In economics , goods are items that satisfy human wants and provide utility , for example, to a consumer making a purchase of a satisfying product . A common distinction is made between goods which are transferable, and services , which are not transferable.
68-736: Anchor Hocking Company is a manufacturer of glassware . The Hocking Glass Company was founded in 1905 by Isaac Jacob (Ike) Collins in Lancaster, Ohio , and named after the Hocking River . That company merged with the Anchor Cap and Closure Corporation in 1937. From 1937 to 1983, the company operated the oldest glass-manufacturing facility in the United States, established in 1863, in Salem, New Jersey . Anchor Hocking's wine and spirit bottles were crafted at
136-418: A Competitive Industrial Performance (CIP) Index, which measures the competitive manufacturing ability of different nations. The CIP Index combines a nation's gross manufacturing output with other factors like high-tech capability and the nation's impact on the world economy. Germany topped the 2020 CIP Index, followed by China, South Korea , the United States, and Japan. In 2023, the manufacturing industry in
204-794: A daily basis that is not food-related. A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, a microwave oven or a bicycle that is sold to a consumer is a final good or consumer good, but the components that are sold to be used in those goods are intermediate goods . For example, textiles or transistors can be used to make some further goods. Commercial goods are construed as tangible products that are manufactured and then made available for supply to be used in an industry of commerce. Commercial goods could be tractors, commercial vehicles, mobile structures, airplanes, and even roofing materials. Commercial and personal goods as categories are very broad and cover almost everything
272-556: A factory in Monaca, Pennsylvania . It also had facilities in Elmira, New York , and Streator, Illinois . The company was the sponsor of the radio drama Casey, Crime Photographer . It was also slated to sponsor television's first late-night talk show , The Don Hornsby Show , before Hornsby suddenly died shortly before its debut. Anchor Hocking and their headquarters in Lancaster, Ohio, are
340-558: A focus of Brian Alexander's February 2017 book Glass House . In 1905, the Hocking Glass Company was founded by Isaac Jacob (Ike) Collins in Lancaster, Ohio , and named after the Hocking River . In 1937, that company merged with the Anchor Cap and Closure Corporation , thus becoming Anchor Hocking Glass Corporation. In 1934, Hocking Glass and a subsidiary, General Glass, developed the first nonreturnable beer bottle, considered
408-458: A good is a substitute or a complement depends on its relationship to other goods, rather than an intrinsic characteristic, and can be measured as cross elasticity of demand by employing statistical techniques such as covariance and correlation. Goods can be classified based on their degree of excludability and rivalry (competitiveness). Considering excludability can be measured on a continuous scale, some goods would not be able to fall into one of
476-418: A mostly successful in excluding non-paying customer, but are still able to be consumed by non-paying consumers. An example of this is movies, books or video games that could be easily pirated and shared for free. food, clothing, cars, parking spaces like movies, books, video games fish, timber, coal, free public transport cinemas, private parks, television, public transport to more users than what
544-408: A person sees from the time they wake up in their home, on their commute to work to their arrival at the workplace. Commodities may be used as a synonym for economic goods but often refer to marketable raw materials and primary products . Although common goods are tangible , certain classes of goods, such as information , only take intangible forms. For example, among other goods an apple
612-567: A result, they make only a reactive contribution. Emerging technologies have offered new growth methods in advanced manufacturing employment opportunities, for example in the Manufacturing Belt in the United States. Manufacturing provides important material support for national infrastructure and also for national defense . On the other hand, most manufacturing processes may involve significant social and environmental costs. The clean-up costs of hazardous waste , for example, may outweigh
680-462: A rise in the price of beef results in a decrease in the quantity of beef demanded, it is likely that the quantity of hamburger buns demanded will also drop, despite no change in buns' prices. This is because hamburger buns and beef (in Western culture) are complementary goods . Goods considered complements or substitutes are relative associations and should not be understood in a vacuum. The degree to which
748-589: A significant development in the field. In 1987, the Newell Company acquired Anchor Hocking Corporation. In 2004, Newell Rubbermaid sold Anchor Hocking to New York City-based Global Home Products, LLC, an affiliate of Cerberus Capital Management LP. When Global Home Products declared bankruptcy in 2007, Anchor Hocking was sold to Monomoy Capital Partners, who merged Anchor Hocking with Oneida in 2012 and created EveryWare Global. In January 2014, EveryWare Global announced its plans to close its regional office and
