Word: engene
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Some critics fear that deregulation may be hurting safety. They argue that the rapid growth of air travel has stretched equipment thin and pushed carriers into unsafe procedures. Says Donald Engen, chief of the Federal Aviation Administration: "We are beginning to wonder whether economic deregulation may have led to maintenance practices that would justify certain fears." Problems that worry him range from the falsification of records to the use of improper repair parts...
...rear navigation system. Boeing has since acknowledged that a repair of the back hull, which it performed seven years before the accident, was improperly done. In view of that, the FAA ordered immediate reinspection of all similar repairs. The agency has been cracking down on improper maintenance practices. Says Engen: "In the past two years, we have put on the ground, or severely restrained, 52 airlines." A grounded carrier may not legally fly until the problems that led to its suspension have been rectified. Last year's actions included a record $1.5 million fine for maintenance violations against American Airlines...
...based on hard-nosed cost savings. Alcan's bid for Pechiney is a case in point. The two companies attempted to combine operations in a three-way merger with a Swiss firm in 1999, only to be thwarted by the E.U.'s antitrust regulators in Brussels. Alcan ceo Travis Engen says that in order to consummate the deal, he's now willing to give up some of the aluminum-rolling operations that were the problem last time around. "The fit is really, really good," he says. Pechiney is holding out for now, and there's pressure on Alcan to raise...
DIED. DONALD ENGEN, 75, head of the National Air and Space Museum and a much decorated Navy pilot; when the glider in which he was a passenger crashed near Minden, Nev., while he was on vacation with his wife. A gliding enthusiast who headed the FAA in the 1980s, Engen oversaw the exhibition of such gems as the Spirit of St. Louis, which Charles Lindbergh flew across the Atlantic...
...once monster conglomerate that has been rapidly deconglomerating, has saved for future acquisitions some $1.6 billion earned by selling off two global automotive businesses this year. "A fair amount of that," says chairman Travis Engen, "will go to Asia. Much of the world's electronics is being produced there, and our footprint there in electrical connectors is rather modest. So that is an area where we would specifically like to make great investments in acquisitions." Asia supplies about 5% of ITT's global revenues, but Engen foresees that rising to a third in about 15 years--or in less time...