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BUSINESS
September 17, 1986
Burroughs announced the completion of its $4.78-billion purchase of rival computer maker Sperry with approval of the transaction by Sperry shareholders and the filing of legal documents. Sperry had accepted Burroughs' bid in May. Earlier this week, Burroughs announced 28 executive appointments, including people from both Detroit-based Burroughs and New York-based Sperry. Burroughs spokesman James Kenyon said a new name for the combined companies likely would be announced in October.
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NEWS
October 23, 2012 | By Adam Tschorn
Cozy yet cool peacoats for the feet? That's essentially what Sperry Top-Sider and Fidelity Sportswear have created with their fall 2012 collaborative capsule collection that hit retail this month. The shoes marry Sperry's classic silhouettes to Fidelity's melton wool peacoat fabric on the outside and diamond-quilted linings on the inside and details including anchor-detail buttons and rawhide laces. Though you're probably familiar with Sperry's contributions to shipboard life (its distinctive white outsole was developed to provide deck traction without scuffs and marks)
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BUSINESS
June 18, 1985 | Associated Press
Burroughs Corp. and Sperry Corp. ended merger talks and blamed each other Monday for failing to negotiate a $3.7-billion deal that would have created the world's second-largest computer manufacturer. Sperry rejected a plan that would have maintained separate large-computer technologies and marketing organizations while merging the companies' procurement, manufacturing, engineering, research and administration, Burroughs said. Burroughs Chairman W.
BUSINESS
May 2, 2012 | By Tiffany Hsu, Los Angeles Times
Collective Brands Inc., which owns footwear brands such as Sperry Top-Sider and Keds as well as the retailer Payless ShoeSource, will be split in two by multiple buyers in a purchase valued at $2 billion, including debt. Wolverine Worldwide, Blum Capital and Golden Gate Capital formed an acquisition company to buy Collective for $21.75 a share. The deal was unanimously approved by Collective's board and is expected to close by early in the fourth quarter. The price represents a 104% premium on Collective's 30-day average stock price before Aug. 24, when the company first announced that it was looking into a strategic and financial shift for its operations.
BUSINESS
June 24, 1986
Quadratron Systems, a Sherman Oaks computer software firm, said its software will be used in Sperry Corp. computer systems to be delivered to the U.S. Army. Quadratron President John J. Theiss called the agreement a "multimillion-dollar" deal for his company but declined to give details. He said it is uncertain how many of Sperry's computer systems the Army will order, although the estimated value of the deal for Sperry is $250 million.
BUSINESS
June 12, 1985
Detroit-based Burroughs said it is closing its manufacturing and engineering facility in Coral Springs, Fla., and an engineering facility in Orlando, Fla., by the end of October, permanently eliminating about 750 employees. Sperry reported that 285 employees at two of its Minnesota plants have received layoff notices. The company said that 175 non-union workers at its Eagan, Minn., plant were told that their jobs would be permanently eliminated. The plant produces computer chips.
BUSINESS
November 7, 1986 | DONNA K. H. WALTERS
Burroughs is selling a sizable portion of Memorex, the struggling disk drive and computer peripherals business it bought five years ago, to an international group of Memorex executives and New York financier Eli S. Jacobs for $550 million, the company said Thursday. The sale fits with Burroughs' stated plan to sell at least $1.5 billion in assets to help pay the debt it incurred in its $4.8-billion acquisition of Sperry earlier this year.
BUSINESS
July 14, 1989 | From Associated Press
A former Navy engineer today pleaded guilty to taking $475,000 in bribes from two defense contractors in return for providing confidential bid information about a computer maintenance contract. Garland L. Tomlin Jr., 59, was among five people who entered guilty pleas today in U.S. District Court in connection with the Justice Department's continuing investigation of Pentagon procurement fraud. Tomlin admitted receiving $400,000 from Sperry Inc. and $75,000 from Honeywell Corp.
BUSINESS
February 9, 1987
The computer maker said it will close its semiconductor operations in Minnesota and move the work to California at a cost of 900 jobs. A Minnesota semiconductor plant in Eagan and a packaging operation in Roseville, which were part of the old Sperry operation, will be closed by December. The work from both places will be moved to Rancho Bernardo, Calif., which was part of the old Burroughs. About 100 Minnesota workers will be offered jobs at the Rancho Bernardo plant, Unisys said.
NEWS
January 25, 1985 | MYRNA OLIVER, Times Staff Writer
A Beverly Hills insurance executive who was fired six years ago by Sperry and Hutchinson Co. for making too much money won $20 million Thursday from the Green Stamp company and its former subsidiary, which he ran. Los Angeles Superior Court jurors awarded the money to Frank V. McCullough Sr., 64, after a 12-week trial before Assistant Presiding Judge Jack E. Goertzen.
