Word: tristar
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Dates: during 1970-1979
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...quick counterpoint neatly symbolized Lockheed's so-so progress in the year since Congress saved the company from bankruptcy. On balance, the good news clearly outweighed the bad. Selling the TriStar is absolutely vital to Lockheed's future, and the BEA order -the first for the TriStar in almost two years-was a welcome indication that Lockheed can keep itself going. Development and eventual production of the Cheyenne helicopter would have helped Lockheed, but cancellation will cause little if any out-of-pocket loss: the company has already written off $132 million of development losses on the helicopter...
...that such a reminder was needed. A year ago Lockheed was headed for collapse, its TriStar project in shambles; the aircraft's engine supplier, Britain's Rolls-Royce, had gone bankrupt. Congress came to the rescue by authorizing a $250 million federal loan guarantee and the British government assured delivery of the engines by assuming ownership of Rolls-Royce...
...line was prodded into the deal by the British government in order to expand the market for engines made by the government-owned Rolls-Royce. Even so, BEA is not likely for many years to phase out its fleet of British-made Trident jets and switch wholesale to the TriStar...
...biggest chunk of those jobs are in Lockheed's headquarters in Burbank and the TriStar plant at nearby Palmdale, Calif. Thus when the Senate clerk announced the vote, there was great joy in those towns. Telephone lines were jammed as relatives and friends spread the news. Champagne flowed at the local union halls. Restaurants were crowded for the first time in months. Ever since Lockheed began laying off some 9,000 TriStar workers last winter, local residents had been putting off decisions about whether to buy new cars or refrigerators. Sales-tax receipts in Burbank had fallen 24% from...
...formalities of collecting on the loan guarantee should be completed within weeks, but Lockheed has a few other problems to take care of before the company is out of danger. Rolls-Royce engineers must work a few more bugs out of the TriStar's engines. Lockheed salesmen must persuade British European Airways to order at least 20 TriStars, a condition that TWA has specified for retaining its 33-TriStar order. Finally. Lockheed must rejuvenate its TriStar marketing program, which was inactive during the long period of uncertainty over the plane's future. The company has only 103 firm...