James Ling
Encyclopedia
James "Jimmy" J. Ling from Hugo, Oklahoma
, was a US
businessman and former head of Ling-Temco-Vought
corporation. While at its helm Ling used LTV funds to purchase a large number of corporations, and was one of the more famous of the 1960s conglomerate
managers. As with other conglomerates such as ITT
, Litton Industries
, Teledyne
, and Textron
, higher interest rate
s and inflation
destroyed LTV in the 1970s.
Ling was the son of a Catholic
convert who, in the climate of anti-Catholic bigotry during World War I
, killed a fellow railroad worker and later entered a Carmelite monastery. Ling's mother died when he was young, and he lived for a time with an aunt. He failed to graduate from his Jesuit high school but became a master electrician after training at a US Navy school in Mississippi
. In 1947 he founded his own Dallas electrical contracting business, Ling Electric Company, where he lived in the rear of the shop. After incorporating and taking his company public in 1955, Ling found innovative ways to market his stock, including door-to-door soliciting and selling from a booth at the State Fair of Texas.
In 1956 Ling bought L.M. Electronics and transformed it into the conglomerate Ling-Temco-Vought
. He left the firm in 1975 after antitrust
issues arose.
Ling formed several companies after his time at LTV, but none were as successful. Ling later recovered from Guillain-Barré syndrome
, first diagnosed in 1981.
Hugo, Oklahoma
Hugo is a city in the southeastern part of the U.S. state of Oklahoma, bordering Texas. Hugo is the county seat for Choctaw County and has a population of 5,395 as of 2009 estimates. The city serves as winter quarters for some circus performers...
, was a US
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman and former head of Ling-Temco-Vought
Ling-Temco-Vought
Ling-Temco-Vought was a large U.S. conglomerate which existed from 1969 to 2000. At its peak, its component parts were involved in the aerospace industry, electronics, steel manufacturing, sporting goods, the airline industry, meat packing, car rentals and pharmaceuticals, among other...
corporation. While at its helm Ling used LTV funds to purchase a large number of corporations, and was one of the more famous of the 1960s conglomerate
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
managers. As with other conglomerates such as ITT
ITT Corporation
ITT Corporation is a global diversified manufacturing company based in the United States. ITT participates in global markets including water and fluids management, defense and security, and motion and flow control...
, Litton Industries
Litton Industries
Named after inventor Charles Litton, Sr., Litton Industries was a large defense contractor in the United States, bought by the Northrop Grumman Corporation in 2001.-History:...
, Teledyne
Teledyne
Teledyne Technologies Incorporated is an industrial conglomerate primarily based in the United States but with global operations. It was founded in 1960, as Teledyne, Inc., by Henry Singleton and George Kozmetsky....
, and Textron
Textron
Textron is a conglomerate that includes Bell Helicopter, E-Z-GO, Cessna Aircraft Company, and Greenlee, among others. It was founded by Royal Little in 1923 as the Special Yarns Company, and is headquartered at the Textron Tower in Providence, Rhode Island, United States.With total revenues of...
, higher interest rate
Interest rate
An interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
s and inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
destroyed LTV in the 1970s.
Ling was the son of a Catholic
Catholic
The word catholic comes from the Greek phrase , meaning "on the whole," "according to the whole" or "in general", and is a combination of the Greek words meaning "about" and meaning "whole"...
convert who, in the climate of anti-Catholic bigotry during World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, killed a fellow railroad worker and later entered a Carmelite monastery. Ling's mother died when he was young, and he lived for a time with an aunt. He failed to graduate from his Jesuit high school but became a master electrician after training at a US Navy school in Mississippi
Mississippi
Mississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...
. In 1947 he founded his own Dallas electrical contracting business, Ling Electric Company, where he lived in the rear of the shop. After incorporating and taking his company public in 1955, Ling found innovative ways to market his stock, including door-to-door soliciting and selling from a booth at the State Fair of Texas.
In 1956 Ling bought L.M. Electronics and transformed it into the conglomerate Ling-Temco-Vought
Ling-Temco-Vought
Ling-Temco-Vought was a large U.S. conglomerate which existed from 1969 to 2000. At its peak, its component parts were involved in the aerospace industry, electronics, steel manufacturing, sporting goods, the airline industry, meat packing, car rentals and pharmaceuticals, among other...
. He left the firm in 1975 after antitrust
Antitrust
The United States antitrust law is a body of laws that prohibits anti-competitive behavior and unfair business practices. Antitrust laws are intended to encourage competition in the marketplace. These competition laws make illegal certain practices deemed to hurt businesses or consumers or both,...
issues arose.
Ling formed several companies after his time at LTV, but none were as successful. Ling later recovered from Guillain-Barré syndrome
Guillain-Barré syndrome
Guillain–Barré syndrome , sometimes called Landry's paralysis, is an acute inflammatory demyelinating polyneuropathy , a disorder affecting the peripheral nervous system. Ascending paralysis, weakness beginning in the feet and hands and migrating towards the trunk, is the most typical symptom...
, first diagnosed in 1981.