Word: temco
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Dates: during 1960-1969
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...producer of chemicals and Pharmaceuticals with a strong management team. Still, there was little Haynie could do to stop Ling-even after he realized the extent of the Texan's designs on his company. In a matter of days, before Haynie could summon his board of directors, Ling-Temco-Vought had corralled a sizable chunk of Wilson's stock by offering holders $62.50 per share, 25% over the Dec. 20 New York Stock Exchange closing. By Jan. 5, L-T-V held 53%, thus making Wilson a member of the family...
...Next came his first acquisition: an electronic-vibration-equipment maker, for which he paid $19,000 cash and assumed the company's debts of $66,000. After a series of small takeovers, Ling was ready for the big time. Between 1959 and 1965, he acquired the Altec Companies, Temco Electronics & Missiles, Chance Vought, and Okonite...
...result of this empire building showed up late last month when Ling-Temco-Vought reported record sales of $468 million (up 39% from 1965) and record net income of $13.7 million (up 129%). With Wilson in the family, Ling-Temco-Vought will be able to diversify from its Government contracts-which include the A-7A Corsair, a vertical-takeoff-and-landing plane, and the Lance battlefield missile...
...money for the Wilson acquisition, he went to London-with a chip on his shoulder. Sure that he would be scorned as an American-and a Texan, at that-he told representatives of N. M. Rothschild's famed financial house: "I insist that the track record of Ling-Temco-Vought demands respect. Judge this corporation on that record, and I couldn't care less whether I'm personally liked." Rothschild's got the point. Together with Wall Street's Lehman Bros., the British financiers raised the money for Ling to swing the Wilson deal...
Thus, in a single stroke, Ling-Temco-Vought changed the whole mix of its business. Before, it had sold 70% of its products to the Federal Government, and 30% on the civilian market. With Wilson, it will now be 70% civilian, and 30% Government...