75-527: TDY may refer to: Teledyne Technologies , an American conglomerate (stock symbol TDY) Temporary duty assignment , in the US military Tour de Yorkshire , a bicycle race in England WTDY-FM , a Philadelphia radio station branded as "96.5 TDY" Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with
150-460: A white knight friendly acquirer. On August 15, 1996, an agreement was reached to merge Teledyne with Allegheny Ludlum, forming Allegheny Teledyne, Inc. (ATI), with headquarters in Pittsburgh , Pennsylvania. After some reorganization, ATI operated with three segments: Aerospace and Electronics, Specialty Metals, and Consumer Products. The former Teledyne high-technology companies were mainly in
225-549: A close friend from Naval Academy days, who had headed Vasco. Singleton, now assisted by Roberts, continued in acquiring new companies. In 1967, one of the largest of these was Brown Engineering, a firm with about 3,500 employees headquartered in Huntsville, Alabama . With NASA and DoD contracts for engineering services and research, Brown Engineering added a new line of business for Teledyne. Ryan Aeronautical in San Diego,
300-436: A computer version of backgammon specifically for Macintosh fans. At 83 years of age, Henry Singleton, died of brain cancer on August 31, 1999, at his West Los Angeles home. He was survived by his wife of 53 years, Caroline, and five children. Caroline W. Singleton died in 2007. Their five children were James Singleton, John Singleton, William Singleton, Diana Singleton and Christina Singleton. Henry Singleton established
375-436: A cumulative financial growth in the decade of approximately 100 percent. About 44 percent of the 2010 sales were derived from contracts with agencies of, or prime contractors to, the U.S. government. By the start of 2011, there were near 100 companies, functioning in a wide range of products and services. Teledyne reported third quarter 2019 net sales of $ 802.2 million, a 10.6% increase compared to 2018. On 4 January 2021, it
450-498: A diverse group of financial institutions, giving Teledyne contact and intimacy with the capital world. Thrift and loan banks were added by acquisition to units dealing with property, workers compensation, casualty and life insurance. Most of the insurance investments were later consolidated into the Argonaut and Unitrin subsidiaries, and were ultimately spun off as independent companies. Singleton divided Teledyne into Groups, and by
525-522: A doctorate in electrical engineering. He obtained Jerome Wiesner as his mentor. (Wiesner was later the President of MIT and also Science Advisor to three U.S. Presidents.) At the Rad Lab during WWII, Wiesner had developed an important optimum linear filter and prediction technique. For his dissertation, Singleton generalized Wiesner's technique for the nonlinear situation, making a major contribution to
600-564: A firm headquartered in Huntsville, Alabama . With NASA and DoD contracts for engineering services and research near $ 40 million, Brown Engineering added a new line of business for Teledyne. Singleton had been particularly impressed with their Research Laboratories, and personally conducted a scientific colloquium in Huntsville for the research staff. Ryan Aeronautical in San Diego, was also acquired by Singleton in 1967. Earlier noted for building Charles Lindberg 's Spirit of St. Louis in
675-733: A mail order retailer founded in 1927, in Akron, Ohio, as Olson Co., by Irving, later including brothers, Sidney and Philip, that operated retail stores across America. Packard Bell Corporation had both consumer and government sales in computers and television receivers. A number of electronic product lines and smaller acquisitions were consolidated in Teledyne Electronics and Teledyne Microelectronic Technologies. Two acquired firms, Geophysical Exploration and Geotronics , brought Teledyne into off-shore drilling and earth-science instrumentation fields. Twenty-one acquired companies were in
750-425: A name in the military market. This caused a major jump in the stock price, from $ 15 to $ 65. By the end of the fiscal year, Teledyne had acquired 34 companies, sales were $ 86.5 million with net income of $ 3.4 million, there were about 5,400 employees, assets reached $ 66.5 million, and there were near 8 million outstanding shares of stock. A new era for Teledyne started in 1966. In June, Kozmetsky left to become dean of
