Word: tristar
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Dates: during 1970-1979
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...Price for Error. Lockheed Chairman Daniel Haughton thought that the proposal was impossible, but he was in no position to reject it out of hand. His company has sunk $1 billion into developing its 256-passenger TriStar jet, needs engines to power the plane, and has no chance of enforcing its contract with the old, bankrupt Rolls-Royce. Haughton will negotiate further in an effort to try to improve the proposed terms...
Transatlantic Layoffs. By week's end the Rolls crash had cost the jobs of almost 10,000 workers in two countries, including 6,500 laid off by Lockheed in Burbank and Palmdale, Calif. There, Lockheed had been building the TriStar superjet, for which Rolls was supposed to supply the engines. The bitter joke on both sides of the Atlantic was that the Rolls crash has made the 256-passenger TriStar "the world's largest glider...
...washed out, it is conceivable-though highly unlikely-that Lockheed would have to cancel the TriStar and follow Rolls into bankruptcy; in that case, the Pentagon would doubtless find some way to keep Lockheed producing C-5A cargo planes and Poseidon missiles. The issues are serious enough to have prompted at least one transatlantic telephone conversation between President Nixon and British Prime Minister Edward Heath...
Sitting Duck. The downfall really began in 1966. The Labor government, desperate for export earnings as the pound staggered toward its 1967 devaluation, prodded Rolls to go all out to win an international competition for the engines for the Lockheed TriStar. Rolls responded enthusiastically, spending an estimated $1,000,000 on its sales campaign, including $192,000 on transatlantic air fares alone. In 1968 the company won an order to build 540 engines for $840,000 each. Lockheed executives crowed that it was "the best price deal we ever made." David Huddie, then head of Rolls' aero-engine division...
...airbus, a 256-pas-senger trijet that is supposed to start flying for TWA and Eastern late this fall. Britons had hailed the contract award as a triumph of export salesmanship by Rolls, but it proved instead to be ruinous. Rolls agreed to deliver 540 engines for the "TriStar" at a fixed price of $156 million; by last November it had concluded that the cost of building them would be more than twice that. It asked the British government for help and got some loans, but not enough. Last week Rolls declared itself virtually broke and estimated that losses...