Word: loralic
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...acquisition further accelerates a realignment already well along in the industry. Ford Motor Co. sold its missile and satellite operations to Loral Corp., and Hughes Aircraft acquired General Dynamics' missile operations. Faced with continued shrinking of the market, all the major defense firms are reviewing the betting. Predicts Gordon Adams, director of the Washington-based Defense Budget Project: "The bloodletting will continue...
...interests. The action was taken on the same day that votes in both the House Appropriations Committee and the Senate expressed disapproval of the sale. Anticipating rejection, Thomson-CSF officials have been scrambling for some time to put together a new offer -- with American partners, including Raytheon, Northrop or Loral. One hitch is that Thomson-CSF placed a $20 million guarantee with LTV for a completed sale by July 31. A new arrangement would depend on the readiness of LTV's creditors to let this deadline slide while a new U.S. review process took place...
...agents staged surprise searches in more than three dozen homes and offices in twelve states. The 19 companies subpoenaed or searched, some of which are likely targets of the investigation, are a Who's Who of 19 defense contractors. Among them: Electronic Data Systems, Gould, Hazeltine, Litton, Loral, LTV, Martin Marietta, McDonnell Douglas, Northrop, Teledyne, Unisys and United Technologies. Since the raids, a federal grand jury in Alexandria, Va., has been delving into charges that some of these defense contractors and their consultants bribed Pentagon officials for inside information vital in bidding for contracts worth billions of dollars. As part...
With the defense-industry slump expected to linger for at least the next few years, companies that have been hedging their bets by diversifying are likely to fare better than those that remain heavily dependent on a few projects. Loral has moved more aggressively into sales of the sophisticated defense electronics that have been relatively immune to budget cutting, while Lockheed is working on rocket motors for future space shuttles. But the companies that supply instruments of war to the nation's generals and admirals fear that the latest scandal will prompt a series of excessively restrictive new laws that...
...Bonus. The surfeit of shortages is reflected in the rising fees charged by employment agencies and training schools. Some agencies collect as much as $2,400 to fill a $15,000 job. Rather than pay such bounties, Loral Corp., a Scarsdale, N.Y., electronics firm, offers a color television set to any employee recommending an engineer who remains with the company for at least three months. Marcor, Inc., formed by the merger of Montgomery Ward and Container Corp. of America, awards $100 merchandise credits to employees who help recruit new data processors and secretaries...