Word: grummans
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WASHINGTON: The defense industry is now as consolidated as it?s going to get. Succumbing to fierce opposition from both the Department of Justice and the Pentagon, aerospace giant Lockheed Martin threw up its hands Thursday and abandoned its planned $8.3 billion acquisition of Northrop Grumman. The lesson: Don?t fight the Pentagon ?- that?s what it does best. After giving its blessing in 1993 to consolidation and ushering in a feeding frenzy of takeovers and mergers, the Pentagon decided that enough was enough, and it would accept nothing less from Lockheed than complete surrender...
...rest of us. In this era of megamergers, Joel Klein already has plenty of antitrust enforcement on his plate. Last week he announced his intention to fight a proposed partnership between American Airlines and British Airways; the DOJ's case against the proposed merger of Lockheed-Martin and Northrup-Grumman also begins this September; and the chipmaker Intel is said be next in the cross hairs of his colleagues over at the FTC. But the resolute Klein seems determined to make Gates a test case for reinterpreting the 19th century Sherman Act to apply to 21st century Silicon Valley...
BALTIMORE: It's not suprising that the Federal Trade Commission is expected to approve the proposed $7.9 billion merger of Lockheed Martin, the number one U.S. contractor, with sixth-ranking Northrop Grumman, since the U.S. is taking the position in the post Cold War era that preserving critical technologies is more important than avoiding monopolies. Observes TIME's Mark Thompson: "The argument here is that fewer efficient companies are better than more inefficient ones." Besides, when was efficiency ever an issue in the defense industry? While such a deal in any other sector would spark worries about concentration of market...
...NORTHRUP GRUMMAN Congress wants more of its B-2 bombers (the Pentagon doesn...
Ralph D. Crosby Jr., Corporate Vice President and General Manager B-2 Division Northrop Grumman Corp. Pico Rivera, California