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According to Ad Broad's blog, it was created in 1953 when a group of scientists from the Rocket Chemical Company developed a formula that would repel water and prevent corrosion in missiles sent into space. They succeeded on their 40th attempt (formula) and named it using a code from their lab notes.
"The stuff worked so well, employees began sneaking it home and soon they were selling 45 cases a day out of their car trunks to hardware and sporting goods stores. In 1969, a marketer took over the company and turned the brand into a household name. John S. Barry convinced the scientist management team to allow for an ad budget and free sampling: he sent 10,000 cans every month to soldiers in Viet Nam, grooming an army of loyal lifetime users. Annual sales increased from $2 million in 1970 to $91 million in 1990."
Mr. Barry insisted the product never be patented so its ingredients would be kept secret. NYK!
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