NISKAYUNA — Many today are mourning the loss of one of the Capital Region’s most honored philanthropists, Kenneth T. Lally.

Lally, who died Friday morning in his home, was a well-known businessman who purchased the W. & L.E. Gurley Co. in 1964 and turned the company around, eventually selling it to Teledyne Inc. He began his professional career as an engineer working for General Electric Corp. He was involved in many startup companies in the Capital Region.

Kenneth and his wife Thelma, who predeceased him in 2005, used their fortune to help area colleges, including Rensselaer Polytechnic Institute and the College of Saint Rose.

“Ken Lally and his late wife, Thelma, have been magnificent benefactors to Rensselaer and to the entire Capital Region. Their generosity has left an indelible mark through the Kenneth T. and Thelma P. Lally School of Management and Technology,” said RPI Secretary Charles Carletta. “Students for generations will benefit from their foresight and commitment to ensuring that there is a prominent school of management here in the region bringing together students from around the globe. Ken Lally was a true and generous humanitarian, and he will be greatly missed by the Rensselaer community.”

In 1995, the Lallys donated $15 million to the School of Management at Rensselaer, which was then named in their honor. Kenneth Lally served on RPI’s board of trustees and had acted as its secretary since 1981, according to RPI’s Web site.

They also gave to local hospitals, including a $500,000 donation to the Samaritan Hospital Capital Campaign; $500,000 to the St. Clare’s 50th anniversary $4 million Capital Campaign; and $300,000 for a new residential center at The Eddy for Alzheimer’s patients.

In October 1999, the Lallys gave about $2 million to the College of Saint Rose, the largest cash gift the college had ever received at that time. Saint Rose then named its new school of education the Thelma P. Lally School of Education.

Thelma Lally was a teacher in Schenectady County for 35 years.

“Ken and Thelma Lally recognized the importance of education at many levels and at numerous institutions throughout the Capital Region. The College of Saint Rose has been especially fortunate to experience their generosity,” school President R. Mark Sullivan said. “In many ways, the monumental support that Ken and Thelma provided to establish our school of education spoke volumes about their love for children and their devotion to the power of education to enrich our community. Every graduate of the Lally School of Education will be forever touched by their generosity and their hope for future generations of children.”

Saint Rose officials said the Lallys also established a full-tuition endowed scholarship and provided support for the college’s new Massry Center for the Arts.