Henry E. Singleton, Teledyne's Co-founder, Dies.
Allegheny Teledyne Incorporated (NYSE:ALT) announced today that Henry E. Singleton, co-founder and long-time leader of Teledyne, Inc., passed away on August 31 at his home in Los Angeles, CA. Dr. Singleton was 82.
"The Allegheny Teledyne family is deeply saddened by Henry's death," said Richard P. Simmons, Allegheny Teledyne's chairman, president and chief executive officer. "Henry was truly a business icon. His accomplishments are legendary, including his commitment to creating shareholder value. More importantly, he was a man of integrity and fairness.
"On behalf of the board of directors and all of our employees I wish to offer our deepest sympathy to Henry's wife of 57 years, Caroline, and their family," Simmons added.
A leader and innovator in both the corporate and engineering worlds, Dr. Singleton personally developed the inertial guidance system now used universally in commercial and military aircraft. He was also one of the first pioneers to repurchase stock in his own company, a device now commonly used.
In 1960, Dr. Singleton left Litton Industries and joined with Dr. George Kozmetsky to start Teledyne, Inc. Dr. George A. Roberts joined Dr. Singleton in the mid-1960s when Teledyne acquired the Vanadium Alloy Steel Co. Under the leadership of Drs. Singleton and Roberts, Teledyne grew dramatically during the 1960s and 1970s into a diversified manufacturing, insurance and financial services conglomerate. Teledyne peaked at nearly $5 billion in annual revenues in 1985, before Dr. Singleton initiated a refocus of the company back to its manufacturing roots through the spin-off of its insurance and finance businesses to the shareholders beginning in 1986.
Dr. Singleton retired as Teledyne's chief executive officer in 1986, and remained chairman until 1991. He was a director of Teledyne until it combined with Allegheny Ludlum Corporation in August of 1996, at which point he became a director of Allegheny Teledyne until his retirement from the board in May of 1997.
A Memorial Service will be held Wednesday, September 8, at 11:00 am at All Saints Episcopal Church in Beverly Hills, CA. In lieu of flowers, the family suggests a donation to the UCLA Division of Neurosurgery, All Saints Church, or St. John's Hospital, Santa Monica, CA.
Allegheny Teledyne Incorporated is a diversified manufacturing company serving global markets with specialty metals, aerospace, electronic, industrial, and consumer products. The company is one of the largest and most diversified specialty metals producers in the world. With talented people using innovative technologies and systems, Allegheny Teledyne's goal is to be the low cost, high quality supplier to global markets. Allegheny Teledyne's website can be found at http://www.alleghenyteledyne.com.
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|Date:||Sep 2, 1999|
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