Word: vought
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...Navy is delighted by its new allotment of $709 million for procurement-the biggest package given any armed service. Most of the money will be spent for strengthening the carrier aircraft squadrons of nuclear-armed Douglas A4D-2N attack bombers and 1,400-m.p.h. McDonnell F4H-1 and Chance Vought F8U-2N jet fighters, plus Bullpup air-to-surface missiles, Tartar and Terrier surface-to-air missiles and torpedoes...
...James Joseph Ling, 38, president of Dallas' Ling-Temco Electronics, Inc., describes his business operations; if he lets go, he may be eaten. Last week, giving the tiger's tail another yank, Jim Ling used his recently acquired majority interest in Dallas' Chance Vought Corp. to merge the 44-year-old aircraft company with Ling-Temco over the protests of Chance Vought officers and other stockholders. The merger creates a Texas-based aircraft, missile and electronics complex with a backlog of $300 million in orders. Ling, who once planned to become a Catholic priest, will rule over...
...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...
...attractive merger prospect for Temco Aircraft Corp., an airframe maker that had branched into electronics. Ling was made president of the new Ling-Temco. Earnings last year equaled or slightly bettered 1959's $1.22 per share. This was 1.9% of sales, about the same ratio as Chance Vought...
Unless the courts stop Ling, his bid for control of Chance Vought might well succeed. At week's end tenders to sell him stock were still coming...