Dynatech

===Faltering, sale to private equity, and renaming (1991–2003)===

===Faltering, sale to private equity, and renaming (1991–2003)===

Rohsenow retired as full-time chairman of Dynatech in June 1991, with Barger (at that point the company's CEO) taking his seat. Despite his retirement, Rohsenow remained on the board of directors as honorary chairman.<ref name=wsj1>{{cite journal | last=Staff writer | date=July 23, 1991 | url=https://www.proquest.com/docview/398240736/ | title=Dynatech Corp. | journal=The Wall Street Journal | publisher=Dow Jones & Company | page=B4 | via=ProQuest}}</ref> John F. Reno simultaneously succeeded Barger as president of Dynatech; he joined the company in 1974, becoming [[chief operating officer]] in 1987.<ref name=wsj1 /><ref>{{cite journal | last=Staff writer | date=November 8, 1987 | url=https://www.proquest.com/docview/294371728/ | title=Dynatech Promotes John Reno | journal=November 8, 1987 | publisher=Dow Jones & Company | page=A21 | via=ProQuest}}</ref> Dynatech's sales peaked at over $500&nbsp;million in fiscal year 1992, at which point the company spanned 40 subsidiaries across the globe.<ref>{{cite journal | last=Knell | first=Michael E. | date=December 1992 | url=https://www.proquest.com/docview/402271583/ | title=Diverse Dynatech poised for growth | journal=The Boston Herald | page=25 | via=ProQuest}}</ref>

Rohsenow retired as full-time chairman of Dynatech in June 1991, with Barger (at that point the company's CEO) taking his seat. Despite his retirement, Rohsenow remained on the board of directors as honorary chairman.<ref name=wsj1>{{cite journal | last=Staff writer | date=July 23, 1991 | url=https://www.proquest.com/docview/398240736/ | title=Dynatech Corp. | journal=The Wall Street Journal | publisher=Dow Jones & Company | page=B4 |id={{ProQuest|398240736}}}}</ref> John F. Reno simultaneously succeeded Barger as president of Dynatech; he joined the company in 1974, becoming [[chief operating officer]] in 1987.<ref name=wsj1 /><ref>{{cite journal | last=Staff writer | date=November 8, 1987 | url=https://www.proquest.com/docview/294371728/ | title=Dynatech Promotes John Reno | journal=November 8, 1987 | publisher=Dow Jones & Company | page=A21 |id={{ProQuest|294371728}}}}</ref> Dynatech's sales peaked at over $500&nbsp;million in fiscal year 1992, at which point the company spanned 40 subsidiaries across the globe.<ref>{{cite journal | last=Knell | first=Michael E. | date=December 1992 | url=https://www.proquest.com/docview/402271583/ | title=Diverse Dynatech poised for growth | journal=The Boston Herald | page=25 |id={{ProQuest|402271583}}}}</ref>

Despite its consistent sales successes, the company's profits began shrinking in the early 1990s, and in 1993, Dynatech recorded its first annual loss, posting a net loss of roughly $30&nbsp;million. Dynatech's shareholders charged the company with over-diversifying, with excessive amount of product lines across an excessive number of market segments, and threatened a [[hostile takeover]] of the company. In order to satisfy their shareholders, Dynatech undertook a massive restructuring of the company in 1994, dividing the company into two segments: Information Support Products (representing Dynatech's video, data, and voice communications portfolio) and Diversified Instrumentation (representing the company's diversified electronics and video editing hardware and software portfolio). The split was concomitant with the divestiture of numerous subsidiaries, including Whistler Corporation, a maker of car alarm and radar detector equipment that was one of Dynatech's largest and most profitable subsidiaries.<ref name=idch13 />{{rp|195}} In February 1996, Utah Scientific was spun-off from Dynatech into its own separate corporation, with only da Vinci Systems being retained by Dynatech.<ref name=breaksup /> In the same month, the company sold its medical equipment division to [[Thermo Electron]] of [[Waltham, Massachusetts]].<ref>{{cite journal | last=Convey | first=Eric | date=February 6, 1996 | url=https://www.proquest.com/docview/401568772/ | title=Dynatech sells laboratories | journal=The Boston Herald | page=20 | via=ProQuest}}</ref> Utah Scientific was acquired by Artel Video Systems, a spin-off of [[3Com]], in April 1997 for an undisclosed sum.<ref>{{cite journal | last=Cooney | first=Elizabeth M. | date=July 13, 1997 | url=https://www.proquest.com/docview/268658181/ | title=Following his heart: Artel's CEO ws warned not to fall in love with the video company he brought from 3Com, but did anyway | journal=Telegram & Gazette | page=E1 | via=ProQuest}}</ref>

