Type Public Industry microwave technology Founded 1965 | Traded as NASDAQ: HRLY Number of employees approximately 1,000 | |
Key people Richard Poirier, Chairman and Chief Executive Officer. Anello C. Garefino, Chief Financial Officer. Products defense and commercial technology Motto "Proven Microwave Technology for defense and commercial markets worldwide." | ||
Profits from herley industries avionics corporate crime
Herley Industries, based in Lancaster, Pennsylvania, is an American company that specializes in supplying microwave and millimeter wave products to defense and aerospace industries. They provide solutions for radars, flight instrumentation, weapon sensors, electronic warfare systems and guidance systems for contractors, the U.S. government, as well as governments and militaries worldwide. Herley was founded in 1965, and has acquired several companies such as Vega Precision, Metraplex Corporation, General Microwave and Innovative Concepts throughout its history.
Contents
- Profits from herley industries avionics corporate crime
- U s defense microwave crime herley industries amplifiers
- History
- Companies operated by Herley Industries
- References
In June 2006, the company and its former chairman, Lee N. Blatt were indicted on multiple charges in connection with purported activities resulting in alleged excessive profits by the Company on three contracts with the U.S. Department of Defense. Three of the company’s nine manufacturing plants were placed under suspension, meaning they could not initiate any new federal contracts. The plants affected were in Lancaster, Pennsylvania, Woburn, Massachusetts and Farmingdale, New York. In addition, a Chicago marketing office was also suspended. At approximately the same time, Herley stock lost approximately 34% of its value, decreasing to $10.06 a share, the lowest since November 1998. In July 2010 the company settled for $10 million USD without admitting any wrongdoing.
Lee N. Blatt retired at the time, and Myron Levy was chosen as his successor. On October 13, 2006, the company announced that it had reached an administrative agreement with the OGC Acquisition Integrity Office, Department of Navy. With this agreement, the suspension preventing new contract awards was lifted, and Herley was able to resume its normal business dealings with both its DOD and prime contractor customers.
On July 22, 2009, Herley replaced Myron Levy as chief executive and chairman. The company stated that Levy's efforts had positioned it for future growth, but that it was “time for a completely new management team drawn from key personnel throughout the company with proven records of success, to move the company forward." David Lieberman, a previous member of the board and a partner with the New York firm of Beckman, Lieberman & Barandes LLP, was named chairman. Richard Poirier, who's been with Herley since 1992, was named the new CEO and president. As of 2015 Herley was acquired by Ultra Electronics and is now under the name Ultra - Herley.