Word: litton
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Only half a year ago, Roy Ash, president of California's Litton Industries, sounded like a man who had seen light at the end of a tunnel. Profits of the troubled conglomerate in 1972, he confidently predicted, would increase substantially over their lackluster showing of $50 million in 1971, and one reason for the gain would be Litton's $ 130 million shipyard in Pascagoula, Miss. Ash calls the ultramodern facility, opened about two years ago, "a national asset that will make U.S. shipbuilding competitive in world markets...
...months since then, Litton's light has dimmed considerably. The company lost money during two quarters of its 1972 fiscal year, and will close the books later this month with what Ash now calls only a "small profit." The trouble stems in large part from the Pascagoula yard, which has produced a small armada of labor problems, construction delays, cost overruns-but so far very few ships...
...executive market is just a bit too active for one search firm, Wilkinson, Sedwick & Yelverton in Los Angeles. Last month its members voted to take in Robert P. Gray, a former Litton Industries manager, as a partner. On the way to his first company meeting, Gray got a phone call offering him a different job. He traveled East to look into it-and joined Manhattan's Wheelabrator-Frye, a pollution-control-equipment company, as a senior vice president at $120,000 a year...
...revitalize the company, Bluhdorn has sold off unprofitable plants and cut staff. In addition, he says, "We brought in new top managers in almost every division." G. & W. is doing considerably better than several still troubled conglomerates, including LTV, Litton and Teledyne. Wall Street is taking notice. Last week G. & W. stock was selling in the mid-40s, way up from...
...Viet Nam era veterans are also in abundance; their unemployment rate is 8.2%, as opposed to 6.1% for the work force as a whole (up slightly from November). Employees who might have changed jobs in better times are hanging on to them now, creating fewer openings for new graduates. Litton Industries, for example, has cut its intake of graduates to half of 1968's level. "Getting the best people is easier for us now," says Bob Gray, director of corporate industrial relations. "Any time we want to crank up a project, we can do it with experienced people readily...