At various times, Teledyne, Inc. owned 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.
Teledyne Technologies operates with four major segments: Digital Imaging, Instrumentation, Engineered Systems, and Aerospace and Defense Electronics.
This segment provides monitoring and control instruments for marine, environmental, scientific, industrial, and defense applications as well as harsh environment interconnect products.
It also designs and manufactures hydrogen gas generators, thermoelectric and fuel-based power sources, and small turbine engines.
As of April 2022[update], Teledyne Technologies listed the following companies:[5] Some companies previously in Teledyne Technologies include the following: In June 1960, Henry Singleton and George Kozmetsky, both previously executives with Litton Industries, formed a firm named Instrument Systems located in Beverly Hills, California.
Their basic plan was to build a major firm centering on microelectronics and control system development, primarily through acquiring existing companies.
In October 1960, the first acquisition was made by purchasing the majority of stock in Amelco, a small electronics manufacturing plant.
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.
Continental Motors was primarily owned by Ryan, and this acquisition brought Teledyne into the piston-powered engine business with both commercial and military customers.
A number of these businesses were in consumer products, such as Water Pik, Acoustic Research with high-fidelity speakers, and Olson Electronics,[9][10] a mail order retailer founded in 1927, in Akron, Ohio, as Olson Co., by Irving,[11] later including brothers, Sidney and Philip,[12][13][14] that operated retail stores across America.
Two acquired firms, Geophysical Exploration and Geotronics, brought Teledyne into off-shore drilling and earth-science instrumentation fields.
Other diverse acquisitions included Monarch Rubber, Sewart Seacraft, Isotopes, Radar Relays, Getz Dental, and the agreement with Subaru to market Wisconsin engines.
Singleton also added a diverse group of financial institutions, giving Teledyne contact and intimacy with the capital world.
Company presidents were given considerable freedom in their operations, but corporate maintained close financial control and capital management.
Singleton then essentially stopped direct acquisition of companies and began investments in stock of technical firms.
[17] Henry Singleton retired as Teledyne Chairman in 1991, and was replaced by George Roberts; William P. Rutledge was named president and CEO.
In the early 1990s, while the company underwent these turnovers in leadership, two lawsuits were brought against Teledyne by whistleblowers under the False Claims Act.
To forestall further hostile takeovers, Allegheny Ludlum, a steel and specialty metal firm, offered to serve as a white knight friendly acquirer.
One of these companies, Ryan Aeronautical, was sold to Northrop Grumman before the end of 1999 to raise initial operating capital.
[26] In October 2023, Teledyne Technologies acquired Xena Networks, a high-speed terabit Ethernet validation, assurance, and production test solutions provider.