Word: vought
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Dates: during 1960-1969
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Last week Ling wanted something else: Chance Vought Corp., the oldtime aircraft company turned missile and electronic producer. Ling, willing to spend more than $6,500,000 to get a company that grosses $215 million a year, had quietly bought 17% of the company's 1,190,540 shares. Then, even though the stock was selling at $39.88 a share, he announced that he would buy at least 150,000 shares more for $43.50 each. Chance Vought President Frederick O. Detweiler promptly denounced the offer; he said the price was little more than the book value of the stock...
Neat Fit. Chance Vought fits neatly into Ling's plans to build Ling-Temco into a power in the electronic communication field. Besides its missile and electronics skills, it has a large plant next door to Ling-Temco's outside Dallas. Plant facilities are among Ling's most urgent needs for the expansion he sees ahead...
...move at Chance Vought is well timed. The company has had problems, starting with the shock of losing $116 million in Navy contracts in one economy wave three years ago. To make up for that, Detweiler expanded into electronics, acquired mobile home builders, an interest in a small data-processing firm, and an automatic controls company. His remedies thus far have not shown up in profits. Sales last year slid to about $215 million from the 1958 high of $333 million, may drop another 10% this year. Earnings slid to an estimated $3.25 per share from $4.12 in 1959. Detweiler...
Corp. (51% owned by Chance Vought Aircraft) is developing a scanner: so is Cambridge's Baird-Atomic, Inc., which is working on a scanner for the Air Force that is able to read Russian, then feed it to a computer that translates the words into English. Though all employ similar principles, each machine differs considerably in detail, and the makers guard their secrets carefully...
...Navy was understandably in no hurry to advertise Lieut. Barnes' embarrassment-or its own. But Chance Vought Aircraft, Inc., makers of the plane, thought it too good a story to keep-as if the brief flight proved something special about their plane instead of something forgetful about the man who flew...