Word: millions
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Dates: during 1960-1969
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...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...
...nuclear-powered carrier Nimitz, now under construction at Newport News, Va., was estimated to cost $427 million when work began in mid-1968. Design was not complete when the contract was signed. Some deliveries of parts were late, and the builder's costs went up. Overruns now exceed $116 million, and the Navy has no choice but to settle up. Newport News Shipbuilding and Dry Dock Co., owned by the Houston-based conglomerate Tenneco, is the only yard in the U.S. big enough to put together carriers of the Nimitz class...
...Assault ships, designed to launch landing craft and helicopters, are being built at Lockheed's Seattle yard. The seven ships were priced at $25 million each when the contract was signed in 1963. There have been many design changes, late delivery of gear, and the usual toll of inflation. Lockheed has not yet submitted its claim for what promises to be a large overrun, and the Navy is keeping its own estimate secret-while budgeting for the assault ships in its total overrun account...
Died. The 5? Hershey Bar; of acute inflation; in Hershey, Pa. Born in 1903, the nickel chocolate bar became a U.S. institution and generated the growth of Hershey Foods Corp. (assets: $208 million). It survived wars, depressions and rising taxes, but suffered from weight loss in recent years, shrinking from 1 oz. to ¾ oz. Last week, a victim of the rising cost of cocoa beans, it went the way of the penny licorice stick and, increasingly, the nickel pack of chewing gum. Henceforth, the least expensive Hershey Bar will cost a dime...
...corporate-euphemism award. Almost since its first flight in 1933, Northeast has been a kind of New Haven Railroad of the skies. It made a profit only once in the past twelve years-in 1966, when a strike grounded competitors. Otherwise, it lost up to $10 million annually. Last week, however, "The All-Steak Airline" became a pioneer of sorts. After numerous unsuccessful efforts to sell Northeast, Storer Broadcasting Co., which owns 86% of the stock, induced Northwest Airlines to take it. The merger would be the first among U.S. trunk lines since United acquired Capital in 1961, and could...