Jensen Manufacturing In 1960, Adducci was employed as an acoustical engineer for the
Jensen Manufacturing Company in Chicago, Illinois where he engaged in the design and development of loudspeakers and horns.
International Telephone and Telegraph In 1961, he joined
International Telephone and Telegraph Corporation in Chicago Illinois where, as a development engineer, he instructed numerous training courses on digital data communication systems and as a senior test engineer directed ITT personnel in electro-interference testing of the Boeing
Minuteman (missile) for the
Strategic Air Command. He also taught high-level courses to the
United States Air Force in
Biloxi,
Mississippi. While in Chicago in 1963, Adducci worked with a local physician and developed an electronic ear thermometer used to detect the time of ovulation in the human female. He developed an earplug and a recording device that would measure the tympanic temperature and got his wife, who was a nurse, to measure her temperatures, and they were able to predict ovulations. They published a paper in an IEEE journal (
Institute of Electrical and Electronics Engineers) biomedical area. The first $50,000 capitalization for CPI was raised from a phone booth on the Minneapolis skyway system. They began designing and testing their implantable cardiac pacemaker powered with the world's first longer-life lithium battery in 1971. The first CPI pacemaker was implanted in June 1973.
Acquisition and mergers In early 1978, CPI was concerned about a friendly takeover attempt. Despite impressive sales, the company's stock price had fluctuated wildly the year before, dropping from $33 to $11 per share. Some speculated that the stock was being sold short, while others attributed the price to the natural volatility of high-tech stock. As a one-product company, CPI was susceptible to changing market conditions, and its founders knew they needed to diversify. They considered two options: acquiring other medical device companies or being acquired themselves. They chose the latter. Several companies expressed interest in acquiring CPI, including
3M, American Hospital Supply,
Pfizer, and
Johnson & Johnson. However, Eli Lilly, one of America's premier pharmaceutical companies, was the most enthusiastic suitor. "Lilly had the research expertise, highly compatible interests, and similar values," Anthony Adducci recalls. "At CPI, we haven't been able to dedicate the dollars and time necessary to develop new products beyond our staple lithium-powered pacemaker. Lilly was a $2 billion company. We knew they had tremendous resources, especially in research and development." ==Board of directors==