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NEWS
January 12, 1996
NORTHROP GRUMMAN Corp.'s purchase of Westinghouse's Electronic Systems Group appears to be good news for the division's 8,500 Maryland employees. Since the group's airborne electronics and radar business complements, rather than competes with, Northrop Grumman's manufacture of attack aircraft, there seems less likelihood of widespread job losses.Northrop Grumman's chairman, Kent Kresa, said after the announcement that he did not foresee "major layoffs." However, because his company is purchasing the Electronic Systems Group primarily with borrowed money and adding substantially to its debt, the possibility exists that there would be some future asset sales that could result in a smaller work force.
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BUSINESS
March 31, 2001
In the Region EarthShell gets great news to offset the bad EarthShell Corp.'s share price nearly doubled yesterday after the California company, which manufactures most of its products in Owings Mills, announced that McDonald's Corp. has approved its biodegradable Big Mac containers and intends to buy more of the product. EarthShell shares rose $3 yesterday before slipping back to close at $2.50, up $1.19. The McDonald's news came a day after EarthShell said its net loss for the fourth quarter, which ended Dec. 31, increased 65 percent to $18.6 million - including an $11 million one-time charge - and that it lost $49 million for the year vs. a net loss of $44.2 million in 1999.
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BUSINESS
By Michael Dresser and Michael Dresser,SUN STAFF | January 9, 1996
The Loral Corp. of 1996 is one of the bluest of blue-chip companies, but 24 years ago the New York-based defense contractor was on the skids.The company founded in 1948 by William Lorenz and Leon Alpert -- the 'Lor' and 'Al' in Loral) -- had turned itself into a classic conglomerate -- making everything from copper wire to industrial meters to toys.And like most conglomerates of that era, Loral went too far. After a series of unwise acquisitions, Loral in the early 1970s fell into default on its loans and was on the brink of being kicked off the New York Stock Exchange.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | June 23, 1999
Striving to rebuild itself to its former glory, defense stalwart General Dynamics Corp. has agreed to pay $1.05 billion in cash for three information technology units of GTE Corp., the companies said yesterday.The McLean, Va.-based General Dynamics is in the midst of a shopping spree that includes a $5 billion deal announced in May to acquire business jet maker Gulfstream Aerospace Corp., as well as failed attempts to buy Newport News Shipbuilding Inc. and, in 1997, United Defense LP.The latest deal is expected to add $1.2 billion a year in revenue to General Dynamics' bottom line, bringing its annual earnings to $9 billion and effectively reversing the dismantling that the company undertook earlier this decade when it faced a shrinking defense marketplace.
BUSINESS
April 28, 1998
Britain's General Electric Co. PLC said yesterday that it made an informal offer to buy the defense electronics businesses that Lockheed Martin Corp. and Northrop Grumman Corp. might sell to win U.S. antitrust approval for their merger.The defense electronics maker told the companies that it's interested in buying Northrop's defense units that make airborne early warning radar and missile countermeasures, a GEC spokesman said."We're standing by to become involved in discussions as and when any opportunities arise," said Ben Brewerton, the GEC spokesman.
NEWS
By Orlando Sentinel | October 17, 1990
SAN DIEGO -- Even war on the horizon cannot stop the "de-Reaganizing" of the U.S. defense budget as it continues to recede from the hefty levels of the early and mid-1980s, defense electronics officials say.By the year 2000, defense spending will decline by one-third and dip even below pre-World War II levels in terms of share of the gross national product, the Electronic Industries Association said yesterday in an annual 10-year market forecast of the...
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | June 23, 1999
Striving to rebuild itself to its former glory, defense stalwart General Dynamics Corp. has agreed to pay $1.05 billion in cash for three information technology units of GTE Corp., the companies said yesterday.The McLean, Va.-based General Dynamics is in the midst of a shopping spree that includes a $5 billion deal announced in May to acquire business jet maker Gulfstream Aerospace Corp., as well as failed attempts to buy Newport News Shipbuilding Inc. and, in 1997, United Defense LP.The latest deal is expected to add $1.2 billion a year in revenue to General Dynamics' bottom line, bringing its annual earnings to $9 billion and effectively reversing the dismantling that the company undertook earlier this decade when it faced a shrinking defense marketplace.
NEWS
By Ted Shelsby and Ted Shelsby,SUN STAFF | January 9, 1996
The rapidly shrinking defense industry was rocked again yesterday when the Lockheed Martin Corp. announced that it will acquire the bulk of Loral Corp., the nation's fifth-largest defense contractor, for $9.1 billion.The move comes nine months after Martin Marietta Corp. merged with Lockheed Corp. to form the nation's largest defense and aerospace company, and five days after Northrop Grumman Corp. agreed to buy the Linthicum-based defense electronics arm of Westinghouse Electric Corp. for $3.6 billion.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | March 20, 1998
WASHINGTON -- Lockheed Martin Corp. said yesterday that the government has asked it to agree to "unprecedented divestitures" or face a court battle over its planned $11 billion merger with aerospace rival Northrop Grumman.The two companies have been given until Monday morning to offer a plan that meets government demands.Lockheed said the Justice Department, the government's lead antitrust regulator, and the Pentagon, which has said it is opposed to allowing the two defense titans to merge unchecked, informed the company that they would both participate in the suit.
