called ling temco vought former type public company traded as ltv ltvcq former industry conglomerate founded 1947 founder james ling defunct december 29 2000 2000 12 29 final bankruptcy date headquarters cleveland ohio hq 1993 to dissolution dallas texas founded united states of america area served worldwide website ltvsteel.com 2000 archive now defunct ling temco vought ltv was a large us conglomerate which existed from 1961 to 2000 . at its peak its component parts were involved in the aerospace industry electronics steel manufacturing sporting goods the airline industry meat packing car rentals and pharmaceuticals among other businesses . it began in 1947 as ling electric company later named ling temco vought followed by ltv corporation and eventually ltv steel to its end in the early 2000s . contents 1 history 1.1 ling electric company 1.2 ling temco vought 1.2.1 acquisitions 1.2.2 conglomerate and anti trust problems 1.3 ltv corporation 1.3.1 ltv files for bankruptcy protection 1 1.3.2 ltv files for bankruptcy protection 2 2 aircraft 3 missiles 4 unmanned aerial vehicles 5 references 5.1 notes 5.2 sources 5.3 further reading 6 external links history edit ling electric company edit in 1947 entrepreneur james ling founded dallas electrical contracting business ling electric company . he lived in the rear of the shop . after incorporating and taking the company public in 1955 ling found innovative ways to market the stock including selling door to door and from a booth at the state fair of texas . 1 ling temco vought edit in 1956 ling bought l.m. electronics and in 1959 added altec electronics a maker of stereo systems and speakers . in 1960 ling merged the company with temco aircraft best known for its missile work . in 1961 using additional funding from insurance businessman troy post and texas oil baron david harold byrd they acquired chance vought aerospace in a hostile takeover . 1 the new company became ling temco vought . with low interest rates allowing the company to borrow huge sums ling built one of the major 1960s conglomerates . as long as the target company s earnings exceeded the interest on the loan or corporate bond or the company s price earnings ratio was less than that of ling temco vought s stock the conglomerate became more profitable overall . given the fairly unsophisticated stock research of the era the company appeared to be growing without bound and its share price rose . in 1964 ling turned ling temco vought into a holding company and established three public companies as subsidiaries ltv aerospace ltv ling altec and ltv electrosystems . ltv aerospace received assets for vought and a large part of temco aircraft . ltv ling altec contained altec electronics and other properties and the rest went to ltv electrosystems . the intention was to make the sum of the parts appear to be worth more than the whole . ling used this technique to raise capital and buy more companies . 1 portions of ltv electrosystems would later spin off to e systems then part of raytheon iis and since 2002 part of l 3 communications integrated systems l 3 is . acquisitions edit in 1965 ling added the wire and cable company okonite . in 1967 they took over wilson and company a company twice the size of ling temco vought . wilson was a diverse company involved in meat packing sporting goods and pharmaceuticals . 2 wilson s president roscoe haynie was not aware of the takeover scheme until two weeks before the takeover was complete . 3 ling later split wilson into three parts meat packing sporting goods and pharmaceuticals and spun them off into separate companies traded on the american stock exchange . in 1968 ling temco vought added greatamerica corporation troy post s holding company for braniff international airways and national car rental 2 and j & l steel . in addition he acquired resorts in acapulco guerrero mexico and steamboat springs colorado . by 1969 ltv had purchased 33 companies employed 29 000 workers and offered 15 000 separate products and services and was one of the 40 biggest industrial corporations . conglomerate and anti trust problems edit ling temco vought had a combined sales of 3.6 billion in 1969 23.2 billion today 3 but investors found that the conglomerates were not growing any faster than the individual companies had before they were bought out . share prices plummeted sparking a bear market and there was a general feeling that the conglomerates were to blame for the market woes . an anti trust lawsuit was filed that year . eventually the board of directors demoted james ling in 1970 and he left the company to be replaced by former ling temco vought executive paul thayer . ltv corporation edit as part of a 1971 antitrust settlement the company sold its braniff and okonite components 2 and thayer changed the company name from ling temco vought to ltv corporation . thayer was succeeded by former xerox executive raymond hay . ltv files for bankruptcy protection 1 edit in july 1986 ltv corporation filed for chapter 11 bankruptcy protection . with 6.14 billion 13.3 billion today in total assets and 4.59 billion in debt . it was the largest bankruptcy in us history to that point . 