The man who built LTV from a small electronics firm into one of America's largest corporations was named James J. (Jimmy) Ling. Through a process of acquisition and merger Ling created a modern corporate conglomerate.
In 1947 Jimmy Ling invested $2,000 in order to establish an electrical construction and engineering firm in Dallas. In 1956, after several successful years in business, the Ling Electric Company merged with L.M. Electronics of California and the name of the company was changed to Ling Electronics. A subsequent merger with Altec Electronics in 1959 changed the name of the company to Ling-Altec. A year later Ling-Altec merged with the Temco Electronics and Missile Company of Dallas. The new company, Ling-Temco, became one of the first major defense companies to be founded after World War II.
In 1961 Ling-Temco merged with the Chance Vought Aircraft Company forming the new conglomerate Ling-Temco-Vought (LTV). Vought was founded in 1917 and became part of the Boeing United Aircraft conglomerate in 1929. The company designed and produced a variety of planes and missiles throughout the Cold War.
All of LTV Aerospace was renamed the Vought Corporation in 1976, but by 1983 the Vought company was again split along aeronautic and missile lines under LTV Aerospace and Defense.
1992 proved the end of Vought's relationship with LTV. In mid-year the aircraft division was purchased by Northrop and the Carlyle Group, each owning roughly 50% of the company. In 1993, The LTV Corporation finally emerged from Chapter 11. The firm that emerged was predominantly a steel producer, with a small oil-drilling equipment unit, Continental Emsco Co. It had a workforce with 30,000 fewer employees than in 1986. LTV was able to emerge nearly debt-free by settling with creditors through the issuance of stock. In 1995 LTV became a steel-only company when it sold Continental Emsco.