825-631: A number of legal problems, none of which were the direct result of wrongdoings of Singleton or Roberts. After agreeing to plead guilty to officials in Teledyne Electronics having made false statements, Teledyne was fined $ 17.5 million. After guiding Teledyne for 29 years, Singleton retired as an employee and officer in April 1989. Nevertheless, that was a peak year for Teledyne sales ($ 3.53 billion) and earnings ($ 392 million). Teledyne stock price reached $ 388.88. Total employment also peaked at near 43,000. Henry Singleton retired as Teledyne Chairman in 1991, and
SECTION 10
#1732780395815900-399: A number of other well-known companies. This stock was mainly held by the insurance subsidiaries. In the "bear" market of the early 1970s, Teledyne stock fell from about $ 40 to less than $ 8; Singleton saw this as an opportunity to buy back Teledyne stock. In buybacks from October 1972 to February 1976, 22 million shares were repurchased at $ 14 to $ 40 – well above the market price. This raised
975-456: A number of subsidiaries including Allvac, a producer of nickel, cobalt, and titanium alloys. This merger expanded the company into the Eastern U.S. and started the formation of material technologies as a major business activity of Teledyne. Singleton, now assisted by Roberts, continued with major activities in acquiring new companies. In 1967, one of the largest of these was Brown Engineering ,
1050-538: A position as a Research Associate with General Electric in Schenectady, New York . There he continued work in information theory and was introduced to advanced practices of industrial research and development. In 1951, Singleton was invited to join a new team headed by Charles B. “Tex” Thornton in the Aerospace Group at Hughes Aircraft . He accepted, and moved to Los Angeles. At Hughes, Singleton entered
1125-1149: A range of new technologies, as well as development and production efforts in digital imaging products for government applications. Included are infrared detectors, cameras, and opto-mechanical assemblies. This segment provides monitoring and control instruments for marine, environmental, scientific, industrial, and defense applications as well as harsh environment interconnect products. This segment provides systems engineering and integration, advanced technology application, software development, and parts to space, military, environmental, energy, chemical, biological and nuclear systems, and missile defense requirements. It also designs and manufactures hydrogen gas generators, thermoelectric and fuel-based power sources, and small turbine engines. This segment provides complex electronic components and subsystems for communication products, including defense electronics, data acquisition and communications equipment for air transport and business aircraft, and components and subsystems for wireless and satellite communications, as well as general aviation batteries. As of April 2022 , Teledyne Technologies listed
1200-564: Is an American industrial conglomerate . It was founded in 1960, as Teledyne, Inc., by Henry Singleton and George Kozmetsky . From August 1996 to November 1999, Teledyne existed as part of the conglomerate Allegheny Teledyne Incorporated – a combination of the former Teledyne, Inc., and the former Allegheny Ludlum Corporation. On November 29, 1999, three separate entities, Teledyne Technologies, Allegheny Technologies , and Water Pik Technologies , were spun off as free-standing public companies. Allegheny Technologies retained several companies of
1275-783: Is one of the nation's top cattle- and horse-breeding operations. The Singleton Family is ranked as the seventh largest land-holder in America. While at MIT, Singleton became active in science fiction fandom . He and a friend drove to Chicago to attend Chicon , the 2nd World Science Fiction Convention , and in November 1940 he published the first issue of Nepenthe , a fanzine focused on science fiction poetry . In its two issues, Nepenthe included work by A. Merritt , Donald A. Wollheim , Stanley G. Weinbaum , Robert A. W. Lowndes , John Christopher , Wilson Tucker , Russ Chauvenet , John B. Michel and Harry Warner, Jr. Singleton had met
1350-667: The Navy Yard, Washington, D.C. Singleton was involved in analyzing a process that was eventually called “ degaussing ,” which gives protection to cargo ships from German-laid magnetic naval mines by reducing the magnetic field surrounding a vessel's steel hull. In 1942, Philip M. Morse , a professor at MIT, organized the Anti-Submarine Warfare Operations Research Group (ASWORG) on the staff of Admiral Ernest King , then Chief of Naval Operations . Having shown his mathematical skills in
