DISTANT FORCE A Memoir of the Teledyne Corporation and the Man Who Created it

A new book by Dr. George A. Roberts, former president and CEO of Teledyne,

Inc., tells the story of how Henry Singleton conceived and built his

multibillion dollar corporation.

Mar 08, 2007, 00:00 ET from Dr. George A. Roberts

    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