Teledyne
Encyclopedia
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
.
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 29 November 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 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 near 100 companies.
Some companies previously in Teledyne Technologies include the following:
, 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 was to build a major firm centering on microelectronics
and control system
development, primarily through acquiring existing companies.
Teledyne’s growth continued in 1962, with the acquisition of companies primarily through equity agreements. Internally, Teledyne Systems 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 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 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.
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, California
, was acquired in 1968. Earlier noted for building Charles Lindberg’s Spirit of St. Louis
in 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, Teledyne acquired some 90 more companies. A number of these were in consumer products, such as AquaTek with Water Pik and Shower Massage, Acoustic Research
with high-fidelity speakers, and Olson Electronics that operated retail stores across America. Packard Bell
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 the metals business, including Wah Chang
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, and Getz Dental.
Singleton also added a diverse group of financial institutions, giving Teledyne contact and intimacy with 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 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 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 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.
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 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, but related lawsuits by “whistleblowers” ultimately cost $115 million in settlements.
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, the highest in the nation. Total employment also peaked at near 43,000.
Henry Singleton retired as Teledyne Chairman in 1991, and 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 was sold to Litton Industries, essentially ending the business on which Teledyne had originally been formed.
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 a white knight
friendly acquirer. On 15 August 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 the A&E Segment, led by Robert Mehrabian
. ATI eventually decided to spin off the segments into independent entities, and on 29 November 1999, Teledyne Technologies Incorporated, Allegheny Technologies Incorporated, and Water Pik Technologies, Inc., were formed.
before the end of the year to raise initial operating capital. Headquarters was initially in Los Angeles, but was later moved to Thousand Oaks, California
.
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, 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.
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...
primarily based in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
but with global operations. It was founded in 1960, as Teledyne, Inc., by Henry Singleton and George Kozmetsky
George Kozmetsky
George Kozmetsky was a technology innovator, businessman, educator, author and philanthropist. He co-founded Teledyne Inc. and was the dean of The University of Texas College of Business Administration for 16 years. In 1977 Dr...
.
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 29 November 1999, three separate entities, Teledyne Technologies, Allegheny Technologies
Allegheny Technologies
Allegheny Technologies, Inc. is a specialty metals company headquartered in Pittsburgh, Pennsylvania in the United States. Allegheny Technologies is one of the largest and most diversified specialty metals producers in the world with revenue of $3.0 billion in 2009. ATI's key markets are...
, and Water Pik Technologies, were spun off as free-standing public companies. Allegheny Technologies retained several companies of 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 near 100 companies.
Segments
Teledyne Technologies currently operates with four major segments: Digital Imaging, Instrumentation, Engineered Systems, and Aerospace and Defense Electronics.Digital Imaging
This segment handles sponsored and central research laboratories for 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.Instrumentation
This segment provides monitoring and control instruments for marine, environmental, scientific, industrial, and defense applications as well as harsh environment interconnect products.Engineered Systems
This segment provides systems engineering and integration, advanced technology application, software development, and manufacturing solutions 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.Aerospace and Defense Electronics
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.Companies
As of July 2011, Teledyne Technologies listed the following companies:- Teledyne Advanced Pollution Instrumentation
- Teledyne Analytical Instruments
- Teledyne Battery Products
- Teledyne Benthos
- Teledyne Brown Engineering
- Teledyne Brown CollaborX
- Teledyne CML
- Teledyne ControlsTeledyne ControlsTeledyne Controls is a business unit of Teledyne Technologies Incorporated . Created in 1964, the company designs and manufactures onboard avionic and ground-based electronic systems for the aviation industry....
- Teledyne Cormon
- Teledyne Cougar
- Teledyne D.G.O'Brien
- Teledyne DALSADalsaTeledyne DALSA is a Canadian company specializing in the design and manufacture of specialized electronic cameras.The company was founded in Waterloo, Ontario, Canada in 1980 by imaging pioneer Dr. Savvas Chamberlain, a former Professor in Electrical Engineering at the University of Waterloo...
- Teledyne Defense Ltd
- Teledyne Electronic Manufacturing Services
- Teledyne Electronic Safety Products
- Teledyne Electronics & Communications
- Teledyne Energy Systems
- Teledyne Geophysical Instruments
- Teledyne Hastings Instruments
- Teledyne in Europe
- Teledyne Imaging Sensors
- Teledyne Impulse
- Teledyne Instruments
- Teledyne Interconnect Devices
- Teledyne ISCOTeledyne ISCOTeledyne ISCO manufactures a wide range of products for professionals working in water pollution monitoring and abatement, engineers and managers involved with wastewater process control, and scientists involved in field and laboratory work....
