGPs planned developments, including one of the country's original master planned communities of Columbia, Maryland, and The Shops at Summerlin Centre.

History

Early origins

The company date to 1909 when Hughes received two patents for his revolutionary oil well drilling bits. Incorporated as the Sharp-Hughes Tool Company in 1913 owned by Walter Sharp and Hughes. It retained that name until 1915 when Hughes became the sole owner and renamed the company Hughes Tool Company.

Formation as Summa Corporation

Originally known as Summa Corporation, The Howard Hughes Corporation was formed in 1972 when the oil tools business of Hughes Tool Company was floated on the New York Stock Exchange under the Hughes Tool name. This forced the remaining businesses of the "original" Hughes Tool to adopt a new corporate name - Summa. The name...
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