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#1733086079315816-448: A stone tool, a " core " of hard stone with specific flaking properties (such as flint ) was struck with a hammerstone . This flaking produced sharp edges that could be used as tools, primarily in the form of choppers or scrapers . These tools greatly aided the early humans in their hunter-gatherer lifestyle to form other tools out of softer materials such as bone and wood. The Middle Paleolithic , approximately 300,000 years ago, saw
884-426: Is a service provided by an electric utility company. This service can only be experienced through the consumption of electrical energy , which is available in a variety of voltages and, in this case, is the economic goods produced by the electric utility company. While the service (namely, distribution of electrical energy) is a process that remains in its entirety in the ownership of the electric service provider,
952-507: Is a tangible object, while news belongs to an intangible class of goods and can be perceived only by means of an instrument such as printers or television . Goods may increase or decrease their utility directly or indirectly and may be described as having marginal utility . Some things are useful, but not scarce enough to have monetary value , such as the Earth's atmosphere , these are referred to as ' free goods '. In normal parlance, "goods"
1020-538: Is always a plural word, but economists have long termed a single item of goods "a good". In economics, a bad is the opposite of a good. Ultimately, whether an object is a good or a bad depends on each individual consumer and therefore, not all goods are goods to all people. Goods' diversity allows for their classification into different categories based on distinctive characteristics, such as tangibility and (ordinal) relative elasticity. A tangible good like an apple differs from an intangible good like information due to
1088-405: Is an "economic good" if it is useful to people but scarce in relation to its demand so that human effort is required to obtain it. In contrast, free goods , such as air, are naturally in abundant supply and need no conscious effort to obtain them. Private goods are things owned by people, such as televisions , living room furniture, wallets, cellular telephones, almost anything owned or used on
1156-423: Is being paid for free-to-air, air, national defense, free and open-source software Goods are capable of being physically delivered to a consumer . Goods that are economic intangibles can only be stored, delivered, and consumed by means of media . Goods, both tangibles and intangibles, may involve the transfer of product ownership to the consumer. Services do not normally involve transfer of ownership of
1224-502: Is believed to have originated when the technology of pottery kiln allowed sufficiently high temperatures. The concentration of various elements such as arsenic increase with depth in copper ore deposits and smelting of these ores yields arsenical bronze , which can be sufficiently work-hardened to be suitable for manufacturing tools. Bronze is an alloy of copper with tin; the latter of which being found in relatively few deposits globally delayed true tin bronze becoming widespread. During
1292-484: Is conventionally defined by the widespread manufacturing of weapons and tools using iron and steel rather than bronze. Iron smelting is more difficult than tin and copper smelting because smelted iron requires hot-working and can be melted only in specially designed furnaces. The place and time for the discovery of iron smelting is not known, partly because of the difficulty of distinguishing metal extracted from nickel-containing ores from hot-worked meteoritic iron. During
1360-592: Is likely derived from the Middle French manufacture ("process of making") which itself originates from the Classical Latin manū ("hand") and Middle French facture ("making"). Alternatively, the English word may have been independently formed from the earlier English manufacture ("made by human hands") and fracture . Its earliest usage in the English language was recorded in the mid-16th century to refer to
1428-425: Is likely to be part of a family of substitute goods ; for example, as pen prices rise, consumers might buy more pencils instead. An inelastic good is one for which there are few or no substitutes, such as tickets to major sporting events, original works by famous artists, and prescription medicine such as insulin. Complementary goods are generally more inelastic than goods in a family of substitutes. For example, if
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#17330860793151496-513: Is the essence of the secondary sector of the economy . The term may refer to a range of human activity , from handicraft to high-tech , but it is most commonly applied to industrial design , in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances , furniture, sports equipment or automobiles ), or distributed via
1564-422: Is to say, consuming some goods will deprive another consumer of the ability to consume the goods. Private goods are the most common type of goods. They include what you have to get from the store. For examples food, clothing, cars, parking spaces, etc. An individual who consumes an apple denies another individual from consuming the same one. It is excludable because consumption is only offered to those willing to pay