1425-400: The U.S. Naval Academy at Annapolis, Maryland , starting over as a Plebe (Freshman) in 1935. His roommate was fellow Plebe George A. Roberts, who would later join him in developing Teledyne. During his first two years at Annapolis, Singleton ranked first in mathematics out of a class of 820 students. A reoccurring medical problem made it necessary for him to leave the academy in 1938. After
1500-631: The transistor . Immediately before Amelco, Last had been a principal at Fairchild Semiconductor , and used this experience to propel Teledyne into the integrated circuit business. Called Electron Devices, this manufacturing operation was formed as a subsidiary of Amelco. With its main facility in Mountain View, California , it was one of the pioneers in what is now commonly called the Silicon Valley . In addition to Amelco, Singleton acquired two other electronics manufacturing firms, and by
1575-887: The 1920s, Ryan was now the largest producer of unmanned drones for the military. Continental Motors was primarily owned by Ryan, and this acquisition brought Teledyne into the piston-powered engine business with both commercial and military customers. In the remainder of the 1960s, Singleton led Teledyne in acquiring 90 more companies. A number of these were in consumer products, such as AquaTek with Water Pik and Shower Massage, Acoustic Research with revolutionary new types of speakers, and Olson Electronics that operated retail stores across America. Packard Bell had both consumer and government sales in computers and television receivers. Singleton established an International Marketing Office that handled sales in Europe, South America, and Asia, with annual sales near $ 800 million. Singleton also added
SECTION 20
#17327803958151650-520: The A&;E Segment, led by Robert Mehrabian . ATI eventually decided to spin off the segments into independent entities, and on November 29, 1999, Teledyne Technologies Incorporated, Allegheny Technologies Incorporated, and Water Pik Technologies, Inc., were formed. With Robert Mehrabian as Chairman, CEO, and President, Teledyne Technologies (or simply Teledyne, as it is most often called) was initially composed of 19 companies, all dating (in some form) from
1725-824: The Academy, Singleton elected to study electrical engineering at the Massachusetts Institute of Technology (MIT), and graduated in 1940, receiving both bachelor's (Sc.B.) and master's (Sc.M.) degrees in this field. During his first year there, he was a member of a three-man team that won the Putnam Prize in the William Lowell Putnam Mathematical Competition , administered annually by the Mathematical Association of America . Another member of
1800-615: The School of Business Administration at the University of Texas . In July, Vanadium-Alloy Steel Company (Vasco) was merged into Teledyne. With this merger, Singleton turned his position of President over to George A. Roberts, his close friend from Naval Academy days and who had headed Vasco. Roberts, who held a Ph.D. degree in metallurgy , had built Vasco into a mid-sized specialty steel producer headquartered in Pennsylvania. Vasco had
1875-403: The School of Business Administration at the University of Texas . In July, Vanadium-Alloy Steel Company (Vasco), including its subsidiary Allvac, was merged into Teledyne. This expanded the company into the Eastern U.S. and started the formation of material technologies as a major business activity of Teledyne. With the merger, Singleton turned his position of President over to George A. Roberts ,
1950-831: The Singleton Research Fellowship at the City of Hope Pilot Medical Center in 1970. He received the Outstanding Achievement Award in Business Management from the University of Southern California in 1972. His citation for membership in the National Academy of Engineering in 1979 read: “For his contributions to lightweight inertial navigation systems and his leadership in the creation of a major technological corporation.” While an undergraduate student at MIT, he
2025-603: The Teledyne stock. He retired from the Allegheny Teledyne Board in 1997. In 1999, Allegheny Teledyne was split into three independent corporations, including Teledyne Technologies , that encompassed several of the older remaining companies. Late in his life, Henry Singleton began investing in land. In the mid-1980s, Singleton started buying ranches in New Mexico and, later, California. Beginning with
