Sony was founded by a former naval lieutenant named Akio Morita a weapons researcher and a defense contractor named Masaru Ibuka. In May of 1946 the two men established a partnership with $500 in borrowed capital, and registered their company as the Tokyo Tsushin Kogyo (Tokyo Telecommunications Engineering Corporation, or TTK). The rising popularity of the Sony name led Morita and Ibuka to change the name of their company to Sony Kabushiki Kaisha (Corporation) in January of 1958. The following year Sony announced that it had developed a transistorized television. In 1960, after a business dispute with Delmonico International, the company Morita had appointed to handle international sales; Sony established a trade office in New York City and another in Switzerland called Sony Overseas.