Advertisement
YOU ARE HERE: LAT HomeCollectionsLear Siegler
IN THE NEWS

Lear Siegler

FEATURED ARTICLES
BUSINESS
December 18, 1986
During the last two months, Lear Siegler has been in the throes of restructuring plans and takeover reports. Here is a chronology of events, ending with Wednesday's announcement of the sale of the company: Oct. 23. Lear Siegler announces plans to restructure; says it knows of no takeover threat. Oct. 29. Lear Siegler discloses that AFG Partners has acquired more than 5% of its stock. Oct. 30. AFG Partners makes $85-a-share, or $1.5 billion, offer for Lear Siegler. Nov. 5.
ARTICLES BY DATE
NEWS
August 18, 1993
James N. Thayer, retired chief financial officer of Lear Siegler Inc. and a major supporter of UCLA, has died. He was 67. Thayer died Thursday of cancer at St. Johns Medical Center in Santa Monica, UCLA announced. He had been with Santa Monica-based Lear Siegler from 1967 until his retirement in 1987. Then a director of Gibraltar Financial Corp. of Beverly Hills, Thayer was named president and chairman of Gibraltar in 1988.
Advertisement
BUSINESS
June 28, 1986
Robert T. Campion, 65, the longtime chairman and chief executive of Lear Siegler, will retire Aug. 15 and be replaced by current president Norman A. Barkeley, the company announced Friday. Campion became chief executive of the Santa Monica-based firm in 1971, when revenue was in the $500-million range, and became chairman in 1974. Last year, sales totaled $2.4 billion from its broad range of aerospace, automotive and industrial products.
BUSINESS
April 24, 1990
Lear Siegler Inc. in Santa Monica won a $1.7-million contract from the Air Force for engineering services.
NEWS
December 17, 1986
Lear Siegler, the Santa Monica conglomerate that has been a takeover target for the last two months, agreed today to be acquired by the New York investment firm of Forstmann, Little & Co. and by some members of Lear Siegler's management for $2.1 billion. The buy-out group said it will pay $92 cash for each of Lear Siegler's outstanding 17.8 million common shares and $230 cash for each of the company's 175,000 outstanding preferred shares.
BUSINESS
December 31, 1986
The Santa Monica-based conglomerate said it signed an agreement to sell its unprofitable Phoenix-based Audiotone unit, which makes hearing aids, to Dalhberg Inc. of Golden Valley, Minn. Audiotone reported sales of $7.7 million for the year ended June 30, 1986. Lear Siegler said that the sale was unrelated to the $2.1-billion corporate buyout announced earlier this month by an investment group led by Lear Siegler managers and the Forstmann Little & Co. investment firm.
BUSINESS
December 2, 1986 | CARLA LAZZARESCHI, Times Staff Writer
The investor group that made Lear Siegler a prime acquisition target five weeks ago resurrected its original $1.5-billion offer for the Santa Monica conglomerate Monday, further complicating the already crowded and confused battle for the company. Lear Siegler officials said the latest offer from AFG Partners, which already owns 4.7% of Lear Siegler stock, will be considered at a special meeting of the company's board of directors today. The company would make no further comment.
BUSINESS
November 7, 1985
Lear Siegler Chairman Robert T. Campion told shareholders at the company's annual meeting that earnings and revenue for fiscal 1986 would be below last year's record levels but will not decline as much as in the first quarter of this fiscal year. In the quarter ended Sept. 30, earnings fell 36% to $11.7 million, and revenue slipped 2% to $533.4 million from the previous year.
BUSINESS
April 26, 1985
Lear Siegler reported record sales and net earnings for the third fiscal quarter and nine months ended March 31. Third-quarter sales of $591.84 million compared to $542.52 million in the same quarter a year ago. Net earnings of $24.71 million were up from $21.9 million. Current-year operations include Bangor Punta, which was acquired Feb. 1, 1984.
BUSINESS
January 26, 1987
Fortsmann Little, the New York investment house that is buying Lear Siegler for $2.18 billion, extended its offer for Lear Siegler shares until midnight tonight. The initial offer expired midnight Thursday. Fortsmann Little is paying $92 for each common share and $230 for each preferred share. About 45% of all preferred shares have been tendered.