2100-765: The U.S. Air Force Scientific Advisory Board (1959); and was a senior member of the Institute of Electrical and Electronics Engineers (IEEE). A financial and political conservative, Singleton was co-trustee of the blind trust for Ronald Reagan while Reagan was President of the United States. For recreation, Singleton played tournament chess, collected wine, and hiked and camped in the wilderness areas of California. He could recite lengthy passages from Shakespeare and classical poetry. He studied Native American cultures and Western folklore. Singleton spent much time to personal computers, programming algorithms and creating
2175-474: The acquisition of companies primarily through equity agreements. Singleton began the expansion of company business into areas other than microelectronics and control systems. He formed Teledyne Systems as the centerpiece of the firm's aerospace systems business. Teck A. Wilson, who had followed Singleton from Litton, was primarily responsible for diversifying the business base into government contracts, winning work for avionic systems in missile and space programs. By
2250-546: The acquisition of the 81,000-acre (33,000 ha) San Cristobal Ranch south of Santa Fe , in a relatively short time he had bought more than twenty ranches. Most were along the U.S. Route 285 corridor from Santa Fe to Roswell with others in San Miguel and Quay Counties, and the 30,000-acre (12,000 ha) Shepherd Ranch in Guadalupe County. Singleton was not just a dilettante, but was directly involved with
2325-637: The capital world. These included thrift and loan banks and insurance firms dealing with property, workers compensation, casualty, and life insurance. Most of the insurance investments were later consolidated into the Argonaut and Unitrin subsidiaries, and were ultimately spun off as independent companies. Teledyne was divided into groups, and by the end of the 1960s, there were 16 groups with 94 profit centers in 120 locations. Company presidents were given considerable freedom in their operations, but corporate maintained close financial control and capital management. Teledyne sales in 1969 were $ 2.7 billion and net income
TDY - Misplaced Pages Continue
2400-670: The chief salesman, the first adoption of the LN-3 was by the West German Air Force in 1959. When Singleton was named to the National Academy of Engineering in 1979, the development of this gyroscope was cited as an example of his inventive genius. In June 1960, Singleton and George M. Kozmetsky , a colleague from Litton, formed Instrument Systems, located in Beverly Hills, California . Arthur Rock , one of America's first and most successful venture capitalists, financed
2475-723: The degaussing developments, Singleton was invited to join the ASWORG. In doing so, he contributed to the founding of operations research in America. As the Allies prepared for re-conquering Europe, the Office of Strategic Services (OSS – forerunner of the Central Intelligence Agency) had a great demand for personnel with scientific capabilities. Singleton joined the OSS in 1944 and was sent to Europe. He remained there until
2550-685: The different branches, each putting out new branches so that no one business is too significant.” Entering its third decade, Teledyne sales passed the $ 3 billion mark in 1980, with industrial products leading in both sales and net income. In the race between the U.S. and the Soviet Union, government sales reached almost $ 800 million. Singleton made the first spin-off of a Teledyne operation in 1984. Teledyne Ecology had been involved in nuclear waste disposal, and some stockholders were concerned. He formed US Ecology, giving each stockholder one share for each seven Teledyne shares held, and allowing disposal of
2625-584: The emerging field of information theory . He was awarded the Sc.D. degree in 1950. While pursuing his doctorate, Singleton's efforts were sponsored under a U.S. Army Signal Corps contract at the MIT Research Laboratory for Electronics. His accomplishments there also included the design and fabrication of an early digital computer – a special-purpose machine that computed correlation functions . After receiving his doctorate, Singleton accepted
2700-610: The emerging fields of digital and semiconductor electronics, applying these technologies in the development of the fire control system for the F-102 aircraft . In 1952, Singleton took his expertise to North American Aviation 's Los Angeles Division to work on an inertial navigation system for the Navaho missile . Tex Thornton left Hughes in 1953, forming a firm initially called Electro-Dynamics. The following year this became Litton Industries . Singleton joined Litton in 1954, and by 1958, he
