Word: litton
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EXECUTIVES New Engine Man Just a month ago, Harry J. Gray, a senior executive vice president of Litton Industries, got a call from an executive recruiter. Would Gray be interested in becoming president of United Aircraft Corp., the world's biggest maker of jet engines? Indeed he would, but he laid down one condition. United Aircraft Chairman William P. Gwinn would have to get the approval of Tex Thornton, Litton's chairman, for Gray even to negotiate. "After 17 years as a Litton employee," said Gray, "I didn't want to do anything without its being known...
...Though Harry Gray is no aerospace expert, he seems well suited to lead United. A World War II infantry hero (Bronze and Silver Stars), he started his career at Greyhound Movers, then moved in 1954 to Litton. He began by acquiring electronics firms that helped to make Litton into a huge conglomerate, then was in charge of finances and, most recently, ran three groups of subsidiary companies. In the process, Gray won a reputation for coolness and dedication. After he was in a motorcycle crash in 1964, he set up office in his hospital room and directed operations while still...
...sustained economic recovery without a strong increase in investment. It is disquieting that the outlook for capital spending is so weak. We would urge Congress to restore the investment tax credit permanently. Changes that promote investment are in the best interests of everyone." CHARLES ("TEX") THORNTON, chairman of Litton Industries. "One of the most important things that the Administration can do is to provide business with an investment tax credit. Not only will that create jobs now, but it will improve productivity and help the U.S. maintain an edge over foreign competition. Too many of our production facilities...
Quesada is now smoking contentedly. He produced figures proving that as of April 26, the common stock of the ten companies (Lockheed Aircraft, General Dynamics, McDonnell Douglas, United Aircraft, North American Rockwell, Litton Industries, Grumman, Ling-Temco-Vought, Boeing and Raytheon) was worth $4,723,814,437. On the same date the common stock of Avon Products was valued at $5,618,240,682. It is comforting to learn that the nation values beauty above bullets. It is also disconcerting to think that American women need all that much help to look pretty. But in fact, by a more traditional...
Because the contract is on a fixed-price basis, any unanticipated expense will presumably come out of Litton's profits, now estimated at $85 million. Thus the company will have quite an incentive to keep costs within projected limits-something that not many contractors have managed recently on big defense jobs...