Word: aero
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Dates: during 1970-1979
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...Rolls-Royce company went bust in 1971, overwhelmed by the cost of producing advanced jet engines for American planes; its aero-engine division was nationalized by the Crown and a new operation, Rolls-Royce Motors, was created to continue making cars, diesel engines and turbine parts. The motor business has done well; it posted nearly $10 million in pre-tax profits last year on sales of $110 million. So Receiver Edward Rupert Nicholson had planned to sell shares in it to the British public and use the proceeds to settle bills run up by the aero-engine operation...
...over the same period in 1970. But Boeing's new outlook may well provide a striking glimpse into the future. As the troubled aerospace giants find themselves forced to diversify, some of them could move into radically new areas. Says Boeing's Glenn L. Keister, head of aero space research and development: "We are going to respond to social needs. If we do not, we will be a limited company...
...towns and cities surrounding the nation's great aero space plants, the future long gleamed as brightly as a jet liner in a sunny sky. Jobs were plentiful, wages and aspirations ran high and local businessmen thrived. A sense of well-being enveloped the skilled aerospace workers, especially the scientists and engineers who saw themselves at the head of the country's drive toward technological preeminence. They were the crew-cut exemplars of the puritan ethic, doing useful work for a good, glamorous cause...
...sales campaign, including $192,000 on transatlantic air fares alone. In 1968 the company won an order to build 540 engines for $840,000 each. Lockheed executives crowed that it was "the best price deal we ever made." David Huddie, then head of Rolls' aero-engine division, was knighted for winning such a giant export contract. "The secret," he said, "is to be like a duck-smooth and unruffled on top but paddling like hell underneath...
...readily acknowledged their friendship with Fred Vahlsing Jr. Though he considered himself a Republican, the rough-edged chief of a New Jersey-based food-products operation regularly purchased tables at Democratic fund-raising affairs, entertained politicians at his hotel suite and occasionally flew them around in one of his Aero Commanders. Equally important, Freddie sought to boost the state's shaky economy by opening Maine's first sugar refinery, enabling farmers to take advantage of a much-prized 33,000-acre federal sugar-beet quota...