1632-451: Is usually responsible for public goods and common goods, and enterprises are generally responsible for the production of private and club goods, although this is not always the case. In 1977, Nobel winner Elinor Ostrom and her husband Vincent Ostrom proposed additional modifications to the existing classification of goods so to identify fundamental differences that affect the incentives facing individuals. Their definitions are presented on
1700-493: The Bronze Age , bronze was a major improvement over stone as a material for making tools, both because of its mechanical properties like strength and ductility and because it could be cast in molds to make intricately shaped objects. Bronze significantly advanced shipbuilding technology with better tools and bronze nails, which replaced the old method of attaching boards of the hull with cord woven through drilled holes. The Iron Age
1768-510: The tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers). Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process , or the steps through which raw materials are transformed into a final product . The manufacturing process begins with the product design , and materials specification . These materials are then modified through manufacturing to become
1836-422: The 1830s. This transition included going from hand production methods to machines, new chemical manufacturing and iron production processes, the increasing use of steam power and water power , the development of machine tools and the rise of the mechanized factory system . The Industrial Revolution also led to an unprecedented rise in the rate of population growth. Textiles were the dominant industry of
1904-475: The 1890s after the introduction of the practical DC motor and the AC motor , was fastest between 1900 and 1930. This was aided by the establishment of electric utilities with central stations and the lowering of electricity prices from 1914 to 1917. Electric motors allowed more flexibility in manufacturing and required less maintenance than line shafts and belts. Many factories witnessed a 30% increase in output owing to
1972-527: The 8th century. Papermaking technology was spread to Europe by the Umayyad conquest of Hispania . A paper mill was established in Sicily in the 12th century. In Europe the fiber to make pulp for making paper was obtained from linen and cotton rags. Lynn Townsend White Jr. credited the spinning wheel with increasing the supply of rags, which led to cheap paper, which was a factor in the development of printing. Due to
2040-635: The CEO of General Electric , called for the United States to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand. Further, while U.S. manufacturing performs well compared to the rest of the U.S. economy, research shows that it performs poorly compared to manufacturing in other high-wage countries. A total of 3.2 million – one in six U.S. manufacturing jobs – have disappeared between 2000 and 2007. In
2108-545: The Industrial Revolution in terms of employment, value of output and capital invested. The textile industry was also the first to use modern production methods. Rapid industrialization first began in Britain, starting with mechanized spinning in the 1780s, with high rates of growth in steam power and iron production occurring after 1800. Mechanized textile production spread from Great Britain to continental Europe and
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2176-600: The Mediterranean basin. Early construction techniques used by the Ancient Egyptians made use of bricks composed mainly of clay, sand, silt, and other minerals. The Middle Ages witnessed new inventions, innovations in the ways of managing traditional means of production, and economic growth. Papermaking , a 2nd-century Chinese technology, was carried to the Middle East when a group of Chinese papermakers were captured in
2244-639: The Oneida outlet store, both in Sherrill, New York, with the process starting in April. The original Oneida outlet store in Sherrill, New York, was closed April 26, 2014. EveryWare Global filed for bankruptcy in 2015. EveryWare Global was renamed The Oneida Group in 2017. In June 2021, Oneida Consumer LLC, including the Oneida brand, was acquired by Lenox Corporation . Reflecting its remaining activities, in July 2021, The Oneida Group
2312-671: The UK, EEF the manufacturers organisation has led calls for the UK economy to be rebalanced to rely less on financial services and has actively promoted the manufacturing agenda. According to the United Nations Industrial Development Organization (UNIDO), China is the top manufacturer worldwide by 2023 output, producing 28.7% of the total global manufacturing output, followed by the United States of America , Germany , Japan , and India . UNIDO also publishes
2380-529: The United States accounted for 10.70% of the total national output, employing 8.41% of the workforce. The total value of manufacturing output reached $ 2.5 trillion. In 2023, Germany's manufacturing output reached $ 844.93 billion, marking a 12.25% increase from 2022. The sector employed approximately 5.5 million people, accounting for around 20.8% of the workforce. These are the top 50 countries by total value of manufacturing output in U.S. dollars for its noted year according to World Bank : Goods A good
