Loral Electronics Corporation
List of Deals
- 1960 $5,000,000 4 1/2% subordinated convertible debentures due December 1, 1980
- 1962 48,725 shares common stock
Loral Electronics Corporation was founded in 1948 in New York by William Lorenz and Leon Alpert. The company specialized in radar and infrared detection equipment, as well as satellite communications.
Radar and sonar detection methods played an important role during World War II, and the young firm concentrated its efforts in this area, winning contracts for advanced airborne radar systems and U.S. Navy navigation computing. With a series of U.S. military contracts under its belt, Loral went public in 1959. That same year, the company acquired Willor Manufacturing Corp., which made stamped metal parts, and the electronic equipment-leasing arm of Allor Leasing Corp.
In 1961 Loral formed a division for developing communications, telemetry, and space navigation systems for satellites. It also bought American Beryllium Co. Inc., which was one of the largest precision machiners of beryllium, a lightweight, toxic material that could withstand harsh environments. Under Loral it became a contract manufacturer of components for aerospace guidance systems and nuclear reactors. Loral also bought Arco Electronics in 1961, and in 1963 it acquired A&M Instrument Co., Circle Plastics, and Lerner Plastics, a manufacturer of packaging for prescription medicines and other products.