AirCal announced that it is offering 3.2 million shares of convertible preferred stock at $10 a share. Each share, with a $1.20 annual dividend, can be converted into 0.962 AirCal common shares beginning April 15, 1988, given certain conditions relating to AirCal's common stock price at that time.
AirCal is a regional airline headquartered in Newport Beach.
Northrop Corp.'s Electro-Mechanical Division in Anaheim has received a $75 million contract from Lockheed Missiles and Space Co. to provide test equipment for the U.S. Navy's Trident missile program.
The contract calls for Northrop to produce nine missile test and readiness equipment systems for monitoring and pre-launch testing of the Trident II D-5 missile. A Northrop spokesman said the company expects to hire about 400 employees this year, many of them specifically for this project, which is expected to begin immediately.
The Abu Dhabi Co. has awarded a $2-million contract to Fluor Corp.'s Fluor Mideast Ltd. unit to enhance oil recovery from the Sahil oil field in Abu Dhabi. Work on the contract, announced Thursday by the Irvine engineering and construction company, will be done by a joint venture between Fluor Mideast and the Arab Engineering Co. Fluor will provide engineering, procurement and construction management for water injection facilities designed to boost oil production.