 It was massively profitable, with a nearly fivefold increase in revenues and earnings during the 1960s.In 1967 Thomas John Watson, Jr., who had succeeded his father as chairman, announced that IBM would open a large-scale manufacturing plant at Boca Raton to produce its System/360 Model 20 midsized computer.On March 16, 1967, a headline in the "Boca Raton News" announced “IBM to hire 400 by year’s end.” The plan was for IBM to lease facilities to start making computers until the new site could be developed.