2775-591: The end of 1960, Teledyne had about 400 employees and 80,000 square feet (7,400 m2) of floor space devoted to engineering development and manufacturing. Teledyne stock was first offered to the public in May 1961. During its first full fiscal year of operations ending in October 1961, Teledyne had sales of $ 4,491,000 with a net income of $ 58,000. Teledyne’s growth continued in 1962, with the acquisition of companies primarily through equity agreements. Internally, Teledyne Systems
2850-410: The end of 1960, Teledyne had approximately 400 employees and 80,000 square feet (7,400 m ) of floor space devoted to engineering development and manufacturing. Teledyne stock was first offered to the public in May 1961. During its first full fiscal year of operations, which ended in October 1961, Teledyne had sales of $ 4,491,000 with a net income of $ 58,000. Teledyne's growth continued in 1962, with
2925-576: The end of the 1960s, there were 16 Groups with 94 profit centers in 120 locations. Company presidents were given considerable freedom in their operations, but corporate maintained very close financial control and capital management. Teledyne sales in 1969 were $ 1.3 billion and net income was $ 60 million. The stock had a 2-for-1 split during 1967 and the same split in 1969. As Teledyne moved into its second decade, some 150 firms had been acquired. Singleton then essentially stopped direct acquisition of companies and began investments in stock of technical firms. By
3000-489: The end of the second decade, Teledyne owned 31% of Curtiss-Wright , 24% of Litton, as well as significant portions of a number of other well-known companies. This stock was mainly held by the insurance subsidiaries. In the “bear” market of the early 1970s, Teledyne stock fell from about $ 40 to less than $ 8. Singleton saw this as an opportunity to buy back Teledyne stock. In buybacks from October 1972 to February 1976, 22 million shares were repurchased at $ 14 to $ 40 – well above
3075-405: The end of the second fiscal year, Teledyne sales had increased 230% and net income by approximately 570%. Over the next three years, Singleton was successful in further growing Teledyne. New companies were acquired in the microelectronics and microwave fields; power electrical products – including the first consumer products – were added. Teledyne Systems was greatly enlarged, and Teledyne Controls
TDY - Misplaced Pages Continue
3150-566: The end of the war, and left the OSS when it was disbanded in the fall of 1945. Singleton joined the ITT Corporation at their New York City headquarters in 1946. ITT was involved in securing its patent rights from wartime work in the US as well as in Germany. With his education and wartime experience, Singleton became a patent engineer and served ITT in this function for two years. In the fall of 1948, Singleton returned to MIT to pursue
3225-646: The first consumer products. Teledyne Controls was established, moving the Company into the field of hydraulics . Teledyne entered the optics field with the acquisition of Kiernan Optics, producing windows for the Apollo spacecraft and infrared optical domes for missiles. In early 1965, Teledyne had a major breakthrough in winning a large contract from the U.S. Navy for the Integrated Helicopter Avionics System (IHAS), giving Teledyne
3300-509: The following companies: Some companies previously in Teledyne Technologies include the following: In June 1960, Henry Singleton and George Kozmetsky , both previously executives with Litton Industries , formed a firm named Instrument Systems located in Beverly Hills, California . Arthur Rock , one of America's first and most successful venture capitalists, financed the startup with a $ 450,000 investment. Their basic plan
3375-532: The former Caroline Wood of Cambridge, Massachusetts , while he was first attending MIT, and they married in 1942. Throughout their years together, the Singletons commissioned two significant American architects for two notable houses. The first, designed by architect Richard Neutra in 1959, was the well known mid-century modern 'Singleton House' in the Los Angeles Bel Air area. The second house
