Word: textron
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...usual. In a move that surprised official Washington and caught Burns off guard while he was on vacation in Florida, the President picked as Burns' successor a man whose name had never come up in public speculation: G. (for George) William Miller, 52, chairman and chief executive of Textron Inc., one of the nation's first and most successful corporate conglomerates...
...have long thought that Burns was strangling the nation's economic growth by being too stingy in doling out money, thus pushing up interest rates too much, and yet it did not seem to antagonize Burns' conservative admirers. Quite the contrary; Miller's long career at Textron and service on various business and government committees have given him a wide acquaintanceship in the financial community, and most businessmen and bankers hailed him as one of their own. Miller will have to be a miracle man to keep that universal favor; his cheering section includes both people...
...1960s. It received a near lethal blow in 1971 when Britain's Rolls-Royce, maker of the jet engines for the company's civilian L-1011 TriStar, went bankrupt, and Lockheed eventually lost $300 million, due in part to canceled orders. A recent rescue operation, under which Textron Inc. would have provided $100 million in new cash in exchange for a 46.8% interest in Lockheed, fell through in February. Lockheed two weeks ago announced that its profits for the first half of 1975 nearly doubled from a year earlier, to $24.7 million, but this is based partly...
...Textron Inc. 's Bell Helicopter Division (Fort Worth), Huey and Cobra combat helicopters; $60.3 million...
Last week Rohatyn moved a step closer to bringing it off. The Lockheed and Textron boards approved a plan for Textron to buy 45% of Lockheed's stock for $85 million. The two will not merge, but Textron Chairman G. William Miller, a 49-year-old lawyer, is to become chairman of Lockheed as well, thus heading two companies that had total 1973 sales of almost $5 billion; Lockheed Chairman Daniel J. Haughton, 62, would step down to vice chairman. Other terms, some still subject to revision: major banks are being asked to convert $275 million in loans...