BUSINESS
November 15, 2007
Sperry Van Ness, a commercial real estate broker based in Irvine, bought JBM Realty Advisors Inc. and is opening offices in Chicago, Seattle and New York to boost the size of its deals. The acquisition of Tampa, Fla.-based JBM will allow Sperry to broker larger purchases, said Jerry Anderson, president of Sperry Van Ness International. Anderson declined to disclose the price paid for JBM.
BUSINESS
September 17, 2002 | A Times Staff Writer
Sperry Van Ness, an Irvine-based commercial real estate company, has expanded into the San Fernando Valley and hired four former executives from competitor TOLD Partners. Now working for Sperry Van Ness in the new Woodland Hills office are Jeffrey C. Albee, vice president; Dan Powers, vice president; Thomas T. McBride, senior associate; and Dan Wakumoto, senior associate.
SPORTS
August 19, 2002 | From Staff and Wire Reports
George Szabo and crew Austin Sperry solved the weather riddles of Santa Monica Bay and made all the right moves to build an unbeatable lead in the first race of the Nautica 2002 Star Class World Championship Sunday, but their final opponent was time.
BUSINESS
May 14, 1996
Litton Industries Inc. and an investment partnership have changed the terms of their deal to acquire Sperry Marine Inc. Under the new agreement, Litton and J.F. Lehman & Co. will pay about $158 million in cash for the supplier of advanced electronic navigation and guidance systems. The initial deal had called for Litton to issue 2.2 million shares of its common stock to acquire Sperry. Based in Woodland Hills, Litton is a leading defense electronics and shipbuilding concern.
BUSINESS
February 27, 1996
Litton Industries Inc. has agreed to buy Sperry Marine Inc. in a $160-million stock merger. Sperry Marine, based in Charlottesville, Va., makes electronic navigation and guidance systems used in boats and aircraft for commercial and military customers. Sperry Marine had sales of $145 million in 1995. Litton will issue about 2 million shares of common stock to an investment partnership led by J.F. Lehman & Co., and assume Sperry's outstanding debts of $52 million.
BUSINESS
May 26, 1995 | From Associated Press
At the Dixie Boy Truck Stop, a scruffy namesake in blue denims and cowboy boots snuffs out his cigarette and takes a last gulp of coffee. He fuels up his 18-wheeler and pays the clerk on his way back out to that endless black ribbon. "Don't forget your stamps," the smiling clerk says, unfurling a seemingly endless green ribbon of trading stamps. "I don't collect them myself-- uh, I give them to my mom," explains Jim Murphy, an Edgewater, Fla.-based long hauler. "She's the one who collects them."
BUSINESS
May 30, 1986 | JAMES FLANIGAN
Are you better off today than you were yesterday? The Bureau of Labor Statistics has wage figures spanning the decades since 1964 that say no. We've seen a lot of change since then. Economically, we had wage and price controls in the early 1970s and supply-side economics in the early 1980s. Inflation ballooned to frightening proportions and now appears to have subsided.
BUSINESS
August 27, 1985 | From Times Wire Services
The stock market was mixed Monday at the close of a listless late-summer session. The Dow Jones average of 30 industrial stocks slipped 0.67 to 1,317.65, while some other, broader market measures eked out small gains. Volume on the New York Stock Exchange dropped off to 70.29 million shares from 75.27 million on Friday. Stocks staged a modest rally last week after four consecutive weeks of declines. But analysts noted that the advance faded on Thursday and Friday.
NEWS
April 19, 1994 | MYRNA OLIVER, TIMES STAFF WRITER
Roger W. Sperry, a retired Caltech professor of psychobiology who shared the Nobel Prize in medicine and physiology for his split-brain research establishing the separate functions of the "left brain" and "right brain," has died. He was 80. The scientist, who taught at Caltech from 1954 until his retirement in 1984, died Sunday in Pasadena, Caltech officials announced Monday. Sperry received half of the 1981 prize for his studies of brain function over 40 years.
BUSINESS
November 28, 1990 | MICHAEL FLAGG, TIMES STAFF WRITER
Sperry Van Ness, an Irvine commercial real estate brokerage, Tuesday filed a lawsuit against a Palo Alto-based brokerage over what the suit said were "thousands of acts of unfair competition." An official of the Palo Alto firm, Marcus & Millichap, said the company hadn't yet seen the suit, filed late Tuesday afternoon, and had no comment. The suit, filed in Orange County Superior Court here, is the latest chapter in a legal tussle between the two brokerages.
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