avid Millstone and David Winter, co-CEOs of Standard Industries, are working on a top-secret design for a new solar roof that they expect to launch within the year—a new, direct competitor to Tesla’s flashy one, for which there is a multiyear waitlist. For more than a year, researchers at their solar company’s San Jose, California, R&D center have been tinkering with the design.
It looks like the playbook of a VC-backed upstart, but Standard is something else entirely. Dating back to 1983, when corporate raider Sam Heyman, a onetime member of The Forbes 400 and the father-in-law of Millstone and Winter, won a proxy battle for roofing-and-chemicals company GAF, Standard today is an industrial powerhouse, ranked No. 69 on
In 1999, he cofounded an internet company that would send online profiles of college students to employers. “If we had been at all thoughtful about this we would have had LinkedIn before LinkedIn,” he says. Instead, they floundered. “We failed in every way a company can, other than going to jail,” he says.
Over the next two years, they dealt with the litigation, recapitalized the balance sheet and sold off the chemical company to Ashland for $3.2 billion. Ultimately, they reconfigured the operation into its current form, adopting the bland Standard Industries name as a nod to the company’s earliest history as Standard Paint Co. more than a century ago. That name, as well as the alphabet soup of company names like GAF, BMI and SGI, may have helped to keep it under the radar.
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