The Dow Jones' 12 Original Companies: Where Are They Now?

A look at the fate of the first companies that made up the iconic stock market index

Published on Feb. 26, 2026

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The Dow Jones Industrial Average, one of the most closely watched stock market indexes, was created in 1896 with just 12 companies. This article examines what happened to those original Dow components over the past 130 years, as many were acquired, merged, or went out of business.

Why it matters

The Dow Jones Industrial Average is a key barometer of the U.S. economy, and understanding the history and evolution of its original component companies provides insight into the broader changes and consolidation that have occurred in American industry over the past century.

The details

The 12 original Dow Jones companies were a mix of industrial, commodity, and infrastructure businesses that were intended to represent major areas of the U.S. economy. Over time, many of these companies were acquired, merged, or went through name changes as the American business landscape transformed. For example, American Cotton Oil Company became part of Unilever, American Sugar Refining Company is now part of ASR Group, and General Electric was removed from the Dow three times before its final exit in 2018.

  • The Dow Jones Industrial Average was created on May 26, 1896.
  • The original 12 Dow companies were first tracked at an average of 40.94 points.
  • The Dow expanded to 20 companies in 1916 and reached its modern size of 30 components in 1928.

The players

Charles Dow

A journalist who co-founded the Wall Street Journal and developed the concept of the Dow Jones Industrial Average in 1896 to help gauge the health of the U.S. economy.

J.P. Morgan

The influential banker who played a key role in arranging the acquisition of Tennessee Coal, Iron and Railroad Co. by U.S. Steel during the Panic of 1907.

Unilever

The consumer goods conglomerate that acquired the assets of the original Dow component American Cotton Oil Company.

ASR Group

The private company that now owns the Domino Sugar brand, which was originally part of the American Sugar Refining Company, another original Dow component.

General Electric

The multinational conglomerate that was the longest-running component of the Dow Jones Industrial Average, though it was removed from the index three times.

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The takeaway

The evolution of the original Dow Jones Industrial Average companies illustrates the broader transformation of American industry over the past century, with many iconic brands being acquired, merged, or going out of business as the economy has shifted. This history provides context for understanding the Dow's role as a key barometer of the U.S. economy and the changes that have occurred within the index itself.