History
The company was founded in 1903 as Marconi's Wireless Telegraph Company of Canada by Guglielmo Marconi. In 1925 the company was renamed Canadian Marconi Company. In 1948 English Electric purchased the UK based Marconi Company and in 1953 acquired 50.6% of Canadian Marconi Company.
In 1968 English Electric was itself purchased by The General Electric Company plc (GEC), which took control of the 50.6% share of CMC.
On November 30, 1999 British Aerospace completed its purchase of GEC's Marconi Electronic Systems to form BAE Systems. In December 1999 BAE Systems purchased GEC's 51.6% share of CMC in a separate transaction. In February 2000 the company changed its name to BAE Systems Canada. In April 2001 ONCAP (an investment group comprising Onex Corporation and other investors) completed its purchase of BAE Systems Canada. This saw BAE Systems sell its then 54% majority share and ONCAP purchase the remaining 46% publicly held shares. The company was then renamed CMC Electronics since it had previously sold its rights for the Marconi name to Marconi plc. In 2007, after owning the company for 6 years, the investment time frame initially planned by ONCAP, CMC Electronics was sold to, and is now a wholly owned subsidiary of, the Esterline Corporation.
Read more about this topic: CMC Electronics
Famous quotes containing the word history:
“The whole history of civilisation is strewn with creeds and institutions which were invaluable at first, and deadly afterwards.”
—Walter Bagehot (1826–1877)
“You treat world history as a mathematician does mathematics, in which nothing but laws and formulas exist, no reality, no good and evil, no time, no yesterday, no tomorrow, nothing but an eternal, shallow, mathematical present.”
—Hermann Hesse (1877–1962)
“It’s nice to be a part of history but people should get it right. I may not be perfect, but I’m bloody close.”
—John Lydon (formerly Johnny Rotten)