Despite its consistent sales successes, the company's profits began shrinking in the early 1990s, and in 1993, Dynatech recorded its first annual loss, posting a net loss of roughly $30&nbsp;million. Dynatech's shareholders charged the company with over-diversifying, with excessive amount of product lines across an excessive number of market segments, and threatened a [[hostile takeover]] of the company. In order to satisfy their shareholders, Dynatech undertook a massive restructuring of the company in 1994, dividing the company into two segments: Information Support Products (representing Dynatech's video, data, and voice communications portfolio) and Diversified Instrumentation (representing the company's diversified electronics and video editing hardware and software portfolio). The split was concomitant with the divestiture of numerous subsidiaries, including Whistler Corporation, a maker of car alarm and radar detector equipment that was one of Dynatech's largest and most profitable subsidiaries.<ref name=idch13 />{{rp|195}} In February 1996, Utah Scientific was spun-off from Dynatech into its own separate corporation, with only da Vinci Systems being retained by Dynatech.<ref name=breaksup /> In the same month, the company sold its medical equipment division to [[Thermo Electron]] of [[Waltham, Massachusetts]].<ref>{{cite journal | last=Convey | first=Eric | date=February 6, 1996 | url=https://www.proquest.com/docview/401568772/ | title=Dynatech sells laboratories | journal=The Boston Herald | page=20 | id={{ProQuest|401568772}}}}</ref> Utah Scientific was acquired by Artel Video Systems, a spin-off of [[3Com]], in April 1997 for an undisclosed sum.<ref>{{cite journal | last=Cooney | first=Elizabeth M. | date=July 13, 1997 | url=https://www.proquest.com/docview/268658181/ | title=Following his heart: Artel's CEO ws warned not to fall in love with the video company he brought from 3Com, but did anyway | journal=Telegram & Gazette | page=E1 | id={{ProQuest|268658181}}}}</ref>

{{plain image with caption|File:Acterna logo.svg|Logo of Acterna Corporation, used from 2000 to 2005}}

{{plain image with caption|File:Acterna logo.svg|Logo of Acterna Corporation, used from 2000 to 2005}}

