Word: tristar
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Dates: during 1970-1979
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...Stars, which are powered by Britain's Rolls-Royce engines. The $130 million sale was a sorely needed and roughly won victory for Lockheed, which was saved from bankruptcy by a $250 million federal loan guarantee 14 months ago and is counting considerably on the TriStar for its future. The plane nosed out McDonnell Douglas's DC-10 and a short-range version of Boeing's 747 for the All Nippon airbus business. Beyond the prospect of additional sales of the 300-passenger planes to All Nippon, a big domestic carrier, the deal gives Lockheed its first...
...goods, including aircraft, to help reduce the U.S. trade deficit. Half a dozen of Japan's newspapers, including Tokyo's large Yomiuri Shimbun, carried reports that Nixon feels a special responsibility to keep Lockheed viable, and that he put in a good word with Tanaka specifically for TriStar. In September Britain's Prime Minister Edward Heath, also worried about trade deficits, urged Japanese officials in face-to-face meetings in Tokyo to have Japan buy aircraft equipped with Rolls-Royce engines. The Japanese took these proddings most seriously, and the only way that they could satisfy both...
...grant All Nippon one of its long-cherished wishes: overseas routes within Asia. Officials of major Japanese trading houses, who represented the three competing U.S. companies in the negotiations, say that Lockheed was definitely given special consideration by the Japanese. Of All Nippon's decision to buy TriStar, Toru Fukinishi, deputy general manager of the country's international carrier, Japan Air Lines, said: "I was somewhat amazed at this choice." JAL itself last week bought four short-range versions of Boeing...
Though All Nippon and Lockheed vigorously deny that any political pressure was applied, the deal was indeed remarkable. All Nippon's officials say that the key factor in ordering the TriStar was the relative quiet of its engines; yet in noise tests in Osaka and Tokyo, the L-1011 did no better than the McDonnell Douglas DC-10. Moreover, an industry-wide comparison study in the U.S. shows that TriStar's Rolls-Royce engines have had to be removed for maintenance at a rate about three times that of the DC-10's General Electric engines. Early...
...have to put up an estimated $80 million to $100 million to develop the modified plane, and it does not now have the money. It has already used up $150 million of its Government-guaranteed loan, and will need the rest merely to continue pro duction of the conventional TriStar. Haughton says he is planning to raise the needed cash by floating a new bond issue, but how well it would sell is in some doubt...