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James Joseph "Jimmy" Ling (December 31, 1922 – December 17, 2004) was an American businessman and former head of Ling-Temco-Vought corporation. While at its helm, Ling used LTV funds to purchase a large number of corporations, and was one of the more famous of the 1960s
conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** ...
managers. As with other conglomerates such as
ITT ITT may refer to: Communication * Infantry-Tank Telephone, a device allowing infantrymen to speak to the occupants of armoured vehicles. Mathematics *Intuitionistic type theory, other name of Martin-Löf Type Theory *Intensional type theory B ...
,
Litton Industries Litton Industries was a large defense contractor in the United States named after inventor Charles Litton Sr. During the 1960s, the company began acquiring many unrelated firms and became one of the largest conglomerates in the United States. A ...
, Teledyne, and
Textron Textron Inc. is an American industrial conglomerate based in Providence, Rhode Island. Textron's subsidiaries include Arctic Cat, Bell Textron, Textron Aviation (which itself includes the Beechcraft, and Cessna brands), and Lycoming Engines. ...
, higher
interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, t ...
s and inflation destroyed LTV in the 1970s.


Biography

Ling was the son of a
Catholic The Catholic Church, also known as the Roman Catholic Church, is the largest Christian church, with 1.3 billion baptized Catholics worldwide . It is among the world's oldest and largest international institutions, and has played a ...
convert who later entered a
Carmelite , image = , caption = Coat of arms of the Carmelites , abbreviation = OCarm , formation = Late 12th century , founder = Early hermits of Mount Carmel , founding_location = Mount Ca ...
monastery. Ling's mother died when he was young, and he lived for a time with an aunt in
Shreveport, Louisiana Shreveport ( ) is a city in the U.S. state of Louisiana. It is the third most populous city in Louisiana after New Orleans and Baton Rouge, respectively. The Shreveport–Bossier City metropolitan area, with a population of 393,406 in 2020, is ...
. He failed to graduate from a
Jesuit , image = Ihs-logo.svg , image_size = 175px , caption = ChristogramOfficial seal of the Jesuits , abbreviation = SJ , nickname = Jesuits , formation = , founders ...
high school but became a master electrician after training at a
US Navy The United States Navy (USN) is the maritime service branch of the United States Armed Forces and one of the eight uniformed services of the United States. It is the largest and most powerful navy in the world, with the estimated tonnage ...
school in
Mississippi Mississippi () is a state in the Southeastern region of the United States, bordered to the north by Tennessee; to the east by Alabama; to the south by the Gulf of Mexico; to the southwest by Louisiana; and to the northwest by Arkansas. Miss ...
. In 1947 he founded his own Dallas electrical contracting business, Ling Electric Company, where he lived in the rear of the shop. After incorporating and taking his company public in 1955, Ling found innovative ways to market his stock, including door-to-door soliciting and selling from a booth at the
State Fair of Texas The State Fair of Texas is an annual state fair held in Dallas at historic Fair Park. The fair has taken place every year since 1886 except for varying periods during World War I and World War II as well as 2020, due to the COVID-19 pandemic. It ...
. In 1956 Ling bought L.M. Electronics, followed by Altec Electronics in 1959 and
Temco Aircraft The Texas Engineering & Manufacturing Company (TEMCO), also known as Temco Aircraft Corporation, was a U.S.-based manufacturing company located in Dallas, Texas, USA. It is best known for eventually forming part of the conglomerate Ling-Temco-V ...
in 1960. In 1961, he bought Chance Vought Aircraft, merging his interests into Ling-Temco-Vought. His empire fell apart after he acquired the money-losing Jones & Laughlin Steel Company in 1970. He had to sell subsidiaries to try to stanch the ensuing financial hemorrhage. After
antitrust Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust ...
issues arose, bankers forced Ling's resignation later in 1970. Ling formed several companies after his time at LTV, but none were as successful. His first comeback try, Omega-Alpha, went bankrupt in 1975. Ling died of
esophageal cancer Esophageal cancer is cancer arising from the esophagus—the food pipe that runs between the throat and the stomach. Symptoms often include difficulty in swallowing and weight loss. Other symptoms may include pain when swallowing, a hoarse voi ...
at his Dallas, Texas home in 2004.


References


Further reading

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External links

* {{DEFAULTSORT:Ling, James 1922 births 2004 deaths Businesspeople from Dallas People from Hugo, Oklahoma Military personnel from Oklahoma 20th-century American businesspeople Deaths from cancer in Texas