Word: litton
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...Huge and highly advanced amphibious landing craft, each equipped with a below-deck unloading ramp and a helicopter flight deck, will be built by Litton Industries' Ingalls division at Pascagoula, Miss. Last May the company signed a $1 billion contract for nine vessels. Costs have already escalated, largely because of design changes. The first ship alone will cost $185 million, compared with the $143 million appropriated for it last year...
...world's largest, with assets of $25 billion, 952 Stateside branches and 94 overseas, and a creditcard system used by 25 million worldwide subscribers. Another poor boy. Charles B. ("Tex") Thornton, who started out as a government clerk, is one of the pioneers of the conglomerates with his Litton Industries. It was California that sent the aerospace industry rocketing; today companies like Lockheed and North American Rockwell command a major portion of the market...
...enormous potential of aviation, helped bankroll the beginnings of American, Pan American and Trans World Airlines. He was a friend to retail merchandising when other bankers scoffed, was financial angel to many of today's largest firms. "I bet on people more than balance sheets," Lehman once told Litton Chairman Tex Thornton, who recalls: "I blinked my eyes a couple of times when I heard that...
...value. The plunge has hit nearly every industry. From their 1969 peaks, shipping stocks are off 46%, airlines and motion pictures 40%, aerospace 39%, sugar companies 38%. Losses are only slightly less among coal, copper, textile, oil and insurance shares. Most of the leading conglomerate corporations have dropped disastrously: Litton is off 43%, Gulf & Western 50% and Ling-Temco-Vought...
...public are deeply concerned about the spiraling costs of new weapons systems and their frequent failure to perform up to expectations. High prices and technical flaws plague many major weapons systems, including the Army MBT-70 tank (prime contractor: General Motors), the Navy LHA assault-ship program (Litton) and the Air Force Short-Range Attack Missile (Boeing). Last week all the censure converged on two huge defense projects, the Air Force C-5A transport and the Army AH-56A Cheyenne helicopter. Both are built by Lockheed Aircraft Corp., whose $2.2 billion in sales last year were made almost entirely...