After completing its divestiture program, Dynatech was down to its final divisions, comprising their namesake business, which sold networking test equipment; da Vinci Systems, which sold color-correction hardware and software; Airshow, Inc., which delivered real-time video feeds of flight information and news headlines to airline passengers;<ref name=soule>{{cite journal | last=Soule | first=C.&nbsp;A. | date=August 21, 2000 | url=https://www.proquest.com/docview/221312620/ | title=Dynatech now Acterna, making move from OTC to the Nasdaq | journal=Mass High Tech | publisher=CityMedia | volume=18 | issue=34 | page=5 | via=ProQuest}}</ref> [[Itronix]], which sold [[mobile data terminal]]s;<ref name=itronix>{{cite journal | last=Sowa | first=Tom | date=November 9, 2001 | url=https://www.proquest.com/docview/394936930/ | title=Company takes Itronix off the market | journal=Spokesman Review | publisher=Cowles Publishing Company | page=A18 | via=ProQuest}}</ref> [[ICS Advent]], which sold [[Single-board computer|single-board]] [[industrial computer]]s;<ref name=ics>{{cite journal | last=Staff writer | date=January 14, 2002 | url=https://www.proquest.com/docview/230500716/ | title=German firms merge | journal=EE Times | publisher=Miller Freeman plc | page=10 | via=ProQuest}}</ref> and Dataviews, which sold [[X terminal]]s.<ref name=gefanuc>{{cite journal | last=Brown | first=Judson | date=June 20, 2000 | url=https://www.proquest.com/docview/342388832/ | title=Division of GE buys DataViews | journal=Daily Hampshire Gazette | page=A1 | via=ProQuest}}</ref> In December 1997, Dynatech was acquired by the private equity company [[Clayton, Dubilier & Rice]], for US$900&nbsp;million.<ref>{{cite journal | last=Staff writer | date=December 23, 1997 | url=https://www.proquest.com/docview/421362805/ | title=Dynatech to Be Acquired for $900 Million | journal=Los Angeles Times | page=3 | via=ProQuest}}</ref> Its stock ticker was subsequently taken to the [[over-the-counter market]]. In February 2000, Dynatech's TTC Corporation subsidiary announced the acquisition of [[Wavetek Wandel Goltermann]], then the second-largest manufacturer of laboratory test equipment, for $600&nbsp;million.<ref>{{cite journal | last=McLaughlin | first=Tim | date=February 15, 2000 | url=https://www.proquest.com/docview/401799778/ | title=Dynatech unveils $600M merger deal | journal=The Boston Herald | page=34 | via=ProQuest}}</ref> In June 2000, Dynatech acquired Superior Electronics Group, a maker of cable television testing equipment for $152&nbsp;million, merging it with TTC and Wavetek in May 2000 to form Cheetah Technologies. In that same month, Dynatech was renamed to Acterna Corporation and began trading on the [[Nasdaq]] the following month.<ref name=soule /><ref name=bankruptcy>{{cite journal | last=White | first=Bobby | date=October 16, 2003 | url=https://www.proquest.com/docview/390152836/ | title=Acterna emerges from bankruptcy after only five months | journal=The Daily Record | publisher=Dolan Media Newswires | page=1 | via=ProQuest}}</ref>

After completing its divestiture program, Dynatech was down to its final divisions, comprising their namesake business, which sold networking test equipment; da Vinci Systems, which sold color-correction hardware and software; Airshow, Inc., which delivered real-time video feeds of flight information and news headlines to airline passengers;<ref name=soule>{{cite journal | last=Soule | first=C.&nbsp;A. | date=August 21, 2000 | url=https://www.proquest.com/docview/221312620/ | title=Dynatech now Acterna, making move from OTC to the Nasdaq | journal=Mass High Tech | publisher=CityMedia | volume=18 | issue=34 | page=5 |id={{ProQuest|221312620}}}}</ref> [[Itronix]], which sold [[mobile data terminal]]s;<ref name=itronix>{{cite journal | last=Sowa | first=Tom | date=November 9, 2001 | url=https://www.proquest.com/docview/394936930/ | title=Company takes Itronix off the market | journal=Spokesman Review | publisher=Cowles Publishing Company | page=A18 |id={{ProQuest|394936930}}}}</ref> [[ICS Advent]], which sold [[Single-board computer|single-board]] [[industrial computer]]s;<ref name=ics>{{cite journal | last=Staff writer | date=January 14, 2002 | url=https://www.proquest.com/docview/230500716/ | title=German firms merge | journal=EE Times | publisher=Miller Freeman plc | page=10 |id={{ProQuest|230500716}}}}</ref> and Dataviews, which sold [[X terminal]]s.<ref name=gefanuc>{{cite journal | last=Brown | first=Judson | date=June 20, 2000 | url=https://www.proquest.com/docview/342388832/ | title=Division of GE buys DataViews | journal=Daily Hampshire Gazette | page=A1 | id={{ProQuest|342388832}}}}</ref> In December 1997, Dynatech was acquired by the private equity company [[Clayton, Dubilier & Rice]], for US$900&nbsp;million.<ref>{{cite journal | last=Staff writer | date=December 23, 1997 | url=https://www.proquest.com/docview/421362805/ | title=Dynatech to Be Acquired for $900 Million | journal=Los Angeles Times | page=3 | id={{ProQuest|421362805}}}}</ref> Its stock ticker was subsequently taken to the [[over-the-counter market]]. In February 2000, Dynatech's TTC Corporation subsidiary announced the acquisition of [[Wavetek Wandel Goltermann]], then the second-largest manufacturer of laboratory test equipment, for $600&nbsp;million.<ref>{{cite journal | last=McLaughlin | first=Tim | date=February 15, 2000 | url=https://www.proquest.com/docview/401799778/ | title=Dynatech unveils $600M merger deal | journal=The Boston Herald | page=34 | id={{ProQuest|401799778}}}}</ref> In June 2000, Dynatech acquired Superior Electronics Group, a maker of cable television testing equipment for $152&nbsp;million, merging it with TTC and Wavetek in May 2000 to form Cheetah Technologies. In that same month, Dynatech was renamed to Acterna Corporation and began trading on the [[Nasdaq]] the following month.<ref name=soule /><ref name=bankruptcy>{{cite journal | last=White | first=Bobby | date=October 16, 2003 | url=https://www.proquest.com/docview/390152836/ | title=Acterna emerges from bankruptcy after only five months | journal=The Daily Record | publisher=Dolan Media Newswires | page=1 | id={{ProQuest|390152836}}}}</ref>

