Word: ozarks
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Dates: during 1980-1989
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People in the airline business are well accustomed to turbulence, but last week they fastened their seat belts and reached for the air-sickness pills. In the wake of the proposed Texas Air-Eastern and TWA-Ozark mergers, everyone from chief executives to flight attendants was wondering nervously just how much those megadeals would shake up the industry. The already fierce competition in the skies is sure to become even more cutthroat. Many airlines may find it increasingly hard to turn a profit, and union members will face new threats to their high salaries. But air travelers, faced with...
...dramatic as the Eastern deal was, it was only the first installment of the one-two punch that rocked the airline business in a single week. Four days later TWA Chairman Carl Icahn said the carrier would buy St. Louis-based Ozark Air Lines for $225 million. That union would increase TWA's annual traffic by 30%, to some 27 million passengers, and strengthen its position as the fourth- largest U.S. airline. The merger would be a coup for Icahn, a New York financier who gained control of TWA only seven months ago. Though a TWA-Ozark deal was already...
...shakiest airlines is TWA, which expects to lose $125 million during the first three months of 1986. Buying Ozark Air Lines is part of an aggressive plan to stanch that red ink. The merger could make TWA, which is best known as an overseas carrier, stronger domestically...
...Eastern-Texas Air and TWA-Ozark deals merely accelerate a merger binge that was already well under way. In the past four months, People Express has acquired Frontier, and Northwest has agreed to buy Republic. Says Louis Marckesano, who follows the industry for the Janney Montgomery Scott investment firm: "At this rate, in five to ten years the American airline industry will look like the U.S. auto industry, with three or four megacarriers covering the globe." If that happens, Texas Air and TWA are determined to be among the survivors...
...from Philadelphia, an engine caught fire and the cabin filled with smoke. Hart's wife Lee ran from a rear seat through the plane because "I thought we were going down and I wanted to be with my family." The aircraft landed safely, and Hart's shaken entourage took Ozark Air Lines planes to St. Louis and California. Unaware that he was on the way toward a dramatic and offsetting win on the West Coast, Hart canceled election-night network interviews in Los Angeles, missing a possibly vital chance to call attention to his California triumph. NBC had promoted...