They later ended the bid after five months with a profit of $60 million. When the company responded with a poison pill, they sued, and prevailed in court. In 1988, they made a hostile takeover bid for Interco, a conglomerate comprising manufacturers as diverse as Converse shoes and Ethan Allen furniture. In 1985, they bought Easco Corporation, the then-largest independent aluminum extrusion manufacturer and hand tool manufacturer which produced the Craftsman brand of sockets and wrenches for Sears. He has served as Danaher's Chairman of the Board since January 1984. They changed the name to Diversified Mortgage Investors, in 1978, and then Danaher in 1984. Using junk bonds, they bought a diversified line of businesses: first Mastershield, a vinyl siding manufacturer, then Mohawk Rubber Company, then Diversified Mortgage Group. In 1979, he left his father's real estate firm to found Equity Group Holdings with his brother Mitchell Rales. In 1978, he received a Juris Doctor (JD) degree from American University. In 1973, he graduated from DePauw University, where he was in the Beta Theta Pi fraternity. Rales graduated in 1969 from Walt Whitman High School in Bethesda, Maryland. His father was also a philanthropist, founding the Norman and Ruth Rales Foundation and the Ruth Rales Jewish Family Service. to his employees in what was the first employee stock ownership plan (ESOP) transaction in the U.S. His father was raised in an orphanage, the Hebrew Orphan Asylum in New York City, and became a businessman, who sold his building supply company in Washington, D.C. Raised in a Jewish family, Rales is one of four sons of Ruth (née Abramson) and Norman Rales. Rales' net worth was estimated by Forbes in June 2023 to be over US$7.3 billion. Rales also founded the film production company Indian Paintbrush in 2006, which works closely with filmmaker Wes Anderson. He founded Danaher Corporation in 1984 with his brother Mitchell Rales and is chairman of the board. Rales (born March 31, 1951) is an American businessman and film producer.
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