CLEVELAND, March 8 /PRNewswire/ -- Henry Singleton and George Roberts met as young plebes and roommates at the US Naval Academy at Annapolis in 1935, and began a life-long friendship and more than three decades of a close and remarkably productive business association. DISTANT FORCE, a new book by Dr. George A. Roberts (available at www.distantforce.com) is his memoir of how they built the Teledyne corporation into a 4 billion dollar business that was at times controversial, but unerringly successful in providing high financial returns to those shareholders who remained with them through their amazing journey. (Photo: http://www.newscom.com/cgi-bin/prnh/20070308/CLTH109 ) The new book covers the early growth of the corporation through acquisitions as well as internal growth, its diversification into the financial field, its controversial stock buyback programs, and various strategic spin-offs, as well as dealing with whistle-blower actions and a hostile take-over attempt which was thwarted by a friendly merger with Allegheny Ludlum in 1996. Today, though the original Teledyne corporation no longer exists, some of the very first major core companies that Henry had chosen to begin his company are now part of Teledyne Technologies, a leading provider of sophisticated electronic components, instruments and communications products, under the leadership of Dr. Robert Mehrabian. This company too, is rapidly growing through acquisitions and internal growth, as the original Teledyne did in its early years. As is detailed in this book, an investor who put money into Teledyne stock in 1966 and retained that investment achieved an annual return of 17.9 percent over 25 years, or a 53x return on invested capital vs. 6.7x for the S&P 500, 9.0x for General Electric, and 7.1x for other comparable conglomerates. Expressed another way, 1000 shares of Teledyne stock bought in 1966, the sixth year of the corporation's existence, at a cost of $86,000, had grown to 59,919 shares in 2004 through stock splits, and with accumulated stock and cash dividends, plus the value of stock and dividends of the subsidiaries spun off to Teledyne shareholders, reached a peak value in that year of over 12 million dollars. Henry founded the Teledyne Corporation in 1960 with his friend and MIT colleague George Kozmetsky. He brought to their venture his outstanding talents in mathematics and his expertise the newly emerging technology of semiconductor electronics, based on his doctorate at MIT. To this he added his practical experience in the electronic and aerospace industries gained in a series of jobs with GE, Hughes, North American, and finally Litton. Kozmetsky, who had a doctorate in commercial science from Harvard, provided his brilliant knowledge in business management, and later went on to become the nationally- known dean of the College of Business at the University of Texas, at Austin. George Roberts, meanwhile, had earned a doctorate in metallurgy at Carnegie Mellon University, and went to work for the Vanadium Alloys Steel Company in Latrobe, Pennsylvania, a highly specialized producer of precision alloys used in critical aerospace, industrial and nuclear applications. He quickly rose through the ranks to become its president. In 1966, the two friends, who had remained in contact over the years, agreed that a merger of their companies would be profitable to both. With that merger George became President of Teledyne, with Henry as Teledyne's Chief Executive Officer and Chairman of the Board. The book is now available through the Internet. Visit www.distantforce.com for details.
SOURCE Dr. George A. Roberts