78-599: Teledyne Technologies Incorporated 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
156-429: A market inefficiency , which undervalues the true strength of these stocks. In her 1999 book No Logo , Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates to create synergy between them: A relatively new development, Internet conglomerates, such as Alphabet , Google's parent company belong to the modern media conglomerate group and play
234-871: A parent company that owns and controls many subsidiaries , which are legally independent but financially and strategically dependent on the parent company. Conglomerates are often large and multinational corporations that have a global presence and a diversified portfolio of products and services. Conglomerates can be formed by merger and acquisitions , spin-offs , or joint ventures . Conglomerates are common in many countries and sectors, such as media , banking , energy , mining , manufacturing , retail , defense , and transportation . This type of organization aims to achieve economies of scale , market power, risk diversification , and financial synergy. However, they also face challenges such as complexity, bureaucracy , agency problems, and regulation . The popularity of conglomerates has varied over time and across regions. In
312-496: A waterwheel to power the bellows of a blast furnace producing cast iron . Zhang Heng was the first to employ hydraulics to provide motive power in rotating an armillary sphere for astronomical observation . In ancient Sri Lanka, hydraulics were widely used in the ancient kingdoms of Anuradhapura and Polonnaruwa . The discovery of the principle of the valve tower, or valve pit, (Bisokotuwa in Sinhalese) for regulating
390-460: 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
468-548: 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,
546-434: 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
624-486: A disorienting and demoralizing experience for executives at acquired companies—those who were not immediately laid off found themselves at the mercy of the conglomerate's executives in some other distant city. Most conglomerates' headquarters were located on the West Coast or East Coast , while many of their acquisitions were located in the country's interior. Many interior cities were devastated by repeatedly losing
702-549: A focus in Asia.) In Japan, a different model of conglomerate, the keiretsu , evolved. Whereas the Western model of conglomerate consists of a single corporation with multiple subsidiaries controlled by that corporation, the companies in a keiretsu are linked by interlocking shareholdings and a central role of a bank. Mitsui , Mitsubishi , Sumitomo are some of Japan's best-known keiretsu, reaching from automobile manufacturing to
780-402: A large scale to prospect for and then extract metal ores . They used lead widely in plumbing systems for domestic and public supply, such as feeding thermae . Hydraulic mining was used in the gold-fields of northern Spain, which was conquered by Augustus in 25 BC. The alluvial gold-mine of Las Medulas was one of the largest of their mines. At least seven long aqueducts worked it, and
858-729: 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
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#1732790580894936-592: A major role within various industries, such as brand management . In most cases, Internet conglomerates consist of corporations that own several medium-sized online or hybrid online-offline projects. In many cases, newly joined corporations get higher returns on investment , access to business contacts, and better rates on loans from various banks. Similar to other industries many companies can be termed as conglomerates. Hydraulics Hydraulics (from Ancient Greek ὕδωρ ( húdōr ) ' water ' and αὐλός ( aulós ) ' pipe ')
1014-424: 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
1092-629: 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
1170-399: 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
1248-1148: 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
1326-517: A reciprocating device with hinged valves. The earliest programmable machines were water-powered devices developed in the Muslim world. A music sequencer , a programmable musical instrument , was the earliest type of programmable machine. The first music sequencer was an automated water-powered flute player invented by the Banu Musa brothers, described in their Book of Ingenious Devices , in
1404-639: A small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett 's Berkshire Hathaway , a holding company which used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries. The end of the First World War caused a brief economic crisis in Weimar Germany , permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes , established
1482-592: A watering channel for Samos , the Tunnel of Eupalinos . An early example of the usage of hydraulic wheel, probably the earliest in Europe, is the Perachora wheel (3rd century BC). In Greco-Roman Egypt , the construction of the first hydraulic machine automata by Ctesibius (flourished c. 270 BC) and Hero of Alexandria (c. 10 – 80 AD) is notable. Hero describes several working machines using hydraulic power, such as
1560-434: Is a technology and applied science using engineering , chemistry , and other sciences involving the mechanical properties and use of liquids . At a very basic level, hydraulics is the liquid counterpart of pneumatics , which concerns gases . Fluid mechanics provides the theoretical foundation for hydraulics, which focuses on applied engineering using the properties of fluids. In its fluid power applications, hydraulics
1638-472: Is currently China's largest civilian-run conglomerate by revenue. In South Korea , the chaebol is a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of the current presidents of chaebols succeeded their fathers or grandfathers. Some of the largest and most well-known Korean chaebols are Samsung , LG , Hyundai Kia and SK . In India, family-owned enterprises became some of Asia's largest conglomerates, such as