4 the company went into a series of divestitures most notably the entire ltv aerospace division ; the aerospace component retained the legacy vought name as the independent vought corporation while the missile component later became part of loral corporation 5 and later became the lockheed martin missiles and fire control division . after the 1984 merger of the jones and laughlin steel company subsidiary with republic steel corporation the company continued to exist primarily as a steel producer renaming itself ltv steel and moved its headquarters to cleveland ohio in 1993 . ltv did not leave chapter 11 bankruptcy protection until june 28 1993 in what was described in 1999 as one of the longest and most complicated bankruptcies in us history . 3 in 1999 ltv acquired pittsburgh based copperweld corporation from im tal s.a. of france . 6 ltv files for bankruptcy protection 2 edit ltv steel filed again for chapter 11 bankruptcy protection on december 29 2000 . 7 international steel group the assets were acquired in february 2002 by wilbur ross and merged with weirton steel to form the international steel group . 2 8 railroad subsidiaries some of the railroad subsidiaries chicago short line railway cuyahoga valley railway and river terminal railway went to isg while the ohio central railroad system acquired aliquippa and southern railroad and mahoning valley railway . the former monongahela connecting railroad is now operated by the allegheny valley railroad . steel in 2002 lombard metals corp located in bala cynwyd pennsylvania purchased all the outside inventory totaling 224 000 000 lbs of steel from 58 locations throughout the country . aircraft edit a 7 corsair ii aircraft made by ling temco vought . this example a former us navy aircraft was photographed at a british airshow in 2005 it was retired from service by 2014 from the hellenic air force greece . ltv a 7 corsair ii vought ya 7f ltv xc 142 ltv l450f vought model 1600 missiles edit mgm 52 lance asm 135 asat vought hvm mgm 140 atacms unmanned aerial vehicles edit ltv xqm 93 references edit notes edit a b c sobel robert 1999 . the rise and fall of the conglomerate kings . beard books . isbn 1 893122 47 6 . a b c d gaughan patrick a. 2010 . mergers acquisitions and corporate restructurings 5 ed . . john wiley & sons . pp. 56 57 . isbn 0470881216 . a b c the ltv corporation history . funding universe . 1999 . retrieved 2014 10 04 . hayes thomas c. july 18 1986 . ltv corp. files for bankruptcy ; debt is 4 billion . new york times . takahashi dean september 1 1992 . loral acquires missile branch of ltv corp. . los angeles times . ltv corporation september 9 1999 . ltv to purchase copperweld corporation . pr news wire . ltv steel . ltv . archived from the original on may 9 2008 . retrieved 2008 05 26 . ltv steel assets sold . cnn money . february 27 2002 . sources edit sobel robert 2000 . the money manias the eras of great speculation in america 1770 1970 . beard books . isbn 1 58798 028 2 . further reading edit brown stanley h. 1972 . ling the rise and fall of a texas titan . new york . for more detail about the founder and company during the conglomerate era . external links edit wikimedia commons has media related to ling temco vought . ltv steel western reserve historical society the ltv corporation harvard the lehman brothers collection ltv corporation texas state historical association v t e aircraft produced by vought ltv aerospace fighters ve 7 ve 8 ve 9 v 141 v 143 fu xf2u xf3u f4u xf5u f6u f7u f8u f 8 xf8u 3 model 1600 scout attack o2u o3u o4u o5u os2u xso2u su sbu sb2u xsb3u tbu au a2u a 7 ya 7f experimental unbuilt xc 142 v 173 xs2u xwu names corsair o2u sbu f4u au a 7 ii others crusader i ii crusader iii cutlass kingfisher pirate sea wolf vindicator retrieved from https en.wikipedia.org w index.php title ling temco vought & oldid 743405752 categories voughtconglomerate companies of the united statesdefunct aircraft manufacturers of the united statesdefunct manufacturing companies of the united statesaerospace companies of the united stateselectronics companies of the united statesmanufacturing companies based in cleveland ohiodefunct companies based in clevelandelectronics companies established in 1947manufacturing companies established in 1947conglomerate companies established in 1956conglomerate companies disestablished in 2000manufacturing companies disestablished in 20001947 establishments in ohio2000 disestablishments in ohiocompanies that filed for chapter 11 bankruptcy in 1986companies that filed for chapter 11 bankruptcy in 2000braniffhidden categories use mdy dates from september 2016commons category with local link same as on wikidata navigation menu personal tools not logged intalkcontributionscreate accountlog in 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