Word: temco
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When Ling-Temco-Vought President Clyde Skeen appeared in Wilson & Co.'s Chicago executive suite last December, Wilson President Roscoe G. Haynie mused: "I know he didn't come up here to price a set of golf clubs." Acting as emissary for Ling-Temco Headman James Joseph Ling, who controls 16.6% of the Dallas-based company, Skeen announced that L-T-V thought Wilson & Co. a good investment, planned to offer tenders for one-third of its stock...
...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...
...everything it laid out in the shape of royalties. Beyond that, the SST, as the biggest single venture ever undertaken by U.S. industry, will create at least 100,000 new jobs across the country. The plane is too big for Boeing to build alone; Avco Corp., Fairchild Hiller, Ling-Temco-Vought, Martin Marietta, North American Aviation and Northrop have already been designated as subcontractors, and Lockheed too may end up with a slice of the work...