===Bankruptcy and acquisition (2003–2005)===

===Bankruptcy and acquisition (2003–2005)===

By early 2003, Acterna had relocated to [[Germantown, Maryland]], and had racked up nearly $1&nbsp;billion in debt. In May that year, the company filed for [[Chapter 11 bankruptcy]].<ref>{{cite news | last=Johnston | first=Nicholas | date=May 7, 2003 | url=https://www.proquest.com/docview/409466269/ | title=Acterna Files for Bankruptcy; Germantown Telecom Firm Unveils Financing Accord | newspaper=The Washington Post | page=E5 | via=ProQuest}}</ref> It emerged from bankruptcy in October 2003, following a reorganization that saw some of their debt swapped for equity and the company delisting itself from the Nasdaq, going private.<ref name=bankruptcy /> In May 2005, [[JDS Uniphase]] acquired Acterna for $760&nbsp;million in cash and stock, folding Acterna into JDS.<ref>{{cite journal | last=Thrum | first=Scott | date=May 24, 2005 | url=https://www.proquest.com/docview/398890318/ | title=JDS Uniphase To Buy Acterna For $760&nbsp;Million | journal=The Wall Street Journal | publisher=Dow Jones & Company | page=B3 | via=ProQuest}}</ref>

By early 2003, Acterna had relocated to [[Germantown, Maryland]], and had racked up nearly $1&nbsp;billion in debt. In May that year, the company filed for [[Chapter 11 bankruptcy]].<ref>{{cite news | last=Johnston | first=Nicholas | date=May 7, 2003 | url=https://www.proquest.com/docview/409466269/ | title=Acterna Files for Bankruptcy; Germantown Telecom Firm Unveils Financing Accord | newspaper=The Washington Post | page=E5 | id={{ProQuest|409466269}}}}</ref> It emerged from bankruptcy in October 2003, following a reorganization that saw some of their debt swapped for equity and the company delisting itself from the Nasdaq, going private.<ref name=bankruptcy /> In May 2005, [[JDS Uniphase]] acquired Acterna for $760&nbsp;million in cash and stock, folding Acterna into JDS.<ref>{{cite journal | last=Thrum | first=Scott | date=May 24, 2005 | url=https://www.proquest.com/docview/398890318/ | title=JDS Uniphase To Buy Acterna For $760&nbsp;Million | journal=The Wall Street Journal | publisher=Dow Jones & Company | page=B3 | id={{ProQuest|398890318}}}}</ref>

==References==

==References==