Herley Industries

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Herley Industries
Type Public
Traded as NASDAQ: HRLY
Industry microwave technology
Founded 1965
Headquarters Lancaster, Pennsylvania, USA
Key people Richard Poirier, Chairman and Chief Executive Officer. Anello C. Garefino, Chief Financial Officer.
Products defense and commercial technology
Employees approximately 1,000[1]
Website www.herley.com

Herley Industries, based in Lancaster, Pennsylvania, is an American company that specializes in supplying microwave and millimeter wave products to defense and aerospace industries. They provide solutions for radars, flight instrumentation, weapon sensors, electronic warfare systems and guidance systems for contractors, the U.S. government, as well as governments and militaries worldwide.[2] Herley was founded in 1965,[3] and has acquired several companies such as Vega Precision, Metraplex Corporation, General Microwave[4] and Innovative Concepts throughout its history.

In June 2006, the company and its former chairman, Lee N. Blatt were indicted on multiple charges in connection with purported activities resulting in alleged excessive profits by the Company on three contracts with the U.S. Department of Defense. Three of the company’s nine manufacturing plants were placed under suspension, meaning they could not initiate any new federal contracts. The plants affected were in Lancaster, Pennsylvania, Woburn, Massachusetts and Farmingdale, New York. In addition, a Chicago marketing office was also suspended. At approximately the same time, Herley stock lost approximately 34% of its value, decreasing to $10.06 a share, the lowest since November 1998.[5] In July 2010 the company settled for $10 million USD without admitting any wrongdoing.[6]

Lee N. Blatt retired at the time, and Myron Levy was chosen as his successor.[7] On October 13, 2006, the company announced that it had reached an administrative agreement with the OGC Acquisition Integrity Office, Department of Navy. With this agreement, the suspension preventing new contract awards was lifted, and Herley was able to resume its normal business dealings with both its DOD and prime contractor customers.[8]

On July 22, 2009, Herley replaced Myron Levy as chief executive and chairman.[9] The company stated that Levy's efforts had positioned it for future growth, but that it was “time for a completely new management team drawn from key personnel throughout the company with proven records of success, to move the company forward."[10] David Lieberman, a previous member of the board and a partner with the New York firm of Beckman, Lieberman & Barandes LLP, was named chairman.[10] Richard Poirier, who's been with Herley since 1992, was named the new CEO and president.[10]

History

  • Through a small acquisition in June 1986 the Company entered the flight instrumentation business beginning with the design and manufacture of range safety transponders.[3]
  • In September 1992, the Company acquired substantially all of the assets of Micro-Dynamics, Inc. of Woburn, Massachusetts, a microwave subsystem designer and manufacturer.[3]
  • In June 1993, the Company acquired Vega Precision Laboratories, Inc. ("Vega") of Vienna, Virginia.[3]
  • In July 1995, the Company acquired the government systems business of Stewart Warner Electronics of Chicago, Illinois, a manufacturer of high frequency radio and IFF interrogator systems.[3]
  • In August 1997, the Company acquired Metraplex Corporation of Frederick, Maryland, allowing the Company entry into the airborne PCM and FM telemetry and data acquisition systems market.[3]
  • In January 1999, Herley Industries acquired General Microwave Corporation of Farmingdale, New York, a microwave subsystem manufacturer with a 30 year history in the industry.[3]
  • In January 2000, Herley acquired Robinson Labs in Nashua, New Hampshire, a manufacturer of microwave components used in commercial wireless and defense applications.[3]
  • In October 2000, Herley acquired American Microwave Technologies (AMT) in Anaheim, California, a manufacturer of solid-state broadband RF amplifiers used by the scientific and medical markets.[3]
  • In September 2002, Herley acquired EW Simulation Technology Ltd., a UK manufacturer of electronic warfare simulator systems, increasing Herley's presence in the EW market and in the international market.[3]
  • In March 2004, Herley acquired Communication Techniques, Inc., of Whippany, New Jersey, a manufacturer of phase locked sources and fast frequency changing direct synthesizers.[11]
  • In September 2004, Herley acquired Reliable System Services, of Melbourne, Florida, which has focused on satellite-based command & control systems for defense customers.[12]
  • In February 2005, Herley acquired Micro Systems, Inc. of Fort Walton Beach, Florida. Micro Systems is a recognized market leader in engineering, design and manufacturing of command & control systems for operation and tracking of unmanned aerial, seaborne and ground targets and missiles.[13][14]
  • In April 2005, Herley acquired Innovative Concepts, Inc., of McLean, Virginia a company providing wireless communications technology and real-time embedded systems, software, hardware and high-speed processing in support of the defense industry.[15] ICI was sold in November 2008 to Elbit Systems of America.[3][16]

Companies operated by Herley Industries

References

  1. ↑ "Jeffrey L. Markel Joins Herley Industries, Inc. as Chief Operating Officer". Herley News. June 4, 2007. Retrieved June 15, 2010. "Herley has nearly 1,000 employees at eight operating divisions" 
  2. ↑ "Herley Industries". Herley. Retrieved June 18, 2006. 
  3. ↑ 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 "Herley Industries History". Herley. Retrieved June 18, 2006. 
  4. ↑ Company Profile: GENERAL MICROWAVE
  5. ↑ "Herley under investigation". Lancaster Online. Retrieved June 18, 2006. 
  6. ↑ Herley Industries, Inc. Announces Preliminary Agreement to Settle Securities Class Action Litigation
  7. ↑ "Myron Levy Named Chairman of Herley Industries, Inc.". Herley News. June 9, 2006. Retrieved June 15, 2010. 
  8. ↑ "Herley Reaches Administrative Agreement With Department of Defense". Herley News. October 13, 2006. Retrieved June 15, 2010. 
  9. ↑ "Herley Announces Election of John Thonet as Chairman". Herley News. January 12, 2010. Retrieved June 15, 2010. 
  10. ↑ 10.0 10.1 10.2 "Herley Industries, Inc. Board of Directors Concludes Strategic Alternatives Review To Discuss Conclusions with Investors at a July 22, 2009 Conference in New York". Herley News. July 22, 2009. Retrieved June 15, 2010. 
  11. ↑ "Herley Industries, Inc. Acquires Communication Techniques, Inc. (CTI), a Subsidiary of Dover Technologies, Inc.". Herley News. March 29, 2004. Retrieved June 15, 2010. 
  12. ↑ "Herley Completes Acquisition of Reliable System Services". Herley News. September 29, 2004. Retrieved June 15, 2010. 
  13. ↑ "Herley Completes Acquisition of Micro Systems, Inc. in an All-Cash Transaction". Herley News. February 4, 2005. Retrieved June 15, 2010. 
  14. ↑ "Herley Reaches Agreement in Principle to Acquire Micro Systems, Inc. In an All-Cash Transaction". Herley News. December 9, 2004. Retrieved June 15, 2010. 
  15. ↑ "Herley's Acquisition of Innovative Concepts, Inc. Completes First Phase of Acquisition Strategy". Herley News. April 22, 2005. Retrieved June 15, 2010. 
  16. ↑ "Herley Industries, Inc. Sells Innovative Concepts, Inc. ('ICI')". Herley News. November 11, 2008. Retrieved June 15, 2010. 
  17. ↑ "Herley Industries, Inc. Sells Innovative Concepts, Inc. ('ICI')". Herley News. September 17, 2008. Retrieved July 1, 2010. 
  18. ↑ "Herley Industries Companies". Herley. Retrieved June 18, 2006. 

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