Loral Corporation
Loral Corporation was a defense contractor founded in 1948 in New York by William Lorenz and Leon Alpert as Loral Electronics Corporation. The company's name was taken from the first letters of each founder's surname.
History
Loral Corporation originally worked on developing radar and sonar detection methods for the U.S. Navy. In 1959 it went public with an initial offering of 250,000 shares at $12 each. Part of the proceeds from this offering were used to build a new headquarters on its 10-acre (40,000 m2) site at 825 Bronx River Avenue, in the Soundview section of The Bronx, New York.
In 1959 it began to diversify, buying several smaller companies, through which it won more military contracts. Some purchased companies included Willor Manufacturing Corp., American Beryllium Co., Inc., of Sarasota, Florida, Arco Electronics, and several plastics companies.
In 1961, it formed a division for developing communications, telemetry, and space navigation systems for satellites.
As its expansion and buying other companies increased, it borrowed $15 million from the Massachusetts Mutual Life Insurance Company in 1965.
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