Company History
From Family Farm to Fortune 500
Working at Western Union in Rochester, N.Y., Civil War telegrapher and young entrepreneur Enos Barton stumbled upon a unique opportunity. For $400, he could co-own an electrical products shop in Cleveland. There was only one problem – he needed $400. So he turned to his mother, who mortgaged the family farm and home to support her son’s venture. Little did she know the impact of this investment.
In 1869, Enos partnered with Elisha Gray, inventor of telegraphic equipment, and founded Gray and Barton. In 1872, the partnership became the Western Electric Company, which supplied components to the Western Union Telegraph Company. After the invention of the telephone, Western Electric also managed a thriving electrical distribution business, which was organized into a separate company – Graybar Electric Company, Inc. – in 1925. In 1929, Graybar’s employees purchased the company for $9 million, creating the business model of employee ownership that continues to drive the company today.
Today, Graybar is a $5.4 billion (2008), FORTUNE 500 company, and leader in the distribution of high-quality components, equipment and materials for the electrical and communications industries. In 2009, Graybar ranked No. 1 on the annual FORTUNE "World's Most Admired Companies" list in the Wholesalers: Diversified industry category. This is the eighth consecutive year Graybar has earned a place on the list and the third consecutive year it has been named Industry Leader in its category. Out of the 363 Most Admired Companies, Graybar ranked in the Top Ten in the following lists:
- No. 1 in Management Quality
- No. 1 in Long-Term Investment
- No. 2 in Financial Soundness
- No. 2 in Quality of Product and Services
- No. 4 in Use of Assets
- No. 6 in People Management
- No. 10 in Innovation
