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The Hightstown

The Hightstown,
New Jersey complex
under construction

Under Donald the company continued to grow—a new office was opened in Virginia in 1957, and the Hightstown Distribution Center was opened in New Jersey the following year. The F.W. Dodge Corporation was acquired in 1961, and a foreign language-publishing unit was established in 1963. Donald McGraw retired as President and Chairman in 1968, and was followed by Shelton Fisher, who also held the position of Chief Operating Officer. Renamed McGraw-Hill, Inc., the company continued to diversify with new divisions, including the 1966 acquisition of Standard & Poor's, the provider of trusted financial information and analysis. Standard & Poor's impact was felt almost immediately after its acquisition when, in 1968, it helped create a new system to identify and track securities. The Committee on Uniform Security Identification Procedures (CUSIP) number was the brainchild of the American Bankers Association; Standard & Poor's provided the technological know-how and publishing ability to maintain the database and publish the annual list of CUSIP numbers.

 
     
President John F. Kennedy and BusinessWeek Editorial Staff

President
John F. Kennedy
and members of
the BusinessWeek
Editorial staff

Other key additions to the McGraw-Hill portfolio included the 1972 acquisitions of television stations in San Diego, Bakersfield CA., Indianapolis, and Denver. The Company also moved to its present location at Sixth Avenue and Forty-ninth Street that same year. Shelton Fisher retired from the Company in 1974, and was followed as President by Harold McGraw, Jr., grandson of the founder and son of a former company Vice-President. After the company successfully defended against a takeover attempt by American Express in 1979, the 1980's brought new products and different approaches, including a switch from media to market orientation. Revenues topped $1 billion for the first time in 1980. Harold McGraw Jr. retired as President and CEO in 1983, but stayed on as Chairman until 1988 when he was named Chairman Emeritus. Joseph Dionne, who had been with the company in various capacities since 1967, followed Harold as President and CEO.