BUSINESS
July 20, 1989 | CHRIS KRAUL, San Diego County Business Editor
Layoffs are expected at Monitor Technologies if the company's plan to merge with Lear Siegler Measurement Controls of Englewood, Colo., through an $8-a-share tender offer is successful. Monitor Technologies Chairman Kenneth Years said plans call for the San Diego-based manufacturer of air-pollution monitoring equipment to be moved to Englewood from its current Scripps Ranch base of operations after the completion of the tender offer.
NEWS
May 13, 1989 | JERRY HICKS, Times Staff Writer
When the next phase of Randy Steven Kraft's trial begins--to determine whether he should die in the gas chamber--prosecutors may link Kraft to even more murders than the jury has yet glimpsed. While Deputy Dist. Atty. Bryan F. Brown has not yet announced how many murders he will introduce during the so-called penalty phase, his office has tied Kraft in court papers to 29 murders in three states besides the 16 Orange County murders for which Kraft was convicted on Friday. Now that Kraft has been convicted 16 times, Chief Deputy Dist.
BUSINESS
April 17, 1989 | DENISE GELLENE, Times Staff Writer
Its founder made a fortune selling picks and shovels to the '49ers who came to California in search of gold. One hundred-forty years later, the Los Angeles company that bears his name has lost more money than Charles L. Ducommun ever dreamed of. During the past five years, troubled Ducommun Inc. has sold off its metals and electronics operations to raise badly needed cash. The money-losing aerospace business that remains has been plagued with cost overruns, bloated inventories and production problems.
BUSINESS
August 23, 1988 | GEORGE WHITE, Times Staff Writer
Lear Siegler Holdings has sold its automotive parts subsidiary to the subsidiary's management and Kidder, Peabody & Co. in a $500-million leveraged buyout. Forstmann Little & Co., which has sold a number of Lear Siegler units since it acquired the conglomerate for $2.1 billion last year, agreed late Friday to sell Lear Siegler Seating Corp., which produces automobile seats.
BUSINESS
October 17, 1987 | CARLA LAZZARESCHI, Times Staff Writer
Forstmann Little & Co., which bought the Santa Monica-based Lear Siegler conglomerate earlier this year, said Friday that it has sold three of Lear's remaining aerospace companies, including two in Orange County, to BFM Aerospace Corp. of Santa Ana for $97 million. With the latest sales, Forstmann Little has divested itself of all but two units of Lear's one-time sprawling aerospace empire: Management Services Corp. in Oklahoma City and Power Equipment Corp. in Maple Heights, Ohio.
BUSINESS
October 17, 1987 | CARLA LAZZARESCHI, Times Staff Writer
Forstmann Little & Co., which bought the Santa Monica-based Lear Siegler conglomerate earlier this year, said Friday that it has sold three of Lear's remaining aerospace companies, including two in Orange County, to BFM Aerospace Corp. of Santa Ana for $97 million. With the latest sales, Forstmann Little has divested itself of all but two units of Lear's one-time sprawling aerospace empire: Management Services Corp. in Oklahoma City and Power Equipment Corp. in Maple Heights, Ohio.
BUSINESS
February 19, 1987 | DENISE GELLENE, Times Staff Writer
The investment group that recently acquired Lear Siegler put several of its businesses up for sale Wednesday and said Lear Siegler's Piper Aircraft unit continued to suffer huge losses. Lear Siegler is looking for buyers for its Smith & Wesson handgun business, its Cal and O'Day sailboat units and manufacturers of farm equipment, recreational vehicles and Peerless truck trailers. Lear Siegler is also selling Producers Cotton Oil, a vegetable oil processor in Fresno.
BUSINESS
August 1, 1987 | NANCY RIVERA BROOKS, Times Staff Writer
Lear Siegler said Friday that it has agreed to sell two of its aerospace divisions to General Electric Co. of London for $205 million as part of the Santa Monica company's continuing divestiture of operations following a buyout early this year by Forstmann Little. The two divisions--Lear Siegler Astronics of Santa Monica and Developmental Sciences of Ontario--had estimated pretax earnings of $15 million on sales of $124.8 million for the fiscal year ending June 30.
Los Angeles Times Articles
|