3450-746: The former Teledyne, Inc. that fit with Allegheny's core business of steel and exotic metals production. At various times, Teledyne, Inc., had more than 150 companies with interests as varied as insurance, dental appliances, specialty metals, and aerospace electronics, but many of these had been divested prior to the merger with Allegheny. The new Teledyne Technologies was initially composed of 19 companies that were earlier in Teledyne, Inc. By 2011, Teledyne Technologies had grown to include nearly 100 companies. Teledyne Technologies operates with four major segments: Digital Imaging, Instrumentation, Engineered Systems, and Aerospace and Defense Electronics. This segment handles sponsored and central research laboratories for
3525-551: The general aviation marketplace. Headquarters was initially in the Century City district of Los Angeles, but was later moved to one of the city's suburbs, Thousand Oaks . The Thousand Oaks location was the site of the Rockwell Scientific Company (formerly Rockwell International Science Center). Teledyne acquired Rockwell Scientific in 2006, and continued doing scientific and industrial research at
3600-464: The majority of stock in Amelco, a small electronics manufacturing plant, and within a short time bought rights to the name Teledyne and its associated logo. Singleton's initial vision for Teledyne was that it would combine semiconductor device fabrication and control system development. Among the personnel from Amelco was Jay T. Last , who had earlier worked for William B. Shockley , co-inventor of
3675-429: The market price. This raised the value of Teledyne stock, eventually increasing to near $ 175 at the end of the decade. In this period, annual income increased by 89% and net income by 315%. Stockholders who had remained through the buyback achieved a phenomenal gain of about 3,000%. In a rare interview with Forbes , Singleton used a metaphor to describe this growth: “Teledyne is like a living plant, with our companies
3750-438: The metals business, including Wah Chang Corporation and Cast Products , and this led to the acquisition of firms producing industrial machines and machine tools. Other diverse acquisitions included Monarch Rubber, Sewart Seacraft, Isotopes, Radar Relays, Getz Dental, and the agreement with Subaru to market Wisconsin engines. Singleton also added a diverse group of financial institutions, giving Teledyne contact and intimacy with
3825-428: The new stock without reducing their Teledyne holdings. The first significant slump in Teledyne business began in 1985. Sales for 1984 had been about $ 3.49 billion, but decreased to around $ 3.26 billion the next year and remained essentially flat for the remainder of the decade. At the annual meeting in April 1986, Singleton, who was then 69 years old, announced that he was turning the position of CEO over to Roberts, but
SECTION 50
#17327803958153900-411: The number was further reduced from 65 to 21, primarily through consolidations. Beginning in late 1994, Teledyne was subjected to hostile takeovers attempts. Finally, on August 15, 1996, an agreement was reached to merge Teledyne with Allegheny Ludlum , a steel and specialty metals firm headquartered in Pittsburgh, Pennsylvania , and form Allegheny Teledyne, Inc. At that time, Singleton still owned 7.1% of
3975-418: The original Teledyne, Inc. There were about 5,800 employees, including some 1,400 engineers and scientists. One of these companies, Ryan Aeronautical , was sold to Northrop Grumman before the end of 1999 to raise initial operating capital. In November 1999, Teledyne acquired certain assets of Mattituck Aviation Corporation , a privately owned aftermarket supplier and piston engine rebuilder and overhauler to
4050-477: The race between the U.S. and the Soviet Union, government sales reached almost $ 800 million. The first significant slump in Teledyne business began in 1985. Sales for 1984 had been about $ 3.49 billion, but decreased to around $ 3.26 billion the next year and remained essentially flat for the remainder of the decade. In April 1986, Singleton, who was then 69 years old, turned the position of CEO over to Roberts, but remained as Board Chairman. During 1988, Teledyne faced
4125-697: The ranch operations as well as in efforts to preserve the many archaeological features on the land. Within a 14-year period, Singleton purchased 28 other ranches, making the Singleton Ranches the largest cow-calf operation in New Mexico. Singleton's last acquisition was a 45,000-acre (18,000 ha) ranch in California. At the time of his death, he owned more than 1.5% of New Mexico. Now managed by his children, Singleton Ranches own 1,100,000 acres (4,500 km ) in New Mexico and California, and
