Word: tristar
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Dates: during 1970-1979
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...decision to diversify its business and compete with Boeing and McDonnell-Douglas in the manufacture and sale of commercial airliners. Lockheed had thus developed the L-1011 Tristan wide-bodied jumbo jet, but the program had misfired. Bankrolled by major U.S. banks to the tune of $650 million, the Tristar program threatened to drag the company into bankruptcy. By 1971, only a $250 million U.S. government guarantee of private bank loans enabled the company to survive. Lockheed's own projections showed that the company had to sell 300 of the jumbo jetliners in order for the program to break even...
...domestic U.S. market could not furnish the solution. The financial viability of the Tristar program ultimately depended upon Lockheed's success in selling the plan abroad. Furthermore, the success of the overseas sales effort increasingly appeared to depend upon Japan. For if the major Japanese international carrier, All Nippon Airlines, could be persuaded to purchase the Tristar, it would not only be a major sale--21 planes were sold in all for nearly $400 million--but it would be a prestige sale, placing the Tristar on a par with Boeing's 747 and McDonnell-Douglas's DC 10. As seen...
...defined in terms of the American market. Its sales effort, to succeed, must be international in scope; in Lockheed's case, its 60,000 jobs, $650 million in private bank financing, $250 million in U.S. government backed guarantees, all seemingly hinged upon the success or failure of selling the Tristar to the Japanese...
...largely incorrect and based on false premises," struck again last week when he told the London Sunday Express of rumors that a Tory Cabinet minister had received a $ 1 million payoff three years ago to prevent Air Holdings Ltd. from backing out of its commitment to order 30 Lockheed TriStars (with options for 20 more). Since the TriStar was the one plane that could use Rolls-Royce RB-211 engines-and therefore the plane on which the Tory government's efforts to bail out bankrupt Rolls-Royce's aero-engine program depended-it seems unlikely that Lockheed would...
...contract is a compromise version of one that was aborted last May. Lockheed failed then to meet Canada's requirement that it come up with $375 million to finance initial tooling costs in Canada. Now, with a Saudi order for three TriStar jets also in hand, Lockheed has managed to borrow the $50 million needed to cover reduced startup costs. The Canadian government accepted a later delivery schedule (the first plane will arrive in May 1980) and less instrumentation on board the aircraft, which in Canada will be called the Aurora. Lockheed also agreed to place with Canadian firms...