Teledyne Technologies Incorporated history

In 1966, Teledyne bought Vasco Metals Corporation, which started a third wave of acquisitions, in specialty metals.

For the ten years previous to 1971, the company led the Fortune 500 ranking in earnings and earnings per share growth.

In 1972, Argonaut, one of Teledyne's six financial companies, decided to expand from the worker's compensation field into the medical malpractice insurance business.

Net income soared to $101.7 million on sales of $1.71 billion in 1974.

By 1978, through Teledyne, Singleton had gained effective control of five other companies, owning 22 percent of Litton's common stock, 28.5 percent of Curtiss-Wright, nearly 20 percent of Walter Kidde, 22 percent of Brockway Glass, and 20 percent of Reichhold Chemicals.

The stock portfolio, which had been built up at the expense of the rest of the company, was also in trouble during 1982.

That same year, Teledyne took a $49.1 million loss on its stake in GAF, and in December 1985 the company sold its 6.7 percent share in GAF.

The new chairman and chief executive officer was from FMC Corporation and had worked at Teledyne in specialty metals since 1986.

Under Rutledge and Rice, Teledyne's operations were consolidated from 65 units into 21 companies, reduced from a high of 130 in 1990.

In 1991, he announced that Teledyne planned to either close or sell 24 of its facilities.

After 1992, Teledyne pled guilty to many accusations cited in the lawsuits brought against it and paid nearly $30 million to settle charges.

In August 1996, Teledyne, Inc. was acquired by Allegheny Ludlum Corp., a Pittsburgh-based producer of stainless and specialty steels.

Their combined 1998 revenues were $800 million.

In 2001, Teledyne combined its energy systems business with that of Energy Partners, Inc., a Florida company dedicated to commercializing proton exchange membrane (PEM) fuel cell components and systems.