4200-453: The site (as Teledyne Scientific Company), in addition to having its corporate offices there. In 2000, its first full year of operation, Teledyne Technologies had sales of $ 795.1 million and net income of $ 40.5 million. The renewed Teledyne operated in much the same manner as Singleton’s early Teledyne, functioning as a conglomerate with growth mainly due to acquisitions. In 2010, the sales were $ 1,644.2 million with net income of $ 120.5 million,
4275-457: The startup with a $ 450,000 investment and remained a board director for 33 years. With a Doctor of Commercial Science degree from Harvard and ten years experience in industry, Kozmetsky complemented Singleton for developing a successful enterprise. Singleton served as chairman and president, and Kozmetsky was the secretary and executive vice president. Their plan was to build a major firm primarily through acquiring companies. In October, they acquired
4350-512: The team was Richard P. Feynman , a future Nobel Prize Laureate. As described later, Singleton eventually returned to MIT for doctoral studies, earning the Sc.D. degree, also in electrical engineering, in 1950. After graduating from MIT in 1940 and unable to meet the physical requirements for military service, Singleton took a Civil Service position as an electrical engineer at the Naval Ordnance Laboratory , then located at
4425-413: The time one of the largest settlements by military contractors in a qui tam case. In late 1994, Teledyne was subjected to a hostile takeover attempt by WHX Corporation. This was successfully challenged, but the Teledyne pension fund had a surplus of $ 928 million and this was of wide interest. To forestall further hostile takeovers, Allegheny Ludlum, a steel and specialty metal firm, offered to serve as
4500-481: The title TDY . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=TDY&oldid=936331513 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Teledyne Technologies Teledyne Technologies Incorporated
4575-425: The value of Teledyne stock, eventually increasing to near $ 175 at the end of the decade. In this period, annual income increased by 89 percent and net income by 315 percent. Stockholders who had remained through the buyback achieved a phenomenal gain of about 3,000 percent. Going into its third decade, Teledyne sales passed the $ 3 billion mark in 1980, with industrial products leading in both sales and net income. In
SECTION 60
#17327803958154650-475: The win gave Teledyne a name in the military market. This caused a major increase in the stock price, from $ 15 to $ 65. By the end of the fiscal year, Teledyne had acquired 34 companies. Sales were $ 86.5 million with net income of $ 3.4 million. There were approximately 5,400 employees. Assets reached $ 66.5 million, and there were nearly 8 million outstanding shares of stock. A new era for Singleton and Teledyne started in 1966. In June, Kozmetsky left to become dean of
4725-421: Was $ 372 million. The stock had a 2-for-1 split during 1967 and the same split in 1969. As Teledyne moved into its second decade, some 150 firms had been acquired. Singleton then essentially stopped direct acquisition of companies and began investments in stock of technical firms. By the end of the second decade, Teledyne owned 31 percent of Curtiss-Wright , 24 percent of Litton, as well as significant portions of
4800-520: Was a peak year for Teledyne sales ($ 3.53 billion) and earnings ($ 392 million). Teledyne stock price reached $ 388.88, the highest in the US. Total employment also peaked at near 43,000. Singleton retired as Teledyne Chairman in 1991, but remained on the Board. Roberts assumed the Chairman position, and relinquished direct management. Many companies had been sold during the prior several years, and in 1993,
4875-416: Was acquired in 1968. Continental Motors was primarily owned by Ryan, and this acquisition brought Teledyne into the piston-powered engine business with both commercial and military customers. In the remainder of the 1960s, Teledyne acquired some 90 more companies. A number of these businesses were in consumer products, such as Water Pik, Acoustic Research with high-fidelity speakers, and Olson Electronics,
4950-489: Was announced Teledyne Technologies would acquire FLIR Systems for $ 8 billion. In October 2023, Teledyne Technologies acquired Xena Networks, a high-speed terabit Ethernet validation, assurance, and production test solutions provider. Henry Earl Singleton Henry Earl Singleton (November 27, 1916 – August 31, 1999) was an American electrical engineer, business executive, and rancher/land owner. Singleton made significant contributions to aircraft inertial guidance and
