American conglomerate founded by Henry Singleton in 1960 — built through 130+ acquisitions of defense and industrial technology companies — and then dramatically increased in per-share value through Singleton's countercyclical share repurchase program, buying back 90% of shares outstanding.
Served as the vehicle for Henry Singleton's capital allocation genius — demonstrating that a conglomerate's per-share value can be multiplied dramatically by applying countercyclical thinking to share repurchases rather than following the conventional CEO behavior of issuing shares for acquisitions.
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