History

The LGL Group Inc.'s engineering and design origins date back to the early part of the last century. In 1917, Lynch Glass Machinery Company, the predecessor of LGL, was formed, and emerged in the late twenties as a successful manufacturer of glass-forming machinery. The company was then renamed Lynch Corporation, and was incorporated in 1928, under the laws of the State of Indiana. In 1946, Lynch was listed on the “New York Curb Exchange,” the predecessor to the NYSE MKT. The company has had a long history of owning and operating various businesses in the precision engineering, manufacturing and services sectors.

The LGL Group, Inc. (the “Company”) was reincorporated under the laws of the State of Delaware in 2007, and serves as a holding company with subsidiaries engaged in manufacturing custom-designed, highly-engineered electronic components. The company maintains its executive offices at 2525 Shader Road, Orlando, Florida 32804. The Company’s telephone number is (407) 298-2000. The Company’s common stock is traded on the NYSE MKT under the ticker symbol “LGL”.

The Company operates through its principal subsidiary, M-tron Industries, Inc., which includes the operations of M-tron Industries, Ltd. (“Mtron”), and Mtron’s subsidiaries Piezo Technology, Inc. and Piezo Technology India Private Ltd (jointly, “PTI”). In October of 2004, Mtron and PTI were merged into a single company with one of the broadest product portfolios in the industry. The combined operations of Mtron and PTI are referred to as “MtronPTI.” MtronPTI has operations in Orlando, Florida, Yankton, South Dakota and Noida, India. In addition, MtronPTI has sales offices in Hong Kong and Shanghai, China.

M-tron Industries, Inc. (“Mtron”) was originally founded in 1965 as Mechtronics, Industries, Inc. Shortly thereafter, the name was formally changed to M-tron Industries, Inc. The primary business of Mtron during the early years was building crystals for the CB radio market. When technology changed in the late 1970s, so did Mtron. A change in marketing approach and continued development of products provided new life for the company. Mtron became known as a supplier of high quality, high reliability crystal, oscillator, and to some degree, VCXO (Voltage Controlled Crystal Oscillator) and TCXO (Temperature Compensated Crystal Oscillator) products which would be used in applications such as telecommunication infrastructure used to make phone systems and later on, the internet function. In 1976, M-tron Industries, Inc. was acquired. In 2002, Mtron acquired the assets of Champion Technologies, Inc. of Franklin Park, Illinois. Champion was a spin-off of Motorola during the mid-1980s. This acquisition helped Mtron recover more quickly from the telecom market collapse of 2001 and 2002 by expanding product offering, as well as customer base.

In 1965, at nearly the same time that Mtron was established, another company was organized, known as Piezo Technology, Inc. PTI was organized for the purpose of designing and building crystal filters used in all types of equipment where certain types of noise need to be filtered out of a circuit. PTI grew over the years in both business and products to include LC (Lumped Element) filters, TCXO and OCXO (Oven Controlled Crystal Oscillator) products. Primary markets for PTI were Military, Avionics and Instrumentation. In 1995 PTI opened a manufacturing location in India and in 2004 M-tron Industries, Inc. acquired Piezo Technology, Inc.

LGL’s business development strategy is primarily focused on expanding the existing operations via MtronPTI through organic growth, expansion into new geographic market segments and through other strategic opportunities. MtronPTI currently has a global footprint and serves most major markets that require precision timing and filter products. The Company’s target market segments include high-end telecommunications, and military, instrumentation, space and avionics (referred to as “MISA”).

Company Timeline

1917   Lynch Glass Machinery Company is founded.
 
1928   Lynch Corporation is incorporated in Indiana.
 
1946   Lynch is listed on the “New York Curb Exchange,” the predecessor to the American Stock Exchange.
 
1965   M-tron Industries, Inc. (originally known as Mechtronics Industries, Inc.) and Piezo Technology, Inc. (PTI) were organized independently.
 
1966   PTI is the first U.S. manufacturer to begin development and production of monolithic crystal filters.
 
1967   M-tron Industries becomes a QPL Crystal supplier.
 
1969   PTI is first manufacturer to offer 4-pole, single-wafer VHF monolithic filters.
 
1973   PTI supplies the first monolithic filters used in space.
 
1976   Lynch Corporation acquires M-tron Industries, Inc.
     
1981   M-tron Industries expands product line to include clock oscillators.
 
1982   PTI expands product line to include SC and AT-cut precision resonators, crystal oscillators, VCXO, TCXO, OCXO and LC filter products.
    PTI is the first organization to introduce two- and four-pole 45 MHz monolithic crystal filters for the 800-900 MHz mobile radio market, and is the first to introduce low impedance, fundamental mode 45 MHz monnolithic crystal filters for cellular mobile telephones.
 