- Teledyne Judson Technologies
- Teledyne KW Microwave
- Teledyne Labtech
- Teledyne Leeman Labs
- Teledyne Lighting & Display Products
- Teledyne Marine
- Teledyne MEC
- Teledyne Microelectronic Technologies
- Teledyne Microwave
- Teledyne Monitor Labs
- Teledyne Ocean Designs, Inc.
- Teledyne Odom Hydrographic
- Teledyne Paradise Datacom
- Teledyne Printed Circuit Technology
- Teledyne RD Instruments
- Teledyne Relays
- Teledyne Reynolds
- Teledyne Reynolds, a Division of Teledyne Limited
- Teledyne RISI
- Teledyne Scientific and Imaging
- Teledyne Scientific Company
- Teledyne Solutions
- Teledyne Storm Products, Cable Solutions Group in Dallas
- Teledyne Storm Products, Microwave in Chicago
- Teledyne TapTone
- Teledyne Tekmar Company
- Teledyne Test Services
- Teledyne TSS
- Teledyne Turbine EnginesTeledyne CAETeledyne Turbine Engines is a turbine engine manufacturer located in Toledo, Ohio. A division of Teledyne Technologies Inc., TTE is the successor to the former Teledyne CAE.-History:...
- Teledyne Webb Research
Some companies previously in Teledyne Technologies include the following:
- Continental Motors, Inc. (formerly Teledyne Continental Motors, Teledyne Aerosance, Teledyne Piston Engines)
- Laars (formerly Teledyne Laars)
- Mattituck Services, Inc. (formerly Teledyne Mattituck Services)
- Ryan Aeronautical (formerly Teledyne Ryan Aeronautical)
- Wisconsin Motors (formerly Teledyne Wisconsin Motors, Teledyne Total Power)
History
In June 1960, Henry Singleton and George KozmetskyGeorge Kozmetsky
George Kozmetsky was a technology innovator, businessman, educator, author and philanthropist. He co-founded Teledyne Inc. and was the dean of The University of Texas College of Business Administration for 16 years. In 1977 Dr...
, both previously executives with 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:...
, formed a firm named Instrument Systems located in Beverly Hills, California
Beverly Hills, California
Beverly Hills is an affluent city located in Los Angeles County, California, United States. With a population of 34,109 at the 2010 census, up from 33,784 as of the 2000 census, it is home to numerous Hollywood celebrities. Beverly Hills and the neighboring city of West Hollywood are together...
. Arthur Rock
Arthur Rock
Arthur Rock is an American venture capitalist of Silicon Valley, California. He was an early investor in major firms including Intel, Apple Computer, Scientific Data Systems and Teledyne....
, one of America's first and most successful venture capitalists, financed the startup with a $450,000 investment. Their basic plan was to build a major firm centering on microelectronics
Microelectronics
Microelectronics is a subfield of electronics. As the name suggests, microelectronics relates to the study and manufacture of very small electronic components. Usually, but not always, this means micrometre-scale or smaller,. These devices are made from semiconductors...
and control system
Control system
A control system is a device, or set of devices to manage, command, direct or regulate the behavior of other devices or system.There are two common classes of control systems, with many variations and combinations: logic or sequential controls, and feedback or linear controls...
development, primarily through acquiring existing companies.
Early years
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 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 was formed as the centerpiece of the firm’s aerospace systems business, diversifying the business base into government contracts with NASA
NASA
The National Aeronautics and Space Administration is the agency of the United States government that is responsible for the nation's civilian space program and for aeronautics and aerospace research...
and the U.S. Department of Defense
United States Department of Defense
The United States Department of Defense is the U.S...
(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 the first consumer products. Teledyne Controls was established, moving the Company into the field of hydraulics
Hydraulics
Hydraulics is a topic in applied science and engineering dealing with the mechanical properties of liquids. Fluid mechanics provides the theoretical foundation for hydraulics, which focuses on the engineering uses of fluid properties. In fluid power, hydraulics is used for the generation, control,...
. 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
United States Navy
The United States Navy is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined. The U.S...
for the Integrated Helicopter Avionics System (IHAS), giving Teledyne 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.
Major growth years
A new era for Teledyne started in 1966. In June, Kozmetsky left to become dean of 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, 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
Huntsville, Alabama
Huntsville is a city located primarily in Madison County in the central part of the far northern region of the U.S. state of Alabama. Huntsville is the county seat of Madison County. The city extends west into neighboring Limestone County. Huntsville's population was 180,105 as of the 2010 Census....
. 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, California
San Diego, California
San Diego is the eighth-largest city in the United States and second-largest city in California. The city is located on the coast of the Pacific Ocean in Southern California, immediately adjacent to the Mexican border. The birthplace of California, San Diego is known for its mild year-round...
