Word: siddeley
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...maximum profit of 7%. Unofficially, they can make up to 20%. Actually, many of them do a great deal better than that. Or so it seemed last week as Parliament was embroiled in a brouhaha triggered by the news that on a contract for overhauling aircraft engines, the Bristol Siddeley division of the Hawker Siddeley Group had rung up profits...
Directors of the company maintained that they had no knowledge of any overcharges-which for some work amounted to twice the contract price. Ministry of Technology officials said that they had realized the company's profits were excessive, but that they had been refused access to Bristol Siddeley's books. Trying to cool the criticism, Minister of State (Technology) John Stonehouse told Commons that though Bristol Siddeley's contract was not open to renegotiation, so that the company was not obliged to repay any money, its directors had agreed to return $11 million of excess profits...
Stonehouse. Commons, however, was not in the mood to pay tribute to anyone. And the very fact that Bristol Siddeley turned loose so much money only increased suspicions that something was wrong...
Inevitably, the Bristol Siddeley affair is expected to reach far beyond the balance sheets of any one company. Its settlement surely will affect the future of Britain's aviation industry and, if parliamentary critics have their way, the entire practice of defense-industry contracting...
Like a loving, wealthy mother with a homely daughter, Britain's Labor government for months has hinted at, prompted and hoped for a marriage between the forlorn British Aircraft Corp. and the airframe interests of the handsomely profitable Hawker Siddeley Group Ltd. BAC was shyly willing; Hawker Siddeley was reluctant. Whereupon the old lady-Her Majesty's government-stepped in, urged a sort of shotgun merger...