Word: grummans
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Your article, for which I was interviewed, misrepresents several key points regarding the discussion of the need for more B-2 bombers. You say that Northrop Grumman's firm fixed-price offer for 20 additional B-2s is ``dubious,'' that these aircraft will be ``stripped-down'' versions with ``scant strategic value.'' Northrop Grumman's firm fixed price offers new B- 2s for an average price of $570 million each. Those who question the validity of this price fail to understand the meaning of the term firm fixed price. It means just what it says. It's true there are additional...
...more of the Stealth bombers. Seven former Defense Secretaries have urged President Clinton to buy more B- 2s because, they wrote in a Jan. 4 letter, ``the end of the cold war was neither the end of history nor the end of danger.'' Furthermore, B-2 builder Northrop Grumman has quite a deal for the Pentagon: the new batch of radar- eluding, batwinged planes will cost just a fraction of what the first...
Stocks rose sharply, as third-quarter earnings reports continued to come in above analysts' expectations. Some examples: Compaq's profits soared 88%; aircraft maker Northrop Grumman's earnings rose 50%; and AMR, the parent of American Airlines, reported a 74% profit gain. The Dow Jones industrial average rose 18.50 points, to 3936.04, on heavy trading (319 million shares on the NYSE). The S&P 500 climbed 2.62, to 470.28. NASDAQ stocks jumped 5.81, to 770.62. Bond prices declined, meanwhile, as the yield on the benchmark 30-year Treasury rose to 7.90% from 7.87%. The price of gold rose...
...realities of the post-Cold War era, giant defense contractors Lockheed and Martin Marietta announced they will merge in a $10 billion deal. The new company, to be called Lockheed Martin, will become the Pentagon's biggest supplier. In April two other other defense companies, Northrop and Grumman, said they were merging. While the deal still must clear anti-trust laws, government objections are unlikely, says TIME Pentagon Correspondent Mark Thompson. "Just last year the Pentagon and Department of Justice did a review of the defense industry and concluded that consolidations were natural," says Thompson. "They paved...
...corporate marriages range across the breadth and depth of American business, from banking to pharmaceuticals to telecommunications. Defense? Try Northrop's $2.1 billion buyout in April of aircraft maker Grumman, which had also been sought by Martin Marietta. Retailing? Federated paid $4.1 billion for R.H. Macy last month in a merger that created America's largest department-store company. Wireless phones? U.S. West and AirTouch Communications agreed two weeks ago to pool their cellular operations into a business with total sales of $13.5 billion and nearly 2 million subscribers...