Word: contractors
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...company, one that would help transform GM from something of a stodgy powerhouse into a high-tech star. Now the Detroit giant was driving off with its prize. After a contest in which it outbid Ford and Boeing, GM agreed to acquire Hughes Aircraft, a major defense contractor (1984 sales: $5.8 billion), for more than $5 billion in cash and stock. The landmark deal is the largest non-oil merger ever. Said Smith: "Lulu is home...
...going to be the key to the 21st century." Products manufactured by Hughes, which no longer makes aircraft, range from microchips and lasers to communications satellites and air-to-air missiles. The California company is the largest supplier of electronic equipment to the military, and the seventh biggest defense contractor...
...first, Navy Secretary John Lehman dismissed as "little trinkets" the gifts that defense contractors had lavished on Admiral Hyman Rickover. But Lehman's later response to the largesse, including a letter of censure inserted last month in the retired admiral's record, indicated that Rickover's take was more substantial. Last week the Navy released a 32-page report listing $68,703 worth of gifts that Rickover accepted over the years, and in some cases demanded, from General Dynamics, whose Electric Boat shipyard in Connecticut was a principal Navy contractor. Included were diamond earrings and a jade pendant (combined value...
...plan that aims at a radical simplification of the Internal Revenue Code, Ronald Reagan's tax reform seems remarkably complex. To explain it, the Treasury last week issued a paperback volume of 461 pages studded with charts and at times singularly opaque prose. Sample: "A customer of a contractor making progress payments or advance payments would be treated as self- constructing the property under construction by the contractor to the extent of such payments...
...industry has drawn more fire than the defense business. General Electric, the sixth-largest U.S. military contractor, pleaded guilty last month to defrauding the Air Force of $800,000 in 1980 on a Minuteman missile project. The company agreed to pay fines and penalties of more than $2 million. The Navy two weeks ago canceled a pair of contracts with General Dynamics, the third-largest military supplier, and suspended the signing of new ones with two of the company's divisions, which build submarines and missiles. The Pentagon says that General Dynamics has overcharged the Government at least $75 million...