BUSINESS
March 31, 2001
In the Region EarthShell gets great news to offset the bad EarthShell Corp.'s share price nearly doubled yesterday after the California company, which manufactures most of its products in Owings Mills, announced that McDonald's Corp. has approved its biodegradable Big Mac containers and intends to buy more of the product. EarthShell shares rose $3 yesterday before slipping back to close at $2.50, up $1.19. The McDonald's news came a day after EarthShell said its net loss for the fourth quarter, which ended Dec. 31, increased 65 percent to $18.6 million - including an $11 million one-time charge - and that it lost $49 million for the year vs. a net loss of $44.2 million in 1999.
BUSINESS
April 28, 1998
Britain's General Electric Co. PLC said yesterday that it made an informal offer to buy the defense electronics businesses that Lockheed Martin Corp. and Northrop Grumman Corp. might sell to win U.S. antitrust approval for their merger.The defense electronics maker told the companies that it's interested in buying Northrop's defense units that make airborne early warning radar and missile countermeasures, a GEC spokesman said."We're standing by to become involved in discussions as and when any opportunities arise," said Ben Brewerton, the GEC spokesman.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | March 20, 1998
WASHINGTON -- Lockheed Martin Corp. said yesterday that the government has asked it to agree to "unprecedented divestitures" or face a court battle over its planned $11 billion merger with aerospace rival Northrop Grumman.The two companies have been given until Monday morning to offer a plan that meets government demands.Lockheed said the Justice Department, the government's lead antitrust regulator, and the Pentagon, which has said it is opposed to allowing the two defense titans to merge unchecked, informed the company that they would both participate in the suit.
BUSINESS
By BLOOMBERG NEWS | July 4, 1997
NEW YORK -- U.S. stocks surged to records yesterday after a government jobs report pointed to stable or lower interest rates and higher corporate profits.Investors shoveled money into stocks such as American Express Co. and J. P. Morgan & Co. as bond yields tumbled to four-month lows. Financial companies enjoy fatter profits when rates decline.The jobs report confirmed the view that the economy has slowed enough to keep inflation from rising, yet is growing enough to fuel increases in earnings.
BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF | May 29, 1996
James G. Roche had his eye on Westinghouse Electric Corp.'s defense arm in Linthicum for a long time.As vice president and chief strategist at Northrop Grumman Corp., he studied the defense electronics company for four years and came to view it as the missing link that could not only broaden Northrop's base but also propel it to become a viable competitor in the shrinking world of defense and aerospace contractors.Largely on his recommendation, Northrop acquired the unit for $3.6 billion in January, and two months later appointed Roche as general manager of what now is known as the Electronic Sensors and Systems Division.
NEWS
January 12, 1996
NORTHROP GRUMMAN Corp.'s purchase of Westinghouse's Electronic Systems Group appears to be good news for the division's 8,500 Maryland employees. Since the group's airborne electronics and radar business complements, rather than competes with, Northrop Grumman's manufacture of attack aircraft, there seems less likelihood of widespread job losses.Northrop Grumman's chairman, Kent Kresa, said after the announcement that he did not foresee "major layoffs." However, because his company is purchasing the Electronic Systems Group primarily with borrowed money and adding substantially to its debt, the possibility exists that there would be some future asset sales that could result in a smaller work force.
BUSINESS
By Michael Dresser and Michael Dresser,SUN STAFF | January 9, 1996
The Loral Corp. of 1996 is one of the bluest of blue-chip companies, but 24 years ago the New York-based defense contractor was on the skids.The company founded in 1948 by William Lorenz and Leon Alpert -- the 'Lor' and 'Al' in Loral) -- had turned itself into a classic conglomerate -- making everything from copper wire to industrial meters to toys.And like most conglomerates of that era, Loral went too far. After a series of unwise acquisitions, Loral in the early 1970s fell into default on its loans and was on the brink of being kicked off the New York Stock Exchange.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | January 4, 1996
Northrop Grumman Corp., which signed up to become Maryland's biggest manufacturing employer yesterday as it agreed to buy Westinghouse Electric Corp.'s defense electronics business, is a high flier with a crippled engine, defense industry analysts say.The driving force behind Northrop Grumman's sales, estimated at $6.8 billion for 1995, has been the B-2 stealth bomber, darling first of the Carter administration and lately of congressional Republicans from...
BUSINESS
By Ted Shelsby | March 27, 1991
Gene Strull was really impressed with the performance of the Patriot missile against Iraqi Scud attacks during the recent Persian Gulf war, but he thinks there is still room for improvement in the Army's celebrated missile defense system.Wouldn't it be nice, he said in a recent interview, "if they could have gotten to the Scuds sooner and have them fall back onIraq?"Dr. Strull is an award-winning scientist who heads the Westinghouse Electric Corp.'s Advanced Technology Division, an integrated circuit-production complex in Linthicum.
NEWS
By Ted Shelsby and Ted Shelsby,SUN STAFF | January 9, 1996
The rapidly shrinking defense industry was rocked again yesterday when the Lockheed Martin Corp. announced that it will acquire the bulk of Loral Corp., the nation's fifth-largest defense contractor, for $9.1 billion.The move comes nine months after Martin Marietta Corp. merged with Lockheed Corp. to form the nation's largest defense and aerospace company, and five days after Northrop Grumman Corp. agreed to buy the Linthicum-based defense electronics arm of Westinghouse Electric Corp. for $3.6 billion.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | January 4, 1996
Northrop Grumman Corp., which signed up to become Maryland's biggest manufacturing employer yesterday as it agreed to buy Westinghouse Electric Corp.'s defense electronics business, is a high flier with a crippled engine, defense industry analysts say.The driving force behind Northrop Grumman's sales, estimated at $6.8 billion for 1995, has been the B-2 stealth bomber, darling first of the Carter administration and lately of congressional Republicans from...
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