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#17327905808941716-458: Is the branch of hydraulics dealing with free surface flow, such as occurring in rivers , canals , lakes , estuaries , and seas . Its sub-field open-channel flow studies the flow in open channels . Early uses of water power date back to Mesopotamia and ancient Egypt , where irrigation has been used since the 6th millennium BC and water clocks had been used since the early 2nd millennium BC. Other early examples of water power include
1794-399: Is transmitted undiminished throughout the fluids. A French physician, Poiseuille (1797–1869) researched the flow of blood through the body and discovered an important law governing the rate of flow with the diameter of the tube in which flow occurred. Several cities developed citywide hydraulic power networks in the 19th century, to operate machinery such as lifts, cranes, capstans and
1872-436: Is used for the generation, control, and transmission of power by the use of pressurized liquids. Hydraulic topics range through some parts of science and most of engineering modules, and they cover concepts such as pipe flow , dam design, fluidics , and fluid control circuitry. The principles of hydraulics are in use naturally in the human body within the vascular system and erectile tissue . Free surface hydraulics
1950-571: The Aditya Birla Group , Tata Group , Emami , Kirloskar Group , Larsen & Toubro , Mahindra Group , Bajaj Group , ITC Limited , Essar Group , Reliance Industries , Adani Group and the Bharti Enterprises . In Brazil the most important conglomerates are J&F Investimentos , Odebrecht , Itaúsa , Camargo Corrêa , Votorantim Group , Andrade Gutierrez , and Queiroz Galvão. In New Zealand, Fletcher Challenge
2028-933: The Qanat system in ancient Persia and the Turpan water system in ancient Central Asia. In the Persian Empire or previous entities in Persia, the Persians constructed an intricate system of water mills, canals and dams known as the Shushtar Historical Hydraulic System . The project, commenced by Achaemenid king Darius the Great and finished by a group of Roman engineers captured by Sassanian king Shapur I , has been referred to by UNESCO as "a masterpiece of creative genius". They were also
2106-652: The United States , conglomerates became popular in the 1960s as a form of economic bubble driven by low interest rates and leveraged buyouts. However, many of them collapsed or were broken up in the 1980s due to poor performance, accounting scandals, and antitrust regulation. In contrast, conglomerates have remained prevalent in Asia, especially in China , Japan , South Korea , and India . In mainland China , many state-affiliated enterprises have gone through high value mergers and acquisitions , resulting in some of
2184-484: The ancient Near East in the 4th century BC, specifically in the Persian Empire before 350 BCE, in the regions of Iraq , Iran , and Egypt . In ancient China there was Sunshu Ao (6th century BC), Ximen Bao (5th century BC), Du Shi (circa 31 AD), Zhang Heng (78 – 139 AD), and Ma Jun (200 – 265 AD), while medieval China had Su Song (1020 – 1101 AD) and Shen Kuo (1031–1095). Du Shi employed
2262-460: The force pump , which is known from many Roman sites as having been used for raising water and in fire engines. In the Roman Empire , different hydraulic applications were developed, including public water supplies, innumerable aqueducts , power using watermills and hydraulic mining . They were among the first to make use of the siphon to carry water across valleys, and used hushing on
2340-579: The highest value business transactions of all time. These conglomerates have strong ties with the government and preferential policies and access to capital. During the 1960s, the United States was caught up in a "conglomerate fad " which turned out to be a form of an economic bubble . Due to a combination of low interest rates and a repeating bear-bull market , conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from
2418-440: The 1960s include Gulf and Western Industries , Ling-Temco-Vought , ITT Corporation , Litton Industries , Textron , and Teledyne . The trick was to look for acquisition targets with solid earnings and much lower price–earnings ratios than the acquirer. The conglomerate would make a tender offer to the target's shareholders at a princely premium to the target's current stock price. Upon obtaining shareholder approval,
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2496-627: The 1980s, General Electric also moved into financing and financial services , which in 2005 accounted for about 45% of the company's net earnings. GE formerly owned a minority interest in NBCUniversal , which owns the NBC television network and several other cable networks . United Technologies was also a successful conglomerate until it was dismantled in the late 2010s. With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning
2574-401: The 9th century. In 1206, Al-Jazari invented water-powered programmable automata/ robots . He described four automaton musicians, including drummers operated by a programmable drum machine , where they could be made to play different rhythms and different drum patterns. In 1619 Benedetto Castelli , a student of Galileo Galilei , published the book Della Misura dell'Acque Correnti or "On
2652-519: 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
2730-591: The Islamic world, including fulling mills, gristmills , paper mills , hullers , sawmills , ship mills , stamp mills , steel mills , sugar mills , and tide mills . By the 11th century, every province throughout the Islamic world had these industrial mills in operation, from Al-Andalus and North Africa to the Middle East and Central Asia . Muslim engineers also used water turbines , employed gears in watermills and water-raising machines, and pioneered
2808-677: The Measurement of Running Waters," one of the foundations of modern hydrodynamics. He served as a chief consultant to the Pope on hydraulic projects, i.e., management of rivers in the Papal States, beginning in 1626. The science and engineering of water in Italy from 1500-1800 in books and manuscripts is presented in an illustrated catalog published in 2022. Blaise Pascal (1623–1662) studied fluid hydrodynamics and hydrostatics, centered on
