1976
Acquire a specialized foundation
Lynch Corporation, LGL’s predecessor, acquires Mtron, then a quartz-crystal manufacturer.
LGL case study · Mtron
From long-term ownership
to independent growth.
How LGL helped develop a specialized technology business—and gave its shareholders direct ownership in its next chapter.
An operating business. A shareholder opportunity.
Build the capabilities.
Give the business room to grow.
The story of M-tron Industries, Inc. (“Mtron”) illustrates a central part of LGL’s approach: develop specialized businesses over time, then consider the ownership structure that can best support their next stage.
LGL’s predecessor acquired Mtron in 1976. Over the following decades, complementary acquisitions broadened a quartz-crystal business into a frequency and spectrum-control platform serving demanding applications. In 2022, LGL completed the next step by distributing the business to its shareholders.
The result was direct ownership in two public companies: shareholders retained their LGL shares and received shares in an independent Mtron. That structure allowed them to participate in Mtron’s subsequent development.
Decades of capability building
A platform developed through complementary strengths.
The important steps added products, technology and expertise. Together, they expanded the business’s ability to serve avionics, space, defense and other markets that depend on reliable frequency control.
2002
Broaden the timing portfolio
The acquisition of Champion Technologies’ assets adds timing-module and oscillator capabilities.
2004
Add precision oscillators and filters
Piezo Technology brings precision oven-controlled crystal oscillators and electronic filters. LGL’s corporate history identifies the acquisition as a foundation for the business’s direction toward avionics, space and defense.
2014
Extend RF and microwave capabilities
Mtron purchases selected Trilithic filter-product assets, including technology and equipment for fixed and tunable filters. The transaction expands its higher-frequency and custom-filter capabilities.
2022
Create an independent public company
On October 7, LGL distributes all of Mtron’s common shares to LGL shareholders. Mtron begins trading independently on NYSE American as MPTI.
Sources: LGL’s 2025 Annual Report; 2013 Form 10-K; 2014 Trilithic asset-purchase filing; October 2022 separation filing. The Trilithic transaction involved selected assets.
Mtron’s subsequent record
The next chapter belongs to an independent company.
Mtron’s revenue reached $54.4 million in 2025. Its first full independent year was 2023, when revenue was $41.2 million. These results show the business’s continued development after separation from LGL.
Mtron revenue · US$ millions · fiscal years ended December 31
Common scale: $0–$60 million
2021 uses carve-out financial information. The 2022 transition year includes periods before and after the October 7 spin-off. 2023–2025 reflect full independent fiscal years.
MPTI common-share closing prices · US$ per share
Common scale: $0–$80 per share
7.2×
Closing-price multiple across the two dates, equivalent to approximately 624% share-price appreciation.
Source: LGL’s September 9, 2026 presentation, page 13. This comparison measures MPTI’s common-share price alone. It excludes warrants and subscription rights and does not measure combined LGL/Mtron total shareholder return. The starting reference is October month-end, after the spin-off.
As reported for June 30, 2026
An operating snapshot
$15.1M
Q2 2026 revenue
$1.9M
Q2 2026 GAAP net income
$84.0M
Backlog at June 30, 2026
All operating and market figures in this section relate to Mtron. LGL retained no equity interest after the 2022 spin-off. Post-separation performance reflects Mtron’s management, operations, market conditions and subsequent financing, including its warrant and rights offerings.
What the example illustrates
Business development with shareholders in mind.
Build technical depth.
Complementary assets and capabilities can expand the markets a specialized business is able to serve.
Choose the right structure.
Independence can give a business a clearer strategy, its own capital priorities and a focused public-market identity.
Keep shareholders involved.
A distribution can give existing shareholders direct ownership in the next stage of a business they helped support.
Explore the record.
Financial sources: Mtron 2022 Form 10-K; 2023 results; 2025 Form 10-K; Q2 2026 Form 10-Q. Acquisition details: 2013 Form 10-K and 2014 asset-purchase filing.