2448-518: The United States in the early 19th century, with important centres of textiles, iron and coal emerging in Belgium and the United States and later textiles in France. An economic recession occurred from the late 1830s to the early 1840s when the adoption of the Industrial Revolution's early innovations, such as mechanized spinning and weaving, slowed down and their markets matured. Innovations developed late in
2516-630: The ability of others to consume them. Examples in addition to the ones in the matrix are national parks, or firework displays. It is generally accepted by mainstream economists that the market mechanism will under-provide public goods, so these goods have to be produced by other means, including government provision. Public goods can also suffer from the Free-Rider problem . Private goods are excludable goods, which prevent other consumers from consuming them. Private goods are also rivalrous because one good in private ownership cannot be used by someone else. That
2584-452: The addition of new customers without infringing on existing customers viewing abilities. This would also mean that marginal cost would be close to zero, which satisfies the criteria for a good to be considered non-rival. However, access to cable TV services is only available to consumers willing to pay the price, demonstrating the excludability aspect. Economists set these categories for these goods and their impact on consumers. The government
2652-445: The benefits of a product that creates it. Hazardous materials may expose workers to health risks. These costs are now well known and there is effort to address them by improving efficiency , reducing waste, using industrial symbiosis , and eliminating harmful chemicals. The negative costs of manufacturing can also be addressed legally. Developed countries regulate manufacturing activity with labor laws and environmental laws. Across
2720-512: The casting of cannon, the blast furnace came into widespread use in France in the mid 15th century. The blast furnace had been used in China since the 4th century BC. The stocking frame , which was invented in 1598, increased a knitter's number of knots per minute from 100 to 1000. The Industrial Revolution was the transition to new manufacturing processes in Europe and the United States from 1760 to
2788-568: The concept of "focus", with an implication that a business cannot perform at the highest level along all five dimensions and must therefore select one or two competitive priorities. This view led to the theory of "trade offs" in manufacturing strategy. Similarly, Elizabeth Haas wrote in 1987 about the delivery of value in manufacturing for customers in terms of "lower prices, greater service responsiveness or higher quality". The theory of "trade offs" has subsequently being debated and questioned, but Skinner wrote in 1992 that at that time "enthusiasm for
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2856-451: The concepts of 'manufacturing strategy' [had] been higher", noting that in academic papers , executive courses and case studies , levels of interest were "bursting out all over". Manufacturing writer Terry Hill has commented that manufacturing is often seen as a less "strategic" business activity than functions such as marketing and finance , and that manufacturing managers have "come late" to business strategy-making discussions, where, as
2924-545: The consumption. That is, not everyone can use the good, but when one individual has claim to use it, they do not reduce the amount or the ability for others to consume the good. By joining a specific club or organization we can obtain club goods; As a result, some people are excluded because they are not members. Examples in addition to the ones in the matrix are cable television, golf courses, and any merchandise provided to club members. A large television service provider would already have infrastructure in place which would allow for
2992-399: The desired product. Contemporary manufacturing encompasses all intermediary stages involved in producing and integrating components of a product. Some industries, such as semiconductor and steel manufacturers, use the term fabrication instead. The manufacturing sector is closely connected with the engineering and industrial design industries. The Modern English word manufacture
3060-645: The four common categories used. There are four types of goods based on the characteristics of rival in consumption and excludability: Public Goods, Private Goods, Common Resources, and Club Goods. These four types plus examples for anti-rivalry appear in the accompanying table. Goods that are both non-rival and non-excludable are called public goods . In many cases, renewable resources, such as land, are common commodities but some of them are contained in public goods. Public goods are non-exclusive and non-competitive, meaning that individuals cannot be stopped from using them and anyone can consume this good without hindering
3128-481: The globe, manufacturers can be subject to regulations and pollution taxes to offset the environmental costs of manufacturing activities . Labor unions and craft guilds have played a historic role in the negotiation of worker rights and wages. Environment laws and labor protections that are available in developed nations may not be available in the third world . Tort law and product liability impose additional costs on manufacturing. These are significant dynamics in