2886-569: 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 ,
2964-603: The United States, some of the examples are The Walt Disney Company , Warner Bros. Discovery and The Trump Organization (see below). In Canada, one of the examples is Hudson's Bay Company . Another such conglomerate is J.D. Irving, Limited , which controls a large portion of the economic activities as well as media in the Province of New Brunswick . Some cite the decreased cost of conglomerate stock (a phenomenon known as conglomerate discount ) as evidential of these disadvantages, while other traders believe this tendency to be
3042-416: The basic principles of hydraulics, some teachers use a hydraulic analogy to help students learn other things. For example: The conservation of mass requirement combined with fluid compressibility yields a fundamental relationship between pressure, fluid flow, and volumetric expansion, as shown below: Assuming an incompressible fluid or a "very large" ratio of compressibility to contained fluid volume,
3120-693: 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
3198-455: The conglomerate usually settled the transaction in something other than cash, like debentures , bonds , warrants or convertible debentures (issuing the latter two would effectively dilute its shareholders down the road, but many shareholders at the time were not thinking that far ahead). The conglomerate would then add the target's earnings to its earnings, thereby increasing the conglomerate's overall earnings per share . In finance jargon,
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3276-406: The difference in pressure is proportional to the difference in height, and this difference remains the same whether or not the overall pressure of the fluid is changed by applying an external force. This implies that by increasing the pressure at any point in a confined fluid, there is an equal increase at every other end in the container, i.e., any change in pressure applied at any point of the liquid
3354-467: The end came in January 1968, when Litton shocked Wall Street by announcing a quarterly profit of only 21 cents per share, versus 63 cents for the previous year's quarter. This was "just a decline in earnings of about 19 percent", not an actual loss or a corporate scandal, and "yet the stock was crushed, plummeting from $ 90 to $ 53". It would take two more years before it was clear that the conglomerate fad
3432-590: 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
3510-483: The escape of water is credited to ingenuity more than 2,000 years ago. By the first century AD, several large-scale irrigation works had been completed. Macro- and micro-hydraulics to provide for domestic horticultural and agricultural needs, surface drainage and erosion control, ornamental and recreational water courses and retaining structures and also cooling systems were in place in Sigiriya , Sri Lanka. The coral on
3588-771: The examples are Adamjee Group , Dawood Hercules , House of Habib , Lakson Group and Nishat Group . In the Philippines , the largest conglomerate of the country is the Ayala Corporation which focuses on malls , bank , real estate development , and telecommunications . The other big conglomerates in the Philippines included JG Summit Holdings , Lopez Holdings Corporation , ABS-CBN Corporation , GMA Network, Inc. , MediaQuest Holdings , TV5 Network, Inc. , SM Investments Corporation , Metro Pacific Investments Corporation , and San Miguel Corporation . In
3666-646: 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
3744-570: 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
3822-801: 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
3900-551: 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
3978-719: The headquarters of corporations to mergers, in which independent ventures were reduced to subsidiaries of conglomerates based in New York or Los Angeles. Pittsburgh, for example, lost about a dozen. The terror instilled by the mere prospect of such harsh consequences for executives and their home cities meant that fending off takeovers, real or imagined, was a constant distraction for executives at all corporations seen as choice acquisition targets during this era. The chain reaction of rapid growth through acquisitions could not last forever. When interest rates rose to offset rising inflation, conglomerate profits began to fall. The beginning of
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#17327905808944056-605: The inventors of the Qanat , an underground aqueduct, around the 9th century BC. Several of Iran's large, ancient gardens were irrigated thanks to Qanats. The Qanat spread to neighboring areas, including the Armenian highlands . There, starting in the early 8th century BC, the Kingdom of Urartu undertook significant hydraulic works, such as the Menua canal . The earliest evidence of water wheels and watermills date back to
4134-635: The like. Joseph Bramah (1748–1814) was an early innovator and William Armstrong (1810–1900) perfected the apparatus for power delivery on an industrial scale. In London, the London Hydraulic Power Company was a major supplier its pipes serving large parts of the West End of London , City and the Docks , but there were schemes restricted to single enterprises such as docks and railway goods yards . After students understand
4212-456: The massive rock at the site includes cisterns for collecting water. Large ancient reservoirs of Sri Lanka are Kalawewa (King Dhatusena), Parakrama Samudra (King Parakrama Bahu), Tisa Wewa (King Dutugamunu), Minneriya (King Mahasen) In Ancient Greece , the Greeks constructed sophisticated water and hydraulic power systems. An example is a construction by Eupalinos , under a public contract, of
4290-438: 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
