Siegler Corporation
Encyclopedia
The Siegler Corporation was created by a group of investors in 1952 in Chicago, Illinois (incorporated in Delaware
) and began operations following the acquisition of the Siegler Heater Corporation in Centralia, Illinois
. John G. Brooks (Echo Products, Zenith Radio, and US Army Air Corps) headed up the new enterprise. (Northwestern University
Evanston, Illinois
).
.
The Siegler Corporation quickly distinguished itself as one of the first conglomerates. These were a new breed of business entities that were characterized by a variety of diverse business interests or operating divisions held or controlled by a central management. This management component was typically the only thing these divisions had in common. Examples of conglomerates are LTV (Ling-Temco-Vought
) and TRW
(Thompson Ramo Wooldridge).
Siegler continued its program of non-hostile acquisitions of target companies. In 1956-1957 when it added Hallamore Electronics of Anaheim, California
, and the corporate offices followed to Southern California. Notable efforts of the new Los Angeles based enterprise include:
1.)The first attempt to introduce cable television (1960-1961) in the form of a product offered by STV (Subscription Television) was strongly opposed by theater owners and existing television networks and their lobbying effort resulted in a legislative measure to prohibit such service.
2.)Pioneering efforts in Heating, Ventilating and Air Conditioning by the Holly division ultimately resulted in the Heat Exchanger
Lear Siegler
was created as a result of a merger between the Siegler Corporation (Los Angeles) and Lear Avionics Inc. (Santa Monica) that was concluded in 1961, though leadership was substantially from the Siegler side of the merger. Initially, Brooks was Chairman of the Board of the new corporation and Albert G. Handshumaker (from Lear) was the president, although Brooks resumed the duties and both titles within the next several years and held both until his death in 1971. By 1970 LSI had 56 divisions in 17 countries operating in six major business areas--commercial products, fabricated products, avionics, power equipment, systems and services, and real estate. After further mergers LSI products and services are now offered by URS Corporation.
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
) and began operations following the acquisition of the Siegler Heater Corporation in Centralia, Illinois
Centralia, Illinois
Centralia is a town located in Marion, Washington, Clinton, and Jefferson Counties in the U.S. state of Illinois. The population was 13,032 at the 2010 census. The town was founded because it was the point where the two original branches of the Illinois Central Railroad, built in 1853, converged....
. John G. Brooks (Echo Products, Zenith Radio, and US Army Air Corps) headed up the new enterprise. (Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
Evanston, Illinois
Evanston, Illinois
Evanston is a suburban municipality in Cook County, Illinois 12 miles north of downtown Chicago, bordering Chicago to the south, Skokie to the west, and Wilmette to the north, with an estimated population of 74,360 as of 2003. It is one of the North Shore communities that adjoin Lake Michigan...
).
History
The management team transformed the low-tech space heater company into a viable corporate platform for acquiring multiple successful small companies. This strategy of "buying growth" coupled with sound management proved successful. At the end of its first year the corporation listed on the New York Stock ExchangeNew York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
The Siegler Corporation quickly distinguished itself as one of the first conglomerates. These were a new breed of business entities that were characterized by a variety of diverse business interests or operating divisions held or controlled by a central management. This management component was typically the only thing these divisions had in common. Examples of conglomerates are LTV (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...
) and TRW
TRW
TRW Inc. was an American corporation involved in a variety of businesses, mainly aerospace, automotive, and credit reporting. It was a pioneer in multiple fields including electronic components, integrated circuits, computers, software and systems engineering. TRW built many spacecraft,...
(Thompson Ramo Wooldridge).
Siegler continued its program of non-hostile acquisitions of target companies. In 1956-1957 when it added Hallamore Electronics of Anaheim, California
Anaheim, California
Anaheim is a city in Orange County, California. As of the 2010 United States Census, the city population was about 365,463, making it the most populated city in Orange County, the 10th most-populated city in California, and ranked 54th in the United States...
, and the corporate offices followed to Southern California. Notable efforts of the new Los Angeles based enterprise include:
1.)The first attempt to introduce cable television (1960-1961) in the form of a product offered by STV (Subscription Television) was strongly opposed by theater owners and existing television networks and their lobbying effort resulted in a legislative measure to prohibit such service.
2.)Pioneering efforts in Heating, Ventilating and Air Conditioning by the Holly division ultimately resulted in the Heat Exchanger
Heat exchanger
A heat exchanger is a piece of equipment built for efficient heat transfer from one medium to another. The media may be separated by a solid wall, so that they never mix, or they may be in direct contact...
Lear Siegler
Lear Siegler
Lear Siegler Incorporated was created as a result of a merger between the Siegler Corporation and Lear Avionics Inc. that was concluded in 1961. John G. Brooks was the founder; President and Chairman of Siegler and William Lear was the founder; President and Chairman at Lear...
was created as a result of a merger between the Siegler Corporation (Los Angeles) and Lear Avionics Inc. (Santa Monica) that was concluded in 1961, though leadership was substantially from the Siegler side of the merger. Initially, Brooks was Chairman of the Board of the new corporation and Albert G. Handshumaker (from Lear) was the president, although Brooks resumed the duties and both titles within the next several years and held both until his death in 1971. By 1970 LSI had 56 divisions in 17 countries operating in six major business areas--commercial products, fabricated products, avionics, power equipment, systems and services, and real estate. After further mergers LSI products and services are now offered by URS Corporation.