3196-601: The growth of the ancient civilizations, many ancient technologies resulted from advances in manufacturing. Several of the six classic simple machines were invented in Mesopotamia. Mesopotamians have been credited with the invention of the wheel. The wheel and axle mechanism first appeared with the potter's wheel , invented in Mesopotamia (modern Iraq) during the 5th millennium BC. Egyptian paper made from papyrus , as well as pottery , were mass-produced and exported throughout
3264-433: The impossibility of a person to physically hold the latter, whereas the former occupies physical space. Intangible goods differ from services in that final (intangible) goods are transferable and can be traded, whereas a service cannot. Price elasticity also differentiates types of goods. An elastic good is one for which there is a relatively large change in quantity due to a relatively small change in price, and therefore
3332-582: The increasing shift to electric motors. Electrification enabled modern mass production, and the biggest impact of early mass production was in the manufacturing of everyday items, such as at the Ball Brothers Glass Manufacturing Company , which electrified its mason jar plant in Muncie, Indiana , U.S. around 1900. The new automated process used glass blowing machines to replace 210 craftsman glass blowers and helpers. A small electric truck
3400-407: The industry in the United States and other countries. According to a "traditional" view of manufacturing strategy, there are five key dimensions along which the performance of manufacturing can be assessed: cost, quality , dependability , flexibility and innovation . In regard to manufacturing performance, Wickham Skinner , who has been called "the father of manufacturing strategy ", adopted
3468-789: The introduction of the prepared-core technique , where multiple blades could be rapidly formed from a single core stone. Pressure flaking , in which a wood, bone, or antler punch could be used to shape a stone very finely was developed during the Upper Paleolithic , beginning approximately 40,000 years ago. During the Neolithic period, polished stone tools were manufactured from a variety of hard rocks such as flint , jade , jadeite , and greenstone . The polished axes were used alongside other stone tools including projectiles , knives, and scrapers, as well as tools manufactured from organic materials such as wood, bone, and antler. Copper smelting
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#17330860793153536-405: The large-scale manufacture of machine tools and the use of increasingly advanced machinery in steam-powered factories. Building on improvements in vacuum pumps and materials research, incandescent light bulbs became practical for general use in the late 1870s. This invention had a profound effect on the workplace because factories could now have second and third shift workers. Shoe production
3604-622: The making of products by hand. Human ancestors manufactured objects using stone and other tools long before the emergence of Homo sapiens about 200,000 years ago. The earliest methods of stone tool making, known as the Oldowan " industry ", date back to at least 2.3 million years ago, with the earliest direct evidence of tool usage found in Ethiopia within the Great Rift Valley , dating back to 2.5 million years ago. To manufacture
3672-704: The market towards end customers . This relative cost reduction towards the market, is how manufacturing firms secure their profit margins . Manufacturing has unique health and safety challenges and has been recognized by the National Institute for Occupational Safety and Health (NIOSH) as a priority industry sector in the National Occupational Research Agenda (NORA) to identify and provide intervention strategies regarding occupational health and safety issues. Surveys and analyses of trends and issues in manufacturing and investment around
3740-496: The matrix. Elinor Ostrom proposed additional modifications to the classification of goods to identify fundamental differences that affect the incentives facing individuals Consumption can be extended to include "Anti-rivalrous" consumption. The additional definition matrix shows the four common categories alongside providing some examples of fully excludable goods, Semi-excludable goods and fully non-excludeable goods. Semi-excludable goods can be considered goods or services that
3808-423: The ongoing process, occurring over the last few decades, of manufacture-based industries relocating operations to "developing-world" economies where the costs of production are significantly lower than in "developed-world" economies. From a financial perspective, the goal of the manufacturing industry is mainly to achieve cost benefits per unit produced, which in turn leads to cost reductions in product prices for
3876-615: The period, such as the increasing adoption of locomotives, steamboats and steamships, hot blast iron smelting and new technologies, such as the electrical telegraph , were widely introduced in the 1840s and 1850s, were not powerful enough to drive high rates of growth. Rapid economic growth began to occur after 1870, springing from a new group of innovations in what has been called the Second Industrial Revolution . These innovations included new steel making processes , mass-production , assembly lines , electrical grid systems,
