With the growing profits from Hunt Foods, he began buying stock in other undervalued companies with growth potential, many of which were still undervalued following the loss of confidence in equities after the Great Depression. He diversified through acquisition into well known businesses such as McCall's Publishing, the Saturday Review of Literature, Canada Dry Corporation, Max Factor cosmetics, the television production company Talent Associates, and Avis Car Rental, through his holding company Norton Simon Inc. (Norton Simon Inc. was formed in 1968 through the merger of Hunt Foods, McCalls Publishing and Canada Dry Corporation.) Many of these businesses had extensive interests outside the United States. Norton Simon Inc. was later acquired by Esmark in 1983, which merged with Beatrice Foods the next year. Beatrice was sold to ConAgra in 1990.
Seeking a permanent home for his collection of over 4,000 objects, in 1972 he welcomed an overture from the financially troubled Pasadena Museum of Modern Art. He ultimately assumed control and naming rights, and in 1974 it was renamed the Norton Simon Museum. In 1987, the University of California, Los Angeles, announced an "agreement in principle" with Simon for the transfer to the university of the art collection owned by two Simon foundations – the Norton Simon Foundation and the Norton Simon Art Foundation. The plan was to keep most of collection in Pasadena, administered by UCLA, the Simon board and the Norton Simon Foundation. The university was to build a separate museum facility on campus for part of the collection. However, Simon withdrew his offer three months after the announcement was made.
Two officials, Dr Urmila Sant and P.S. Sriraman, visited the US after receiving information from the Consulate General of India in New York about the seizure of artefacts by the Immigration and Customs Enforcement of U.S. Department of Homeland Security from the storage of the art smuggler Subhash Kapoor. Close to 100 objects have been identified by the ASI team.
The Italian and other governments are becoming far more aggressive in seeking the repatriation of looted antiquities. Italy in particular waged a long legal battle against Getty curator of antiquities, Marion True, for acquiring illicitly exported pieces, although the case finally exhausted the statute of limitations. And in recent years numerous American museums – including the Metropolitan Museum of Art in New York, Boston’s Museum of Fine Art and the Getty in Los Angeles – have been forced to return looted antiquities to their host countries. These include the famed Etruscan Euphronios krater (wine bowl) dating from 515 BC and which was bought by the Met in 1972 for $1.2m. It turned out that this had also been handled by Medici, and the museum gave it back to Italy in 2006. Just this month, the Getty said it was returning a 12th-century Byzantine illuminated New Testament to the Greek Dionysiou monastery – from which it had disappeared more than 50 years ago.