
Family tree of Philip Danforth ARMOUR
Industrialist, Businessman
Born Philip Danforth ARMOUR
American businessman who founded Armour & Company
Born on May 16, 1832 in Stockbridge, New York, USA , United States
Died on January 06, 1901 in Chicago, Illinois, USA
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With his sizable fortune in hand, Armour then moved to Milwaukee, Wisconsin, starting a wholesale grocery business. In Milwaukee, Armour formed business partnerships with Frederick Miles in the grain business in 1859. He worked with Miles for three years before he partnered with John Plankinton in the meatpacking industry, creating the company Plankinton, Armour & Company. It was also during this period when Armour married Malvina Belle Ogden in 1862. Although the company was a relatively modest endeavor at its start, Armour demonstrated his uncanny ability as a young businessman by taking advantage of changing meat prices during and after the Civil War. According to Deborah S. Ing, author of Philip Armour’s biography in the American National Biography Online, “the most important business coup of Armour's early career occurred near the end of the Civil War when he predicted heavy Confederate losses and thus the dropping of pork prices…he made contracts with buyers at $40 per barrel before prices plummeted to $18 when the war ended in a Union victory. This deal netted him a profit of $22 per barrel or an alleged total of $1 million to $2 million.” Armour’s savvy decision catapulted Plankinton, Armour & Co. into a new stratosphere of American business, allowing the corporation to expand into other cities such as Kansas City, Missouri. Later on, with his brother, Herman, he again entered the grain business and built several meat packing plants in the Menomonee River Valley. Together they formed Armour and Company in 1867, which soon became the world's largest food processing and chemical manufacturing enterprise, headquartered in Chicago, Illinois. Armour & Co. was the first company to produce canned meat and also one of the first to employ an "assembly-line" technique in its factories.
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