Word: grummans
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...Customs Service. A dazzling new aircraft? No. It was a used Lockheed P-3 Orion, designed in the 1950s. The $31 million turboprop has just one major innovation: a 360 degrees radar dome capable of spotting smugglers' low-flying planes as effectively as the $48 million Grumman E-2C Hawkeye, which Customs had been using. The Lockheed can stay aloft twelve hours -- three times as long as the Hawkeye, which must refuel after four hours...
...have spent millions on research and development. Other projects could be postponed or stretched out. Adding to the industry's uncertainty is the question of what President Reagan's successor will do once he gets his hands on the Pentagon's purse strings. Many executives echo the fears of Grumman Chairman John Bierwirth, who says, "This industry is on the verge of a cyclical market shakeout...
...from going broke. Overall profits are expected to rise about 4% this year, to $4.9 billion. But some companies are being hit much harder than others. Among those hurting are General Dynamics (the No. 2 defense supplier, with Government contract awards of $7 billion in fiscal 1987), Grumman (No. 10 with $3.4 billion) and Northrop (No. 23 with $1.1 billion...
...Grumman's woes began to surface last year, when the Bethpage, N.Y., company ran into a series of costly delays in its F-14 fighter program, caused mainly by the failure of subcontractors to deliver the planes' avionics systems on schedule. Grumman's 1987 profits dropped 55%, to $36 million. Now the company faces a new problem: Carlucci intends to end funding for Grumman's A6 Navy bomber, which accounted for 15% of last year's pretax profits. "If any company in defense is vulnerable, it is Grumman," says Paul Nisbet, an industry analyst with the Prudential-Bache investment firm...
...contracts and throw them open for new bids. That could lead to chaos in procurement and delay production of some weapons systems for years. But the brass may have no choice: if investigators prove that a contract was obtained illegally, a court may rule that contract invalid. For example, Grumman Corp. lost the advanced tactical aircraft contract to the combine of McDonnell Douglas and General Dynamics. If allegations in Ill Wind search warrants are proved correct, Grumman could sue to have a new competition...