In 1932, Hughes formed Hughes Aircraft Company as a division of the Hughes Tool Company. In 1937, Hughes used Hughes Tool to buy a controlling interest in TWA. Toolco paid Hughes an annual salary of $50,000, and Hughes charged all major expenses such as planes, automobiles, and houses, to the company. Legally emancipated at the age of 18, Howard began using the profits from Hughes Tool to fund his other ventures. died of a heart attack in 1924, the younger Howard inherited the majority interest in the company, and then convinced his relatives to sell their shares to him as well. The company was renamed Hughes Tool Company on February 3, 1915. Following her husband's death in 1912, Sharp's widow Estelle Sharp sold her 50% share in the company to Howard Hughes Sr. He partnered with longtime business associate Walter Benona Sharp to manufacture and market the bit. patented a roller cutter bit that dramatically improved the rotary drilling process for oil drilling rigs. The company was established in December 1908 as Sharp-Hughes Tool Company when Howard R. Founded in 1908, it was merged into Baker Hughes Incorporated in 1987. Hughes Tool Company was an American manufacturer of drill bits. A February 1914 advertisement for the Sharp-Hughes Tool Company in Fuel Oil Journal.
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