1983   Company establishes a strategic Asian manufacturing partner.
 
1985   PTI is the first organization to report success in chemical milling of crystal resonators over 1 GHz.
 
1986   Lynch Capital Corporation, a securities brokerage, is founded.
    Lynch Asset Management Company is founded.
    Company acquires Tremont Partners, an investment management consulting firm.
    Company purchases 20% stake in a television station and forms Lynch Entertainment.
 
1987   Company acquires ownership interest in Safety Railway Service corporation, makers of milling machines, heating equipment and air pollution control equipment.
 
1988   Company acquires Morgan Drive Away, a transporter of mobile homes and recreational vehicles that would form the basis for The Morgan Group.
     
1989   Company establishes Lynch Telephone and acquires Western New Mexico Telephone Company.
 
1991   Lynch Telephone acquires Inter-Community Telephone, Cuba City Telephone Exchange Company and Belmont Telephone Company.
     
1992   M-tron Industries developes and inverted mesa process for high frequency fundamental crystals.
 
1993   Company’s The Morgan Group adds to its Morgan Drive Away business by acquiring the assets of Transamerican Carriers.
    Company spins off launching of The Morgan Group, Inc., as a public company with an initial public offering of 1.1 million Class A Common Shares.
    Lynch Telephone acquires Bretton Woods Telephone Company and J.B.N. Telephone Company.
    M-tron Industries opens sales and distribution office in Hong Kong. 
    M-tron Industries becomes the first crystal and oscillator supplier in North America to be ISO-9001 certified.
 
1994   Lynch Telephone acquires Haviland Telephone Company
    Safety Railway Service Corporation merged into Spinnaker Industries, Inc. under the stewardship of Boyle, Fleming & Company, Inc., with the acquisition of Brown-Bridge Industries, a manufacturer of adhesive coated stocks from Kimberly-Clark.
 
1995   Morgan Group acquires the assets of Transfer Drivers, Inc.
    PTI establishes a manufacturing location in India.
     
1996   Lynch Telephone purchases 1,400 phone lines from U.S. West; acquires Dunkirk & Fredonia Telephone Company and Cassadaga Telephone.
 
1997   Lynch acquires Upper Peninsula Telephone Company
     
1999   Lynch Telephone acquires Central Scott Telephone Company.
    Lynch Interactive spun off as separate company.
    Lynch sells the industrial tape operations of Spinnaker Industries.
 
2000   M-tron Industries files S-1 for Initial Public Offering, which was later not pursued due to market conditions.
    M-tron Industries introduces 5x7 footprint, surface mount crystal products. 
 
2001   Lynch Interactive spins off Sunshine PCS to shareholders, later sold to Voicestream Wireless.
    Company spins off The Morgan Group and Tremont Advisors to shareholders. Tremont later acquired by Oppenheimer.
    M-tron Industries introduces 5x7 oscillator footprint and crystal oscillators and VCXOs over 750 MHz.
 
2002   M-tron Industries purchases assets of Champion Technologies (formerly Motorola), expanding their product line to include VCXO, TCXO and timing solutions.
    M-tron Industries expands product offering to include Stratum 3 TCXOs, 662 MHz STW VCXOs, 2.488 MHz VCXOs, OCXOs, and HPXOs.
    Company sells remaining stake in Spinnaker Industries.
 
2004   M-tron Industries acquires Piezo Technology, Inc.
 
2006   MtronPTI introduces SAW filter product line.
 
2007   Company announces sale of Lynch Systems, Inc.
    The LGL Group, Inc. reincorporates under the laws of the State of Delaware.
    MtronPTI becomes MIL-STD-790 and QPL Oscillator supplier. 
 
2008   Company expands OCXO capacity to Delhi, India site.
 
2009   MtronPTI expands product line to include cavity filters.
 
2012   MtronPTI expands ISO 9001:2008 accreditation with AS9100 Rev. C
 
2016   Company acquires the assets of Precise Time and Frequency, Inc