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By BLOOMBERG BUSINESS NEWS | October 29, 1996
ST. LOUIS -- McDonnell Douglas Corp. said yesterday that it has dropped plans for a new jumbo jetliner, all but conceding the niche to Boeing Co., to concentrate on making military aircraft and smaller passenger planes.The company said it won't press ahead with the MD-XX, a 300- to-375-seat passenger plane, just one month after unveiling ambitious plans for the airliner. Boeing has 70 percent of the jetliner market and is the only jumbo jet maker.Abandoning the big plane leaves McDonnell Douglas even more dependent on its military and space businesses, which account for three-quarters of its revenue.
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BUSINESS
By BLOOMBERG NEWS | August 14, 1998
SEATTLE -- Boeing Co. said yesterday that it expects to make a new round of job cuts in 2000 on top of the 28,000 planned by the end of next year, as the world's biggest airplane maker strives to restore profitability.The Seattle-based company also said it will start making some of its updated 737 jetliners in Long Beach, Calif., by the end of the year.Last month, Boeing said it would cut 18,000 to 28,000 jobs from its total of 238,000. The company is taking steps to cut costs and realign manufacturing.
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BUSINESS
By SEATTLE TIMES | December 4, 1996
SEATTLE -- Boeing Co. and McDonnell Douglas Corp. have agreed to collaborate on the development of Boeing wide-body passenger jets, in a far-reaching deal that could reshape the commercial aircraft industry.In a joint statement, the two aerospace rivals said yesterday that the first project would involve sending several hundred Douglas engineers from Long Beach, Calif., to the Seattle area to work on two so-called stretch versions of the 747 jumbo jet.Boeing officials said the strategic collaboration would allow the company to take full advantage of McDonnell Douglas' broad range of design, production and systems capabilities.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | March 21, 1998
Boeing Co. outlined a streamlining plan yesterday that cuts 8,200 jobs over the next two years, mostly at former McDonnell Douglas factories in Southern California.The announcement means the world's largest aerospace company will lop off 20,000 jobs by the year 2000, including 12,000 commercial aircraft job cuts Boeing announced in December.The Seattle company's work force has swollen to 238,000 because of last August's acquisition of McDonnell Douglas and through the rapid hiring of about 20,000 employees for a serious backlog of airline orders.
BUSINESS
By SEATTLE TIMES | January 17, 1996
SEATTLE -- Talks aimed at Boeing Co.'s purchase of the McDonnell Douglas Corp. apparently have broken down because the two aerospace giants have been unable to agree on a price or who would lead the company.The deal, which could have cost Boeing $12 billion or more, would have created a powerful global leader in the industry. A combined company would have had more than $35 billion in sales and 185,000 employees.The breakdown means continued heavy competition to book orders from airlines worldwide.
BUSINESS
By Greg Schneider | November 24, 1996
FOR MOST of the 1980s and early 1990s, McDonnell Douglas Corp. of St. Louis was the nation's premier defense contractor. It won the most government contracts and it built the prestigious projects, such as the F-15 and the F/A-18 Hornet.Last weekend, McDonnell Douglas stumbled badly. The Pentagon picked Bethesda's Lockheed Martin Corp. and Seattle's Boeing Co. as finalists in the bid to build the Joint Strike Fighter, a warplane program that could be worth $300 billion in the early part of the next century.
BUSINESS
By BLOOMBERG BUSINESS NEWS | September 12, 1996
ST. LOUIS -- Union machinists at McDonnell Douglas Corp. have approved a five-year contract, ending a strike at the company's St. Louis aircraft plant that began June 5. The 6,700 members of the International Association of Machinists Local 837 ratified the contract by a vote of 3,774 to 1,785, even though their bargaining committee didn't endorse the pact.Workers are to begin returning to the plant Monday. The contract stipulates that roughly 5,000 temporary replacement workers must be dismissed by next week.
BUSINESS
By Andrew Leckey | August 14, 1991
Q. My wife and I are retired and reviewing out stock portfolio. One stock, McDonnel Douglas, is of great concern to us because the company hasn't been making a lot of money. We'd appreciate your opinion.A. This stock can indeed be a risky business.Hold shares of McDonnell Douglas (around $54 a share, New York Stock Exchange) only if you consider yourself a high-risk investor capable of absorbing the ups and downs of this famous aircraft, missile and spacecraft firm, said Paul Nisbet, analyst with Prudential Securities.
BUSINESS
By Bloomberg Business News | November 5, 1994
WASHINGTON -- Chinese authorities signed a $1.6 billion agreement with McDonnell Douglas Corp. yesterday to buy 20 jetliners made in the U.S. and co-produce another 20 planes in China.The accord modifies a 1992 agreement that called for the production of all 40 planes in Shanghai. Since then, China found that it needed delivery of the jetliners earlier than was possible if they were made at its domestic facilities.The timing of the new agreement, just days before the midterm congressional elections, is a political prize for the Clinton administration.
BUSINESS
BY A SUN STAFF WRITER | October 20, 1996
Three aerospace giants are competing to build the Joint Strike Fighter, a next-generation warplane that not only could be used by the Air Force but could fly from aircraft carriers for the Navy and land and take off vertically for the Marines and the British Royal Navy. Lockheed Martin Corp. of Bethesda, McDonnell Douglas Corp. of St. Louis and Boeing Co. of Seattle have all fielded entries in the competition, and sometime in the middle of next month the government will tell two of them to build prototypes.
BUSINESS
By BLOOMBERG NEWS | December 17, 1997
SEATTLE -- Boeing Co., after two years of struggling to hire and train enough workers to meet surging demand, said yesterday that it expects to cut employment at its commercial airline unit by 12,000 jobs, or 10 percent, next year.The world's largest aerospace company said jetliner production will peak in mid-1998 and improved technology, such as computer links to suppliers, will allow it to eliminate jobs without reducing the number of aircraft it makes.Most of the job cuts will come through attrition, Boeing said.