4368-503: The most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuilding, hotels, newspapers, and other enterprises. The best-known British conglomerate was Hanson plc . It followed a rather different timescale than the U.S. examples mentioned above, as it was founded in 1964 and ceased to be a conglomerate when it split itself into four separate listed companies between 1995 and 1997. In Hong Kong, some of
4446-652: The new businesses they had recently purchased, and by the mid-1970s most conglomerates had been reduced to shells. The conglomerate fad was subsequently replaced by newer ideas like focusing on a company's core competency and unlocking shareholder value (which often translate into spin-offs ). In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during
4524-418: 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
4602-417: The principles of hydraulic fluids. His discovery on the theory behind hydraulics led to his invention of the hydraulic press , which multiplied a smaller force acting on a smaller area into the application of a larger force totaled over a larger area, transmitted through the same pressure (or exact change of pressure) at both locations. Pascal's law or principle states that for an incompressible fluid at rest,
4680-714: The production of electronics such as televisions. While not a keiretsu, Sony is an example of a modern Japanese conglomerate with operations in consumer electronics , video games , the music industry , television and film production and distribution , financial services , and telecommunications . In China, many of the country's conglomerates are state-owned enterprises , but there is a substantial number of private conglomerates. Notable conglomerates include BYD , CIMC , China Merchants Bank , Huawei , JXD , Meizu , Ping An Insurance , TCL , Tencent , TP-Link , ZTE , Legend Holdings , Dalian Wanda Group , China Poly Group , Beijing Enterprises , and Fosun International . Fosun
4758-537: 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
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#17327905808944836-452: 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,
4914-412: 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
4992-406: The transaction was " accretive to earnings." The relatively lax accounting standards of the time meant that accountants were often able to get away with creative mathematics in calculating the conglomerate's post-acquisition consolidated earnings numbers. In turn, the price of the conglomerate's stock would go up, thereby re-establishing its previous price-earnings ratio, and then it could repeat
5070-435: The use of dams as a source of water power, used to provide additional power to watermills and water-raising machines. Al-Jazari (1136–1206) described designs for 50 devices, many of them water-powered, in his book, The Book of Knowledge of Ingenious Mechanical Devices , including water clocks, a device to serve wine, and five devices to lift water from rivers or pools. These include an endless belt with jugs attached and
5148-423: 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
5226-528: The water streams were used to erode the soft deposits, and then wash the tailings for the valuable gold content. In the Muslim world during the Islamic Golden Age and Arab Agricultural Revolution (8th–13th centuries), engineers made wide use of hydropower as well as early uses of tidal power , and large hydraulic factory complexes. A variety of water-powered industrial mills were used in
5304-425: The well-known conglomerates include Jardine Matheson (AD1824), Swire Group (AD1816), (British companies, one Scottish one English; companies that have a history of over 150 years and have business interests that span across four continents with a focus in Asia.) C K Hutchison Whampoa (now CK Hutchison Holdings ), Sino Group , (both Asian-owned companies specialize business such as real estate and hospitality with
5382-668: The whole process with a new target. In plain English, conglomerates were using rapid acquisitions to create the illusion of rapid growth. In 1968, the peak year of the conglomerate fad, U.S. corporations completed a record number of mergers: approximately 4,500. In that year, at least 26 of the country's 500 largest corporations were acquired, of which 12 had assets above $ 250 million. All this complex company reorganization had very real consequences for people who worked for companies that were either acquired by conglomerates or were seen as likely to be acquired by them. Acquisitions were
5460-420: 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
5538-416: 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,
5616-507: 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. Conglomerate (company) A conglomerate ( / k ə ŋ ˈ ɡ l ɒ m ə r ə t / ) is a type of multi-industry company that consists of several different and unrelated business entities that operate in various industries. A conglomerate usually has
5694-412: 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
5772-462: Was formed in 1981 from the merger of Fletcher Holdings , Challenge Corporation, and Tasman Pulp & Paper, in an attempt to create a New Zealand-based multi-national company. At the time, the newly merged company dealt in construction, building supplies, pulp and paper mills, forestry, and oil & gas. Following a series of bungled investments, the company demerged in the early 2000s to concentrate on building and construction. In Pakistan , some of
5850-487: Was on its way out. The stock market eventually figured out that the conglomerates' bloated and inefficient businesses were as cyclical as any others—indeed, it was that cyclical nature that had caused such businesses to be such undervalued acquisition targets in the first place —and their descent put "the lie to the claim that diversification allowed them to ride out a downturn." A major selloff of conglomerate shares ensued. To keep going, many conglomerates were forced to shed
5928-426: 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
6006-647: 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
6084-503: 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
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