Word: airbuses
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
...business. That is a departure from their traditional posture at the biennial show, which they have regarded in the past as merely a showcase for their new technology. This year could be different. With the U.S. out of the SST race and having trouble with the Lockheed L-1011 airbus, the Russians may finally be in a position to take advantage of their growing potential in commercial aircraft sales...
...Lockheed Aircraft Corp., the biggest defense contractor, is in a deep cash crisis, and it is looking to Uncle Sam for a bailout. The company wants Congress to authorize an unprecedented federal guarantee of a $250 million loan to save its wholly commercial L-1011 plane, a medium-range "airbus" designed to carry 250 passengers. If Congress refuses, the company's management warns that Lockheed will skid into bankruptcy, upsetting a business empire that employs 75,000 people in 26 states. This would add to the unemployment rolls, particularly in California, and dim President Nixon's chances...
...lost on Government contracts, Lockheed has taken more than its share of tumbles. Over the years, it rolled up $480 million in losses on four military projects. In February, already cash-starved, it ran into even more trouble on its biggest venture into commercial aircraft: the L-1011 TriStar airbus. Rolls-Royce, supplier of engines for the TriStar, went into receivership and the British government refused to finance production of the engines unless the U.S. Government assured it that Lockheed could pay for them...
...agent of trouble was that symbol of technology, the jet engine. In 1968 Rolls-Royce won an international competition to build the engines for the Lockheed L-1011 airbus, a 256-pas-senger trijet that is supposed to start flying for TWA and Eastern late this fall. Britons had hailed the contract award as a triumph of export salesmanship by Rolls, but it proved instead to be ruinous. Rolls agreed to deliver 540 engines for the "TriStar" at a fixed price of $156 million; by last November it had concluded that the cost of building them would be more than...
...Chairman Daniel Haughton pronounced himself "completely surprised and appalled." Well might he be; Lockheed, too, is in precarious financial shape, and had been counting mightily on the L-1011 to help it recover from a series of staggering losses on military contracts. That will hardly be possible if the airbus becomes a plane without engines...