BUSINESS
By SEATTLE POST-ITELLIGENCER | November 1, 1997
The Air Force reportedly has decided to partially subsidize efforts by both Boeing and Lockheed Martin to develop the next generation of launch vehicles to hurl military and civilian satellites into space at half the cost of today's rockets.The two defense giants have been locked in a fierce winner-take-all competition for a $2 billion Air Force contract to build what is known as the Evolved Expendable Launch Vehicle, or EELV.If the report that both will share the contract is true, it means that the Boeing Co. is guaranteed a significant share of the booming international satellite launch market well into the next century.
BUSINESS
By BLOOMBERG NEWS | October 25, 1997
SEATTLE -- Boeing Co. yesterday reported a third-quarter loss of $696 million, or 72 cents a share, after taking a $1 billion charge to cover assembly-line problems as it tries to build record numbers of airplanes.Boeing stunned analysts and investors Wednesday when it lTC warned that it would have a loss for the quarter because of production inefficiencies, parts and supplies shortages, and overtime costs. The aircraft maker also said it expects to take another $1 billion in pretax charges next year, sapping earnings.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | September 26, 1997
WASHINGTON -- The once-proud commercial aircraft operations of McDonnell Douglas Corp. are getting a critical look from new parent Boeing Co., which might decide the fate of the business around Nov. 1, Boeing Chairman and Chief Executive Officer Phil Condit said yesterday at the National Press Club.The Seattle company completed its acquisition of McDonnell Douglas last month, making Boeing the world's largest aerospace firm, with 225,000 employees and about $48 billion in annual revenue.McDonnell Douglas had steadily lost ground in the commercial aircraft marketplace and, before the merger, accounted for only about 5 percent of the world's business -- with Boeing dominating at almost 60 percent and Europe's Airbus Industrie accounting for the rest.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | September 23, 1997
Coke probably wouldn't help Pepsi if the blender broke and Reebok might not bail Nike out of a shoelace shortage, but aerospace giant Lockheed Martin Corp. is in talks to help rival Boeing Co. out of a jam on the production line.Boeing announced last week that it needed 200 to 400 skilled workers so it can meet deadlines for delivering a backlog of jetliners. The Seattle-based company has been hiring at a record pace -- 32,000 employees in the last 18 months -- but it takes time to train all those green recruits to rivet a wing or fold an air sickness bag.Faced with huge penalties if it keeps an airline customer waiting, Boeing confirmed that it has approached Bethesda-based Lockheed Martin about borrowing some experienced production workers.
NEWS
July 29, 1997
A TRADE WAR was averted recently when the Boeing Co. of Seattle made a key concession on marketing within the U.S. to the European Commission. The 15-member European Union will now approve the giant civil airliner manufacturer's merger with the defense giant, McDonnell Douglas. Phone calls by President Clinton helped. But Americans may wonder what business a European supra-government has approving a merger of two American firms.One answer is that this was payback. Egged on by French President Jacques Chirac, this was partly a response to Congress' sanctions against foreign firms for trading with Cuba or investing in Libya's or Iran's oil industry.
NEWS
By Greg Schneider and Greg Schneider,SUN STAFF | December 16, 1996
WASHINGTON -- Boeing Co. announced a $13.3 billion deal yesterday to buy McDonnell Douglas Corp., a purchase that will create the world's largest aerospace company and cast a shadow over Bethesda's Lockheed Martin Corp. in the battle for Pentagon business.If approved by federal antitrust regulators, the jumbo company will carry the Boeing name, expect sales of $48 billion next year and employ more than 200,000 in 27 states. Lockheed Martin, with similar employment, posts annual sales of about $30 billion.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | February 4, 1997
Underscoring its resolve to be a force in military aviation, Boeing Co. said yesterday that it will team with McDonnell Douglas Corp. on the Joint Strike Fighter warplane program even if the pending merger of the two companies falls through.The Pentagon cut McDonnell Douglas out of the competition for the Joint Strike Fighter in November, leaving Boeing and Bethesda's Lockheed Martin Corp. to duke it out for what could be the biggest military contract ever, at more than $200 billion.Most analysts say the Pentagon's decision shoved McDonnell Douglas into the arms of Boeing, which announced the following month that it was buying its former competitor for $14 billion.
BUSINESS
By Greg Schneider and Greg Schneider,SUN STAFF | July 17, 1997
Strong sales of aircraft parts overcame a slump in electronics to boost Northrop Grumman Corp.'s second-quarter net income by 16 percent over the same portion of 1996, the company said yesterday.The net income of $100 million bettered the $86 million posted during that period last year even though overall sales were down 3 percent, to $2.09 billion from $2.14 billion in 1996.The recent quarter benefited from a $10 million reduction in deferred state income taxes related to Northrop's acquisition of Grumman in 1994; but, by the same token, last year's second quarter got a lift from a $12 million pretax gain from a stock sale.
BUSINESS
By BLOOMBERG NEWS | July 15, 1997
BRUSSELS -- European Commission officials said concessions offered yesterday by Boeing Co. don't go far enough to overcome European objections to the aerospace giant's $15.5 billion acquisition of McDonnell Douglas Corp.Boeing, facing a commission-set deadline of midnight last night Brussels time, which had already passed, offered proposals that address one of three outstanding issues, but the offers aren't enough to close the antitrust probe, a commission official said."Things had not been sorted out," said European Union Competition Commissioner Karel Van Miert in an interview with Bloomberg News.
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