, was acquired in 1968. Earlier noted for building Charles Lindberg’s Spirit of St. Louis
Spirit of St. Louis
The Spirit of St. Louis is the custom-built, single engine, single-seat monoplane that was flown solo by Charles Lindbergh on May 20–21, 1927, on the first non-stop flight from New York to Paris for which Lindbergh won the $25,000 Orteig Prize.Lindbergh took off in the Spirit from Roosevelt...
in the 1920s, Ryan was now the largest producer of unmanned drones for the military. Continental Motors
Continental Motors
Continental Motors, Inc. is an aircraft engine manufacturer located in Mobile, Alabama. Originally spun off from Continental Motors Company in 1929 and owned by Teledyne Technologies until December 2010, the company is part of AVIC International, which is owned by the government of the People's...
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 were in consumer products, such as AquaTek with Water Pik and Shower Massage, Acoustic Research
Acoustic Research
Acoustic Research was a Cambridge, Massachusetts-based company that manufactured high-end audio equipment. The brand is now owned by Audiovox. Acoustic Research was well known for the AR-3 series of speaker systems, which used the 12-inch acoustic suspension woofer of the AR-1 with newly designed...
with high-fidelity speakers, and Olson Electronics that operated retail stores across America. Packard Bell
Packard Bell
Packard Bell is a Dutch computer manufacturer and a subsidiary of Acer. The name was previously used by Packard Bell, an American radio manufacturer founded in 1926. In 1986, Israeli investors bought the name for a newly formed personal computer manufacturer. Originally the company produced...
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 the metals business, including Wah Chang
Wah Chang
Wah Ming Chang was a Chinese American designer, sculptor, and artist. He is known primarily for his sculpture and the props he designed for Star Trek , including the tricorder, and communicator...
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, and Getz Dental.
Singleton also added a diverse group of financial institutions, giving Teledyne contact and intimacy with 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 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
Curtiss-Wright
The Curtiss-Wright Corporation was the largest aircraft manufacturer in the United States at the end of World War II, but has evolved to largely become a component manufacturer, specializing in actuators, aircraft controls, valves, and metalworking....
, 24 percent 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
Market trend
A market trend is a putative tendency of a financial market to move in a particular direction over time. These trends are classified as secular for long time frames, primary for medium time frames, and secondary for short time frames...
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 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.
Peak and decline
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 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 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, but related lawsuits by “whistleblowers” ultimately cost $115 million in settlements.
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, the highest in the nation. Total employment also peaked at near 43,000.
Henry Singleton retired as Teledyne Chairman in 1991, and 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
Donald Rice
Donald Blessing Rice is a California businessman and senior government official. He has been president and chief executive officer of several large companies including RAND Corporation, and has sat on numerous boards of directors, including Wells Fargo & Company...
, 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 was sold to Litton Industries, essentially ending the business on which Teledyne had originally been formed.
In late 1994, Teledyne was subjected to a hostile takeover
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
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 a white knight
White knight (business)
In business, a white knight, or "friendly investor," may be a corporation or a person that intends to help another firm. There are many types of white knights...
friendly acquirer. On 15 August 1996, an agreement was reached to merge Teledyne with Allegheny Ludlum, forming Allegheny Teledyne, Inc. (ATI), with headquarters in Pittsburgh, Pennsylvania
Pittsburgh, Pennsylvania
Pittsburgh is the second-largest city in the US Commonwealth of Pennsylvania and the county seat of Allegheny County. Regionally, it anchors the largest urban area of Appalachia and the Ohio River Valley, and nationally, it is the 22nd-largest urban area in the United States...
.
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 the A&E Segment, led by Robert Mehrabian
Robert Mehrabian
Robert Mehrabian is an Armenian-American materials scientist and the Chair, President, and Chief Executive Officer of Teledyne Technologies Incorporated...
. ATI eventually decided to spin off the segments into independent entities, and on 29 November 1999, Teledyne Technologies Incorporated, Allegheny Technologies Incorporated, and Water Pik Technologies, Inc., were formed.
Renewal
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 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 GrummanNorthrop Grumman
Northrop Grumman Corporation is an American global aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company was the fourth-largest defense contractor in the world as of 2010, and the largest builder of naval vessels. Northrop Grumman employs over...
before the end of the year to raise initial operating capital. Headquarters was initially in Los Angeles, but was later moved to Thousand Oaks, California
Thousand Oaks, California
Thousand Oaks is a city in southeastern Ventura County, California, in the United States. It was named after the many oak trees that grace the area, and the city seal is adorned with an oak....
.
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, 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.
External links
- Company homepage
- Homepages for each of the listed Teledyne companies are available.