3944-479: The price. Common-pool resources are rival in consumption and non-excludable. An example is that of fisheries, which harvest fish from a shared common resource pool of fish stock. Fish caught by one group of fishermen are no longer accessible to another group, thus being rivalrous. However, oftentimes, due to an absence of well-defined property rights , it is difficult to restrict access to fishermen who may overfish. Club goods are excludable but not rivalrous in
4012-517: The production flow and some had special carriages for rolling heavy items into machining positions. Production of the Ford Model T used 32,000 machine tools. Lean manufacturing , also known as just-in-time manufacturing, was developed in Japan in the 1930s. It is a production method aimed primarily at reducing times within the production system as well as response times from suppliers and to customers. It
4080-414: The service itself, but may involve transfer of ownership of goods developed or marketed by a service provider in the course of the service. For example, sale of storage related goods, which could consist of storage sheds, storage containers, storage buildings as tangibles or storage supplies such as boxes, bubble wrap, tape, bags and the like which are consumables, or distributing electricity among consumers
4148-437: The then-well-known technique of chain or sequential production. Ford also bought or designed and built special purpose machine tools and fixtures such as multiple spindle drill presses that could drill every hole on one side of an engine block in one operation and a multiple head milling machine that could simultaneously machine 15 engine blocks held on a single fixture. All of these machine tools were arranged systematically in
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#17330860793154216-431: The world focus on such things as: In addition to general overviews, researchers have examined the features and factors affecting particular key aspects of manufacturing development. They have compared production and investment in a range of Western and non-Western countries and presented case studies of growth and performance in important individual industries and market-economic sectors. On June 26, 2009, Jeff Immelt ,
4284-426: Was a major producer of Depression glass . The first glassware produced as Anchor Hocking Glass Company was Royal Ruby in 1939. In addition, Anchor Hocking produced Forest Green Glass and Fire-King and Anchor Ovenware. Manufacturer Manufacturing is the creation or production of goods with the help of equipment, labor , machines , tools , and chemical or biological processing or formulation . It
4352-833: Was introduced in Australia in the 1950s by the British Motor Corporation (Australia) at its Victoria Park plant in Sydney, from where the idea later migrated to Toyota. News spread to western countries from Japan in 1977 in two English-language articles: one referred to the methodology as the "Ohno system", after Taiichi Ohno , who was instrumental in its development within Toyota. The other article, by Toyota authors in an international journal, provided additional details. Finally, those and other publicity were translated into implementations, beginning in 1980 and then quickly multiplying throughout
4420-476: Was mechanized during the mid 19th century. Mass production of sewing machines and agricultural machinery such as reapers occurred in the mid to late 19th century. The mass production of bicycles started in the 1880s. Steam-powered factories became widespread, although the conversion from water power to steam occurred in England earlier than in the U.S. Electrification of factories, which had begun gradually in
4488-483: Was now used to handle 150 dozen bottles at a time whereas previously used hand trucks could only carry 6 dozen bottles at a time. Electric mixers replaced men with shovels handling sand and other ingredients that were fed into the glass furnace. An electric overhead crane replaced 36 day laborers for moving heavy loads across the factory. Mass production was popularized in the late 1910s and 1920s by Henry Ford 's Ford Motor Company , which introduced electric motors to
4556-483: Was registered with the U.S. Patent and Trademark Office on February 19, 1985. Anchor Glass Container has manufacturing facilities in China ; Tampa, Florida ; Jacksonville, Florida ; Warner Robins, Georgia ; Lawrenceburg, Indiana ; Henryetta, Oklahoma ; Shakopee, Minnesota ; and Elmira, New York . In March 2021, Anchor Hocking's Monaca, Pennsylvania factory was sold to Austrian manufacturer Stölzle Glass . The company
4624-563: Was renamed to Anchor Hocking Holdings, Inc. Most of the original Anchor Hocking glass container plants then operating were "spun off” in 1983 to form the newly created Anchor Glass Container Corporation (AGGC), with headquarters in Tampa, Florida. A wide variety of glass containers for many types of foods, beverages, and other products was produced. AGCC filed for bankruptcy in 2011. Their "stylized anchor" trademark logo, which consists of two angular letter, G oriented back-to-back (or “mirrored” )
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