Why WD-40 is named WD-40

Many American households have a can of WD-40 in a cabinet or on a garage shelf, but does anyone know what the name stands for?

"It stands for water displacement, 40th formula," WD-40 CEO Gary Ridge told FOX Business' Stuart Varney on Thursday.

In 1953, when the WD-40 Company was the Rocket Chemical Company, the Atlas space rocket was experiencing issues with corrosion and condensation.

After 39 attempts to solve the issue, chemists got the formula right and WD-40 was born.

But beyond the no-longer-mysterious name, how is the 65-year-old company faring in the current sales market?

Ridge said it's experiencing double-digit sales growth across the world.

He said over half of the company’s revenue comes from outside of the United States.

“That’s the fastest-growing part of our business, and we’ve got a lot of road to cover still,” Ridge said.

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Ridge attributed the company’s success to its employees and its product.

“It all about, No. 1: The people," Ridge said. "We have an amazing tribe of people … but secondly, the product is an honest product. It does what it says it’s going to do."

Despite the company’s dedication to its single product, Ridge assured Varney that it embraces innovation to enhance usability and promote sales.