5025-689: Was designed by architect Wallace Neff in 1973; it was a large residence of French-Norman style in the Holmby Hills district of Los Angeles. He was personally a primary financial backer ($ 320,800) of Apple Computer when it was incorporated in 1977. During his working years, Singleton served as a director of Apple Computer, Inc. (1977–1980); member of the MIT Corporation, the MIT Governing Board (1968–1973); trustee of California Institute of Technology (1968–1974); member of
5100-531: Was elected to the National Academy of Engineering . He co-founded Teledyne, Inc. , one of America's most successful conglomerates , and was its chief executive officer for three decades. Late in life, Singleton became one of the largest holders of ranchland in the United States. Henry Singleton was raised on a small ranch near Haslet, Texas , a few miles northwest of Fort Worth . His higher education began in 1933 at North Texas Agricultural College , Arlington . After two years there, he received an appointment to
5175-571: Was established, moving the Company into the field of hydraulics . In addition to industrial sales, Teledyne won significant contracts from NASA and agencies of the Department of Defense (DoD). In early 1965, Teledyne had a major breakthrough in winning a large contract from the U.S. Navy for an airborne computer system. Singleton had a personal involvement in the technical design. Called Integrated Helicopter Avionics System (IHAS), this program had been sought by IBM and Texas Instruments , and
5250-413: Was formed as the centerpiece of the firm’s aerospace systems business, diversifying the business base into government contracts with NASA and the U.S. Department of Defense (DoD). By the end of the second fiscal year, Teledyne sales had increased 230 percent and net income by about 570 percent. Over the next three years, new companies were acquired in microwave and power electrical products – including
5325-467: Was remaining as Board Chairman. During 1988, Teledyne faced a number of legal problems, none of which were the direct result of wrongdoings of Singleton or Roberts. After agreeing to plead guilty to making false statements, Teledyne was fined $ 17.5 million, but related lawsuits by “ whistleblowers ” ultimately cost $ 115 million in settlements. In April 1989, Singleton, after guiding Teledyne for 29 years, retired as an employee and officer. Nevertheless, that
5400-426: Was replaced by George Roberts; William P. Rutledge was named President and CEO. Roberts then retired in 1993 and was replaced by Rutledge; Donald B. Rice , previously Secretary of the U.S. Air Force, was then named President and CEO. Many companies had been sold during the prior several years, and in 1993, through consolidations, the number was further reduced from 65 to 18. In January 1995, Teledyne Electronic Systems
5475-601: Was sold to Litton Industries, essentially ending the business on which Teledyne had originally been formed. In the early 1990s, while the company underwent these turnovers in leadership, two lawsuits were brought against Teledyne by whistleblowers under the False Claims Act. The suits charged the company with falsifying test reports for relay devices sold to the US government for weapons and spacecraft use, and with padding government contract cost estimates. In April 1994, Teledyne settled both cases for $ 112.5 million, at
5550-728: Was the vice president and general manager of the Electronics Engineering Division. During this period, he led the development of a new type of two-degree-of-freedom, low-drift gyroscope with associated digital electronics. This formed the heart of the Litton LN-3 Inertial Navigation System, which was the first such guidance system for fighter aircraft. Genesis of the Litton Inertial Navigation System With Singleton serving as
5625-450: Was to build a major firm centering on microelectronics and control system development, primarily through acquiring existing companies. In October 1960, the first acquisition was made by purchasing the majority of stock in Amelco, a small electronics manufacturing plant. Within a short time, rights to the name Teledyne and its associated logo were bought. In addition to Amelco, two other electronics manufacturing firms were acquired, and by
#814185