equity agreements. Internally, Teledyne Systems was formed as the centerpiece of the firm’s aerospace systems business, diversifying the business base into government contracts with NASA and the U.S. Department of Defense (DoD). By the end of the second fiscal year, Teledyne sales had increased 230 percent and net income by about 570 percent. Over the next three years, new companies were acquired in microwave and power electrical products – including the first consumer products. Teledyne Controls was established, moving the Company into the field of hydraulics. Teledyne entered the optics field with the acquisition of Kiernan Optics, producing windows for the Apollo spacecraft and infrared optical domes for missiles. In early 1965, Teledyne had a major breakthrough in winning a large contract from the U.S. Navy for the Integrated Helicopter Avionics System (IHAS), giving Teledyne a name in the military market. This caused a major jump in the stock price, from $15 to $65. By the end of the fiscal year, Teledyne had acquired 34 companies, sales were $86.5 million with net income of $3.4 million, there were about 5,400 employees, assets reached $66.5 million, and there were near 8 million outstanding shares of stock. Major growth years A new era for Teledyne started in 1966. In June, Kozmetsky left to become dean of the School of Business Administration at the University of Texas. In July, Vanadium-Alloy Steel Company (Vasco), including its subsidiary Allvac, was merged into Teledyne. This expanded the company into the Eastern U.S. and started the formation of material technologies as a major business activity of Teledyne. With the merger, Singleton turned his position of President over to George A. Roberts, a close friend from Naval Academy days, who had headed Vasco. Singleton, now assisted by Roberts, continued in acquiring new companies. In 1967, one of the largest of these was Brown Engineering, a firm with about 3,500 employees headquartered in Huntsville, Alabama. With NASA and DoD contracts for engineering services and research, Brown Engineering added a new line of business for Teledyne. Ryan Aeronautical in San Diego, was acquired in 1968. Continental Motors was primarily owned by Ryan, and this acquisition brought Teledyne into the piston-powered engine business with both commercial and military customers. In the remainder of the 1960s, Teledyne acquired some 90 more companies. A number of these businesses were in consumer products, such as Water Pik, Acoustic Research with high-fidelity speakers, and Olson